[ 2015-04-17 ]

Court strikes out fraud case against Ivory Finance, SIC
An Accra Commercial Court has struck out the case
of fraud brought against finance house, Ivory
Finance.
That is the latest in the SIC-ITAL saga. The
construction firm, ITAL reportedly sued SIC
Insurance and Ivory Finance for fraud.
This was in respect of the loan guarantee the
insurance firm issued to the construction firm in
April 2013.
ITAL borrowed some funds from Ivory Finance, a
member of the CDH Group, for the construction of
some properties, which went bad.
Ivory Finance is now demanding that the loan be
repaid. However since ITAL cannot pay back the
amount, Ivory Finance has to fall on the loan
guarantor, SIC Insurance, for the payment of the
said loan.
However after months of boardroom wrangling which
caught the attention of the Central Bank, ITAL
sued SIC and Ivory Finance Company for fraud.
But the commercial court presided over by Justice
Samuel Asiedu earlier today ruled against the
construction firm.
This means, SIC will still have to pay about 183
million cedis in the debts owed Ivory Finance -
after paying a little over 19 million Ghana cedis
sometime last month.
Ivory Finance earlier this year secured a court
order to freeze SIC’s debts until the insurance
company pays the debt owed Ivory.

Source - MyjoyOnline

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