[ 2015-11-16 ]

Chief Justice, Georgina Theodora Wood

CJ orders SIC, Ivory Finance judge to recuse himself
The Chief Justice has directed the judge sitting
on a case between the State Insurance Company, SIC
and Ivory Finance Company to recuse himself.

It follows a petition from the finance company to
the chief justice raising concerns of bias against
the judge.

SIC owes the Ivory Finance some 232 million cedis
after a loan it guaranteed for Construction firm
ITAL went bad.

The commercial court was expected to have
delivered a ruling Monday morning on the case but
with the latest development, the ruling will now
delay.

The Chief Justice’ action comes after Justice
George Koomson is reported to have made certain
statements regarding the case.

Justice Koomson is reported to have said “he
will never allow SIC to collapse through his
court.”

The Chief Justice is expected to assign a new
judge to hear the case. The case has since been
adjourned sine dine.

The Non-bank financial institution, Ivory Finance,
in July this year secured a court order, to take
over and sell off assets belonging to SIC, to
offset debt owed them.

Ivory Finance is expected 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 Italconstruct
project in 2013 but the company has since been
unable to pay its lenders, thus, Ivory Finance.

Source - Starrfm

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