The Supreme Court, on Wednesday February 21, 2018, ordered that all parties return to the High Court for the court to sit over the merits of an allegation of fraud leveled against Ivory Finance by SIC.

This comes after the court ordered SIC to pay an amount of 19 million cedis to Ivory Finance for breach of contract by a client of SIC Insurance, Ital Construct.

But the CEO of CDH Group, owners of Ivory Finance, Emmanuel Adu Sarkodie maintains his company is least perturbed.

“It is okay because when someone accuses you of fraud and goes to court seeking to be given a hearing. But we have heard their submission and essentially they want to clear everybody’s mine that there is no fraud. What is the point of getting money that is painted with fraud so we are happy with the judgement; the status quo remains and interest rates continue to accrue and we have our concerned judgement still standing,” he indicated.

Mr. Adu Sarkodee further maintained that the current decision of the apex bank, should not affect the case in its entirety.

“For us it doesn’t have any bearing we would rather this matter is resolved in the Boardroom but if the SIC Insurance chooses to treat disagreement with their client in the court of law, it is fine, we will work it,” he added.

Earlier the Managing Director of SIC, Stephen Oduro, commenting on the ruling told Citi Business News the Supreme Court’s decision will restore the company’s reputation and improve its business performance.

The case which has been dragging at the courts over the past five years, has led to the dismissal of SIC’s former Managing Director, Doris Awo Nkani.

Though Ivory Finance claims it is due some 91 million cedis (comprising 19.3 million cedis principal plus interest), Mr. Sarkodie tells Citi Business News it is yet to receive any extra payments after SIC paid the principal as ordered by an Accra High Court.

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By: Pius Amihere Eduku/citibusinessnews.com/Ghana

The post Ivory Finance pursues cash from SIC Insurance appeared first on Citi 97.3 FM - Relevant Radio. Always.

SIC’s appeal is in relation to a guarantee case which has been in court for the past five years.

[contextly_sidebar id=”roK7VD13mej0vVuqdjDE64icIUeBltQ9″]In November 2013, Ivory Finance sued SIC to recover a guarantee bond amount of 19.3 million cedis that SIC issued in favour of Ital Construct, a construction firm.

Ivory Finance subsequently obtained a consent judgment which SIC believes was procured “fraudulently.”

The insurance firm has since then not been able to get the High Court and the Court of Appeal to hear their case on the matter until Thursday’s ruling.

The Managing Director of SIC, Stephen Oduro, told Citi Business News that the Supreme Court’s decision will restore the company’s reputation and improve its business performance.

Management of SIC Insurance Company in a press statement noted that they had always believed in their case, and remained faithful in the rule of law and Ghana’s judiciary system.

“The Management of SIC took the opportunity to thank its numerous stakeholders for keeping faith through the trying times, and to assure the public that SIC is focused on delivering on its promise to serve the insuring public and to provide the needed leadership in the industry,” the statement added.

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By: Pius Amihere Eduku/citibusinessnews.com/Ghana

The post Supreme Court upholds SIC’s appeal against Ivory Finance in fraud case appeared first on Citi 97.3 FM - Relevant Radio. Always.

The two companies have been in a long standing legal and board room battle over the debt which came up after SIC guaranteed a 14 million cedi Italconstruct project for 19.3 million cedis in 2013, but Ital, a construction company, failed to pay its lenders, Ivory Finance.

Ivory Finance subsequently secured a court order, empowering it to access SIC’s bank accounts to retrieve the monies owed it, which at the time of going to court had hit 91 million cedis due to interest accrued.

[contextly_sidebar id=”xjxAp8VIphhbcJ4Q3ip5jxpOQNHRrgtA”]SIC subsequently went to court seeking a stay of execution of the order, until other matters it had raised on the matter are dealt with.

The case has however been a point of discussion in a section of the media in recent times.

Meanwhile, a statement from SIC said it [SIC] has a good case and will fight the matter in court to its logical conclusion.

“Management believes and is fully convinced that SIC has a good case and shall prove this in court and not in the media. We therefore feel restrained from being lured into discussing the matter in the media. We will however pursue the matter in the courts to its logical conclusion.”

“Management wishes to assure our numerous loyal customers, shareholders, other stakeholders as well as the general public that SIC remains very strong, continues to do brisk business, and is honouring its obligations to clients better now than ever,” the statement added.

Below is the full statement for SIC:

SIC Insurance explains case with Ivory Finance

The Management of SIC Insurance Company Limited (SIC) has noted with concern, media reports about a case in court involving SIC and Ivory Finance Company Limited (Ivory). The purpose of this statement is to clarify aspects of this matter being discussed in the media.

Management views with great displeasure, the on-going discussions by parties/solicitors to the case in the media, including; lies, fabrications and exaggerations designed to create a parallel court /media trial whilst the case is in court, and by that cause damage to our hard-won reputation and business.

Management believes and is fully convinced that SIC has a good case and shall prove this in court and not in the media. We therefore feel restrained from being lured into discussing the matter in the media. We will however pursue the matter in the courts to its logical conclusion.

The last proceeding in court was the grant of a stay of execution of the consent judgment to SIC. A decision which SIC is advised by its lawyers that the Court had accepted that SIC does indeed have a case to be heard.

SIC believes in the rule of law and have faith in our judicial system. We urge our loyal and cherished customers, business partners, well-wishers shareholders and the general public to be patient and await the Court’s decision on this matter because Management is confident that the final decision will be in favour of SIC.

Management wishes to assure our numerous loyal customers, shareholders, other stakeholders as well as the general public that SIC remains very strong, continues to do brisk business, and is honouring its obligations to clients better now than ever.

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By: Godwin A. Allotey/citifmonline.com/Ghana
Follow @AlloteyGodwin

The post Ivory Finance debt: We’ll prove our case in court – SIC appeared first on Citi 97.3 FM - Relevant Radio. Always.