Ecobank Ghana PLC, has disclosed that it has filed a review application at the Supreme Court of Ghana in the matter between the bank and an investor, Mr Daniel Ofori.
A statement issued in Accra and signed by Mrs Rita Aba Tsegah, Regional Head, Corporate Communications & Marketing, assured the Bank’s customers and shareholders that there is no cause for alarm, because the bank would pursue the matter to its logical conclusion in court.
According to the statement, the Bank, together with the Securities and Exchange Commission (SEC) and Ghana Stock Exchange (GSE) have been in court with Mr Ofori for the past 13 years over a share trade transaction in 2008.
The statement further revealed that SEC and GSE won at the High Court in 2011 and the Court of Appeal in 2013. However, the Supreme Court reversed the decision of the Court of Appeal in 2018 and awarded interest in favour of Mr Ofori; albeit, based in part, on an investment arrangement between Mr Ofori and the Bank.
Subsequent to the Supreme Court’s decision, a forensic examination conducted by the Criminal Investigations Department of the Ghana Police Service on the investment agreement tendered in evidence by Mr Ofori “showed that it had been altered in material parts”.
The statement by the bank alleged that investigations conducted by Ecobank showed that “Mr Ofori had collected dividends running into millions of Ghana Cedis as well as bonus shares in respect of the same shares which he said on oath, both at the High Court and Court of Appeal, that he had sold and, therefore, were not his”.
“Ecobank, therefore, applied to the Supreme Court to re-open the matter to take cognizance of the new evidence obtained by the Bank in order to do justice between the parties”.
Statement
The Bank had since filed the application for review, and the garnishee proceedings had been stayed pending the outcome of the application in the Supreme Court.
Ecobank Head Office premises attached With Judgement Debt Notice
An Accra based Investor on Friday, November 26, 2021 caused the head office building of Ecobank Ghana to be attached for execution in satisfaction of a judgement debt.
Mr Daniel Ofori attached the head office building via writ of Fieri Facias (Fi-Fa), issued from the High Court (Commercial Division), Accra, which was subsequently pasted on the Head Office premises of Ecobank Ghana on Friday.
The Fi- Fa followed an order from the Supreme Court that Ecobank should pay Mr Ofori, an amount of GH¢96,304,972.41.
Fi-Fa is a writ of execution after a party has obtained judgment in a legal action to recover debt or damages.
This process was based on orders of the Supreme Court on June 1, 2021, that the amount which was admitted in an affidavit of the Head of Legal Department of the Ecobank Ghana should reflect in the entry of judgment of Mr Ofori, while an outstanding amount which was being contested in a dispute in court should go ahead.
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