An Accra High Court (Commercial Division) has adjourned the ruling of the case filed by SIC to stop Ivory Finance from disposing off its assets.
The Non-bank financial institution, Ivory Finance, earlier secured a court order, to take over and sell off assets belonging to SIC, to offset debt owed them but the state insurer is seeking a suspension of the judgment.
Ivory Finance is expected 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 Italconstruct project in 2013 but the company has since been unable to pay its lenders, thus, Ivory Finance.
The Acting Managing Director of SIC Insurance Company Limited, Kwei Mensah Ashidam, earlier in an interview with Citi Business News said the state insurer will pursue the case with Ivory Finance in court to its logical conclusion.
The new ruling date has now been set on 19 October, 2015.
Citi Business News has gathered the ruling was adjourned to enable the two parties make written submissions instead of the oral submission they were expected to make.
By: Vivian Kai Lokko/citifmonline.com/Ghana[contextly_sidebar id=”AyEMAFcMMKSeMzqUDCfe6UxBD80vWgky”]