Supreme Court upholds SIC Insurance case against Ivory Finance Company

Mr. Stephen Oduro, Managing Director of SIC Insurance

The Supreme Court has, in a unanimous decision, upheld SIC’s appeal against Ivory Finance Company Ltd. regarding a credit guarantee case that has been in court over the last five years. 

The Highest Court of the land made orders remitting the substantive matter of fraud to be heard on its merits by the High Court.

In November 2013 IVORY sued SIC to recover a guarantee bond amount of GH¢19.3million SIC issued in favour of Ital Construct, a construction firm.  In a bizarre twist, Ivory Finance obtained a consent judgment which SIC believed was procured fraudulently, and for which SIC dismissed its then-Managing Director, Doris Awo Nkani.

The Insurance giant has been seeking the consent judgment to be set aside, and its alleged case of fraud in the acquisition of a consent judgment to be heard on its merits.

Commenting after the Supreme Court orders, management of SIC Insurance Company noted that they have always believed in their case and remain faithful to the rule of law and in the judiciary system of Ghana.

The Management of SIC took the opportunity to thank its numerous stakeholders for keeping faith through the trying times.

It also assured the public that SIC is focused on delivering its promise to serve the insuring public and provide the needed leadership in the industry. 

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