Automaker insists that court ordered bank to pay N14b

chika ebuzor

June 10, 2018 9:31 PM

Guaranty Trust Bank has however dismissed Innoson's claim, describing it as false, mischievous and malicious.

Innoson Motors has insisted that GTBank is supposed to pay N14b to its chairman, Innocent Chukwuma.

On Thursday, June 7, 2018, Innoson Group's Head of Corporate Communications, Cornel Osigwe announced that the Supreme Court orderedthe management of Guaranty Trust Bank to pay the sum.

GTB dismisses Innoson’s claim

Guaranty Trust Bank Plc, in a swift reaction, dismissed the automaker's claim.

The bank also described Osigwe’s statement as false, mischievous and malicious.

It also urged its customers and the general public to disregard the statements.

According to the bank, “There was no directive or Order issued by Supreme Court of Nigeria to the Bank to make any payment to any of its debtor Customers

“We again reiterate that there is no iota of truth in the falsehood being peddle by desperate and mischievous elements and the General Public should disregard same in its entirety.”

Innoson clears the air

innoson's spokesman, Osigwe has issued a statement to clear the air on the ruling reportedly issued by the Supreme Court.

Osigwe said “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 December 9. 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.

“The public should also note that the Judgment debt of N6Billion arose as a result of excess and unlawful charges which GTBank took from Innoson’s account domiciled with it.”

Supreme Court ruling

The automaker’s spokesman said “On 7th June 2018, the Supreme Court struck out the application filed by GTBank on the stay of execution of the order of Court of Appeal. The N6Billion judgment debt as at 7th June 2018 is over N14Billion.

ALSO READ: Full story of how Innoson and GTB fell out

“Therefore as a result of the struck out application, the Court of Appeal order that GTB should 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.”

On its part, GTBank said that it will not comment about matters in court, adding that it will continue to focus on using legal means to recover its bad debts.

chika ebuzor