The financial problems with Ghana’s largest insurer, SIC is likely to worsen after Ivory Finance, secured a court order, empowering them access SIC’s accounts and take out all monies owed them.
[contextly_sidebar id=”tEEatNGGiD2JAeysJIGdYTxnQCtVovVB”]According to Citi Business News sources, SIC guaranteed an Italconstruct International Limited project but the company has since been unable to pay its lenders, thus, Ivory Finance.
Per the garnishee order, Ivory Finance can now take whatever amount owed them and if the money in SIC’s accounts is not enough, they will be allowed to sell other assets of the company to offset the debt.
Following the latest twist to the business gone bad, SIC general insurance has since ordered its Managing Director Mrs. Doris Awo Nkani to step aside for investigations to be conducted into the case and other cases of Financial Malfeasance within the company.
The board and top management of SIC general insurance are currently locked up in an emergency meeting over the matter.
Citi Business News has learnt the Deputy Managing Director (Technical) of SIC Insurance Kwei Mensah Ashidam is currently acting as the new Managing Director of SIC Insurance.
The board and management of Ghana’s largest general insurer would be expected to meet the workers union after the meeting.
Meanwhile the Police Criminal Investigation Department is still investigating two top executive officials of the State Insurance Company (SIC) alleged to be involved in the multi-million dollar fraud.
The two include the Deputy Managing Director in charge of Finance and Administration Musa Abdulai and the Head of Finance and Accounting Ken Acolatse. They are alleged to have stolen 1.1 million dollars and 700,000 cedis respectively.
By: Rabiu Alhasan/citifmonline.com/Ghana