Patricia Technologies has insisted that its repayment plan will go on despite the management of DLM Trust Company termination of the partnership they had.
However, DLM Trust Company said the business relationship they have is not ‘partnership’ rather they were appointed as the Escrow Trustee to Patricia Technologies Limited.
“The news of the appointment of DLM Trust has been falsely portrayed in the media publications as a ‘partnership’ between both companies. DLM Trust Company wishes to clarify that the business relationship with Patricia Technologies is not a ‘partnership,’ as falsely portrayed but a mere Escrow appointment,”DLM Trust Company in a statement disclosed.
On its own part, Patricia Technologies in a statement signed by its CEO and Founder, Hanu Fejiro said “We at Patricia Technologies are shocked by DLM Trust Company’s sudden and unilateral decision to terminate our partnership. This development is coming as a surprise as we were we not informed before their public statement of withdrawal. However, we wish to assure our depositors and stakeholders, that the Repayment plan we initiated along with DLM Trustees a few days ago, will go on as scheduled.
“It must be noted that our appointment of DLM Trustees was a culmination of several weeks of engagement with the leadership of the Group including Mr. Kehinde Lawal of DLM Group and Mrs. Lola Rasaq, the CEO of DLM Trust Company up to the point of signing the partnership. During the process and the immediate aftermath of the agreement, we at Patricia Technologies have conducted ourselves with the utmost professionalism, while observing all due processes including fulfilling our financial commitments to consummate the contractual agreement.”
It explained further that” Evidence of this is the transfer of substantial funds to DLM Trustees as part of the planned payouts to our customers, scheduled to start from November 20, 2023.
“It is therefore astounding to us that not only has DLM Trustees chosen to renege on our agreement, but that they failed to issue us a notice, or extend the basic courtesy of a prior discussion, in stark disregard for the clearly spelt termination clause in our contract.”
It added “More bewildering is the claim in their public statement that we broke the terms and conditions of our partnership without spelling out how. We not only categorically reject this false claim, we challenge DLM Trustees to substantiate the allegations.
“We believe this accusation is baseless, and we might be taking legal action to seek restitution for setbacks and damages incurred as a result of this attempt at defamation, if DLM Trust fails to validate their claim.”
It reassured it customers that all the scheduled payments will go as initially planned.
The statement reads, ” We wish to assure you that notwithstanding this regrettable development, all scheduled payments will proceed, starting from the 20th as initially planned.
“This is another opportunity to show that not only are we resilient as an organization, but our commitment to you also remains steadfast.
“We sincerely apologize for any inconvenience or concern this situation may have generated and thank you for your enduring trust and patronage.
“Again, our planned repayment to depositors will proceed. ”