Indorama Petrochemicals operations not hampered by Elano equity distribution crisis—Spokesman

NAN-H-1

Indorama

By Azubuike Okeh

Port Harcourt, Feb 9, 2017 (NAN) The Indorama Eleme Petrochemicals has said that ongoing equity share distribution crisis rocking its host communities has no effect on its operations.

It’s Head, Public Affairs, Dr Jossy Nkwocha, told the News Agency of Nigeria (NAN) in Port Harcourt on Thursday that the issue was purely between the host communities and their equity managers, Elano Investment Company.

“Indorama’s operations are not affected by the ongoing crisis among people in its host communities over the sharing of equity.

“We are neutral in the matter, we mediate whenever it is required that we do so, as we speak, our operations are going on smoothly,’’ he said.

NAN reports that there have been lingering skirmishes over the management of Indorama host community equities by a fund manager, Elano Investment.

Some interests within the host communities are accusing members of the firm’s governing board of mismanaging the equity, and enriching themselves in the process.

The impasse which had polarised the host communities into pro and anti Elano groups had also led to attacks on the homes of some members of its board.

It would be recalled that the state government had recently mediated in the matter, urging parties to embrace peace in the overall interest of the state.

The Commissioner for Chieftaincy and Community Affairs, Dr John Bazia, who met with the parties, had said that the government would do everything possible to ensure mutual settlement.(NAN)

AZU/OFN

Edited by Felix Nwadioha

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