[ 2015-08-03 ]

Court orders Ivory Finance to return SIC vehicles
The Commercial Court on Friday, July 31, 2015
upheld a relief sought by lawyers of SIC Insurance
for the return of company vehicles seized by Ivory
Finance.

The court upheld the relief pending the hearing of
its interpretation of an order to take over and
sell off assets belonging to SIC to offset debt
owed Ivory Finance.

The hearing is scheduled to take place on October
19, 2015.

On July 8, 2015, Ivory Finance began attaching
both movable and immovable assets of SIC Insurance
following the court order and in the process
seized a number of company vehicles belonging to
SIC Insurance.

The Insurance Company’s lawyers filed an
application for an order to suspend enforcement of
the judgment and also seek an interpretation to
the court’s ruling on the action of Ivory
Finance Limited.

Ivory Finance is therefore to return all vehicles
belonging to SIC Insurance in its possession
pending the court's intepretation.

Ivory Finance, a non-bank financial institution
had secured a court order to take over and sell
off assets belonging to SIC to offset debt owed
it, but the state insurer is seeking a suspension
of the judgment.

Ivory Finance is hoping 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 Ivory Finance
loan to Ital Construct project in 2013 but Ital
has since been unable to pay its lenders, forcing
Ivory Finance to retrieve the loan from the
guarantor.

Source - MyjoyOnline

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