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's 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, Ivory Finance.