Business News of Mon, 3 Aug 20156
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.