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.
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