BusinessCommercial Law

Edmark asks court to set aside order of takeover by Receiver/Manager

A popular multi-level marketing company, Edmark Direct Marketing Limited, has asked the Federal High Court Lagos, to set aside its ex-parte orders made on 24th May, 2022, appointing a receiver/manager over its affairs at the behest of a minority shareholder, Mr. Etim Maurice Anthony. 

This is contained in an application filed in court by its lawyer and human rights activist, Ebun-Olu Adegboruwa, SAN, wherein the company alleges that the ex-parte orders were granted upon misrepresentation and concealment of material facts. In the motion on notice filed on June 23, 2022, Edmark stated that the company is owned by Mr. Sam Low Ban Chai, a Malaysian entrepreneur who developed Edmark healthy living products. 

In the counter-affidavit filed in court by Edmark on June 29, 2022, it stated that “EDMARK” is a global or international brand owned by Mr. Low Ban Chai exclusively. EDMARK started as “Ever Dynamic Marketing” (EDMARK) in 1984. It is from this name that the word EDMARK was conceived, with the letter “D” in the colour red to represent its “perpetual dynamism.” The motto is “People helping people to succeed in health, wealth and total wellbeing”. 

It was through the vision of its Founder and Chairman, Mr. Sam Low Ban Chai that Edmark became one of the world’s successful brands and a company known for synergizing dynamic business principles with spiritual foundations.

Inspired by the people’s spirit of entrepreneurship and the ability to create wealth, the company brings a powerful multi-level marketing business model with EDMARK’s innovative health and household products to the world with the opportunity to realize one’s financial freedom and impact the lives of others through enlightenment and education in the EDMARK Education System, success is being duplicated across all continents, communities, and cultures. 

It stated further that the Petitioner, Mr. Etim Maurice Anthony, is only a beneficiary of 5% shares allotted to him by Mr Sam Low Ban Chai which 5% shares have not even been paid for till date. Mr. Etim Maurice Anthony thereafter gave express and documented mandate to Mr. Sam Low Ban Chai to be in charge of the day to day operations of the company.

Edmark denied the allegations of fraud and siphoning of money as totally false and unfounded as Mr. Sam Low Ban Chai legitimately transferred his 95% shares and the company also appointed additional directors with valid papers filed with the Corporate Affairs Commission.

In urging the Court to set aside the ex-parte order on receivership, the company protested vehemently that it was not indebted to the Petitioner in any way at all but rather it had been sustaining the Petitioner through various contracts of services for which adequate commissions were paid to him as and when due.

When the matter came up before Justice Chukwjekwu Aneke on June 23, 2022, parties agreed to meet to resolve the issues in controversy between them and the case was then adjourned to June 29, 2022 for report of settlement. On June 29, 2022 when the case came up in court, the lawyers requested for more time to consolidate on their settlement talks and the case was then adjourned to July 6, 2022, for further report of settlement.

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