Supreme Court Restores Nestoil and Neconde's Control
On June 1, 2026, the Supreme Court delivered a landmark judgment that reinstated Nestoil and Neconde's control over their assets, overturning previous court orders that had allowed FBN Trustees to appoint a receiver manager. The court ruled that the appointment was unlawful and constituted a serious breach of fiduciary duty, including the creation of unauthorized security interests without consent.
The judgment set aside the Court of Appeal's order that had provided legal cover for the receiver manager's actions, which were deemed to lack a legal foundation. This ruling effectively nullified the receiver manager's authority, unfreezing Nestoil and Neconde's assets and restoring their operational control.
The Supreme Court's decision underscored the importance of due process and highlighted procedural breaches in the enforcement of asset control, reaffirming the legal rights of Nestoil and Neconde against the actions of FBN Trustees.
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