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Monday, 11 June 2018

Innoson speaks first time after flooring GTB, explains Supreme Court ruling

The Chief Executive Officer, CEO, and Chairman of Innoson group of companies, Innocent Chukwuma, has spoken up for the first time after winning a court case with Guarantee Trust Bank, GTB.

It was reported on Thursday that the automobile maker floored GTB at the Supreme Court with the bank given a 14-day ultimatum to pay him the sun of N6 billion

Explaining the court judgment in a statement on Sunday by its Head of Corporate Communication, Cornel Osigwe, Innoson group explained that as at June 7, 2018 the bank was due to pay over N6billion as “judgment debt” to the court’s Registrar as ordered by the Enugu division of the Court of Appeal.

Innoson group stated, “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 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.

“Therefore it noted that it is incumbent on GTBank to pay the said money to the Deputy Chief Register of the Court within 14 days from the date of the Supreme Court ruling which is expected to be paid into an interest yielding account in a reputable bank pending the determination of the substantive suit.”

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