Innoson insists GTB should pay N14bn judgment debt

The legal battle between the Innoson Group and Guaranty Trust Bank Plc. (GTB) which dates back to 2013 is gradually taking a new dimension.

The group has insisted that GTB should pay a sum of N14 billion as judgment debt to the Deputy Chief Registrar of the Court of Appeal Enugu Division despite GTB’s appeal.

Innoson had in a statement last Friday said the Supreme Court ordered GT Bank to pay the said amount, which is illegal charges allegedly deducted from its account, into an interest yielding account in a reputable bank pending the determination of the substantive matter.

But, the bank had denied any order of the apex court directing it to pay the controversial amount to any bank as disclosed by Innoson Group.

But in another statement issued by the Head of Corporate Communications, Innoson Group, Cornel Osigwe, the company advised GT Bank to comply with the apex court directive.

“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 December 9, 2014, the court of appeal, Enugu Division, delivered a ruling and ordered GTB, to, within 14 days, pay a judgment debt of about N6 billion 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.

“The public should also note that the judgment debt of N6 billion arose as a result of excess and unlawful charges which GTBank took from Innoson’s account domiciled with it.

“On June 7, 2018, the Supreme Court struck out the application filed by GTBank on the stay of execution of the order of court of appeal. The N6 billion judgment debt as at June 7, 2018 is over N14 billion.

“We are therefore right to state: GTB shall pay Innoson’s N14 billion judgment debt into an interest yielding account within 14 days,” the statement read.