Stephen Oduro
The Supreme Court in a unanimous decision yesterday upheld SIC State Insurance Company’s appeal against Ivory Finance Company Limited regarding a credit guarantee case which has been in court over the last five years.
The highest court of the land made orders remitting the substantive matter of fraud to be heard on its merits by the high court.
In November 2013, Ivory Finance Company Limited sued the SIC to recover a guarantee bond amount of GH¢19.3 million the SIC issued in favour of Ital Construct – a construction firm.
In a bizarre twist, Ivory Finance obtained a consent judgment which SIC continuously insisted it was procured based on fraud and that that action led to the dismissal of its then Managing Director, Doris Awo Nkani.
SIC has been seeking the consent judgment to be set aside, and its alleged case of fraud in the acquisition of a consent judgment to be heard on its merits.
Commenting after the Supreme Court orders, the Managing Director of SIC Insurance Company, Stephen Oduro, said that the company had always held the view that it was shortchanged in the whole deal and said he remained optimistic that there was going to be justice in the final analysis.
He said he was certain that the rule of law and the administration of justice would prevail.
The management of SIC seized the opportunity to thank its numerous stakeholders for keeping faith through the trying times and assured the public that SIC is focused on delivering on its promise to serve the insuring public and to provide the needed leadership in the industry.