Breaking News
Translate

FCI drags ICAN to court over breach of contract

By Michael Eboh
The Forensic and Compliance Institute (FCI) has dragged the Institute of Chartered Accountants of Nigeria (ICAN) to court of an alleged breach of contractual agreement between both parties.

In the case which was brought before a Lagos High Court, FCI prayed the court to bar ICAN and its agents from organising Forensic Accounting Certification Training Programme for its members without the consent of FCI.

In response to the suit before it, the Court placed an order of interim injunction restraining ICAN, its representatives or agents from organising, presenting or training 2010 Forensic Accounting Certification Training programme module without FCI’s consent pending the Motion on Notice.
The court also directed ICAN or its agents to desist from breaching the terms of the contracts mutually entered into between the FCI and ICAN within the period of three years beginning from January 26, 2009 and also restrained ICAN from divulging, disclosing, distributing or disseminating all the confidential information, including all financial details supplied by ICAN, pending the determination of the suit.

The court also mandated FCI to preserve, until further orders, all documents and copies thereof in their possession, custody or power relating to any of the fact or matter referred to above, and or relating to this motion pending the Motion on Notice.

The crisis between FCI and ICAN started in October 2009, following FCI’s announcement of plans to conduct a Forensic Accounting Training programme for members and non-members of ICAN.

ICAN saw this as a breach of the Memorandum of Understanding entered into by the two organisations to train members on Forensic Accounting.

In response to this, ICAN called a meeting with officials of FCI, seeking an amicable resolution to the issue. The meeting failed to achieved the desired objectives, leading to FCI’s decision to resort to the courts to seek redress.


Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.