The management of Innoson Motors has insisted that Guarantee Trust Bank (GTB) is by the June 7 ruling of the Supreme Court liable to pay the sum of N14bn to the Deputy Chief Register of the Enugu Division of the court of Appeal, who shall pay same into an interest yielding account pending the determination of the banks appeal.
Innoson noted that the Judgment debt of N6bn in 2014 was premised on excess and unlawful charges which GT Bank took from Innoson’s account domiciled with it, but said the deductions had increased to N14bn as at 7th June 2018.
According to a statement signed by the Head Corporate Communications of Innoson Group, Cornel Osigwe, GT Bank had in response to the Court of Appeal ruling expressed fear that depositors funds would be depleted, if the court decision is complied with.
“The N6Billion judgment debt as at 7th June 2018 is over N14Billion,” Osigwe stated. He noted that there had been a lot of misrepresentation about the ruling. The statement reads: “There have been a lot of misinterpretations on the Press Release Published by Innoson Group on the decision of the Supreme Court. Therefore, we deem it fit through this medium to properly address and educate the public on the factual outcome of what happened at the Supreme Court on the litigation between Innoson and GTB.
“On 9th of December 2014, the Court of Appeal Enugu Division, delivered a ruling and ordered Guaranty Trust Bank Plc (GTB), to, within 14 days, pay a Judgment debt of about N6Billion to the Deputy Chief Register of the Court who shall pay same into an interest yielding account pending the determination of GTB’s appeal.
However GTBank not satisfied with the ruling of the Court of Appeal, headed to the Supreme Court and filed a motion for stay of the execution of the order.” Osigwe explained further that on 7th June 2018, the Supreme Court struck out the application filed by GT Bank to stay execution of the order of Court of Appeal.
According to the statement the Court of Appeal order, which mandated GTB to pay the judgment debt to the Deputy Chief Register of the Court within 14 days from the date of ruling and which sum of money the Deputy Chief Register shall pay into an interest yielding account in a reputable bank takes effect immediately. “We are therefore right to state: GTB shall Pay Innoson’s N14Billion Judgment Debt into an Interest Yielding Account within 14 days,” he stated.
The automobile company noted that GT Bank in an Affidavit sworn on 12th December 2014 at the Court of Appeal Enugu Division after the Court ordered it to pay the Judgment debt into an interest yielding account stated in Paragraphs 5,6,7 that: “The compliance by the Appellant (GTB) with this order of this Honorable Court of 9th December, 2014 will adversely affect the smooth banking operation….. and deplete the depositors funds in the custody of the Appellant (GTB) as the sum ordered to be paid will necessarily have to be paid from the depositors funds.
“That the order contained in the decision of this Honorable Court appealed against will impact negatively on the operation of the banking business of the Appellant (GTB). Compliance with the order will have adverse effect of depleting the trading funds of the Appellant with the resultant effect of high probability of attracting the sanctions of the Central Bank of Nigeria. “The banking operation of the Appellant (GTB) will seriously be adversely affected and its capital base eroded.”
He however advised the bank to within 14 days from the Supreme Court ruling to obey the order of the Court of Appeal and pay the judgment debt to the Deputy Chief Register of the Court. “For emphasis, the Judgment debt arising from the excess and unlawful charges which GTB took from innoson’s account with it is as at today over N14Billon,” he stated.
No comments:
Post a Comment