The Acting Managing Director of SIC Insurance Company Limited, Kwei Mensah Ashidam, in an exclusive interview with Citi Business news says the state insurer will pursue the case with Ivory Finance in court to its logical conclusion.
[contextly_sidebar id=”ytxWPi08E7xsUzN8ZuD6EiObNgA1tdz5″]An Accra High Court (Commercial Division) on Thursday will rule on the case filed by SIC to stop Ivory Finance from disposing off its assets.
The Non-bank financial institution, Ivory Finance, has secured a court order, to take over and sell off assets belonging to SIC, to offset debt owed them but the state insurer is seeking a suspension of the judgment.
Ivory Finance is expected to retrieve a debt of 232 million cedis, including a principal of 14 million cedis and interest calculated since 2013.
SIC guaranteed a 14 million cedi Italconstruct project in 2013 but the company has since been unable to pay its lenders, thus, Ivory Finance.
But Ashidam insists, “It’s the same legal process that we are all going to use to solve this problem”.
He assures that SIC was committed to their clients and is still doing business.
“SIC is strong and stable and is still doing business. From January up till now, amidst all the speculation we are still doing business and the results are good. There is no fear, and we will continue to serve the people of Ghana and protect their interest”, he stated.
Meanwhile a corporate lawyer Joe Aboagye Debrah has called on government to immediately intervene and negotiate a truce between SIC and Ivory Finance Company Limited.
According to Joe Aboagye Debrah this will prevent the collapse of SIC which will have ripple effects in the insurance sector and affect thousands of Ghanaians.
“I think SIC is regulated by the National Insurance Commission , I think they should be the first government agency to step in to see if they could negotiate and end this”, Joe Aboagye Debrah stated.
But SIC say it will wait for the right time before encouraging an intervention from the NIC.
“If the need comes for us to engage NIC, we will engage them”, Ashidam revealed.
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By: Rabiu Alhassan/citifmonline.com/Ghana