» Materials for 01.09.2013

 

ALSCON - Accusations, Self-Adulation Confuse Reality At Privatised Aluminium Plant

Author: nick on 1-09-2013, 19:58, views: 2 148

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Uyo — Sundry allegations of improprieties against Rusal, embattled managers of the Aluminium Smelter Company of Nigeria, Ikot Abasi, and self-praise responses from its management seem to be the only products at installed capacity at the company whose ownership and hitch-free operation remain dogged by protracted litigation.

 

Amid allegations of asset-stripping by some groups of the Aluminium Smelter Company of Nigeria (ALSCON), Ikot Abasi, Akwa Ibom State on one hand, and strident denial by its managers on the other, the Supreme Court will next month, once again, decide who should own the troubled aluminium plant.

At war over ALSCON's ownership are its current managers, the Russian company, AC Rusal and BFIG, an American company, which a judgment of the Supreme Court in July last year favoured to have won the bid to buy ALSCON. On June 14, 2004, the BFIG Group won the bid to buy ALSCON from the Bureau of Public Enterprise, government's privatisation agency. But the bid was controversially cancelled and management of the plant handed over to Rusal. BFIG has since been in court to gain controlling ownership and management of ALSCON.

 

Enforcement of the apex court's judgment has undergone curious twists and turns, with Rusal digging in, the BPE finally cancelling in January this year BFIG's successful bid, and the BFIG crying conspiracy and once again relying on the Supreme Court to reclaim what it affirms is legitimately its property through its victorious bid process and the apex court's decision last year.

Category: News