Guinness Dismisses Pharma Deko’s Debt Claims …Harps on Company’s Solvency

Ronke Kehinde/

Guinness Nigeria Plc gave itself a clean bill of health today after Pharma Deko, a pharmaceutical company, yesterday asked a Court to wind up the brewery over a debt of N175, 699, 317. 99.

Guinness debunked the claim through a statement sent to Newsmakers by its Corporate Communications Manager, Bemigho Awala.

He dismissed the debt claims, insisting that the Guinness is capable of meeting its financial and other obligations to its various stakeholders and that it continues to operate as a going concern

The statement says, “Guinness Nigeria Plc confirms that it has responded to a court process at the instance of Pharma Deko Plc which alleges that Guinness is contractually indebted to Pharma Deko Plc in the sum of N175, 699, 317.99 representing an arbitral award made against the company and in favour of Pharma Deko Plc and also suggests that Guinness Nigeria is unable to pay this debt.

“Guinness Nigeria denies that it is indebted to Pharma Deko Plc in the stated amount or any amount at all and its solicitors have filed a robust defense to Pharma Deko’s claims in court. The amount claimed by Pharma Deko Plc in the court process is an insignificant amount when compared with the revenue, cash-flow and balance sheet of the company, and management is very confident of being able to repudiate the claims in court.

“The management of Guinness Nigeria wishes to assure its employees, customers, shareholders and other stakeholders that it is capable of meeting its financial and other obligations to its various stakeholders and that it continues to operate as a going concern.”