The two companies have been in a long standing legal and board room battle over the debt which came up after SIC guaranteed a 14 million cedi Italconstruct project for 19.3 million cedis in 2013, but Ital, a construction company, failed to pay its lenders, Ivory Finance.
Ivory Finance subsequently secured a court order, empowering it to access SIC’s bank accounts to retrieve the monies owed it, which at the time of going to court had hit 91 million cedis due to interest accrued.
SIC subsequently went to court seeking a stay of execution of the order, until other matters it had raised on the matter are dealt with.
The case has however been a point of discussion in a section of the media in recent times.
Meanwhile, a statement from SIC said it [SIC] has a good case and will fight the matter in court to its logical conclusion.
“Management believes and is fully convinced that SIC has a good case and shall prove this in court and not in the media. We therefore feel restrained from being lured into discussing the matter in the media. We will however pursue the matter in the courts to its logical conclusion.”
“Management wishes to assure our numerous loyal customers, shareholders, other stakeholders as well as the general public that SIC remains very strong, continues to do brisk business, and is honouring its obligations to clients better now than ever,” the statement added.
Below is the full statement for SIC:
SIC Insurance explains case with Ivory Finance
The Management of SIC Insurance Company Limited (SIC) has noted with concern, media reports about a case in court involving SIC and Ivory Finance Company Limited (Ivory). The purpose of this statement is to clarify aspects of this matter being discussed in the media.
Management views with great displeasure, the on-going discussions by parties/solicitors to the case in the media, including; lies, fabrications and exaggerations designed to create a parallel court /media trial whilst the case is in court, and by that cause damage to our hard-won reputation and business.
Management believes and is fully convinced that SIC has a good case and shall prove this in court and not in the media. We therefore feel restrained from being lured into discussing the matter in the media. We will however pursue the matter in the courts to its logical conclusion.
The last proceeding in court was the grant of a stay of execution of the consent judgment to SIC. A decision which SIC is advised by its lawyers that the Court had accepted that SIC does indeed have a case to be heard.
SIC believes in the rule of law and have faith in our judicial system. We urge our loyal and cherished customers, business partners, well-wishers shareholders and the general public to be patient and await the Court’s decision on this matter because Management is confident that the final decision will be in favour of SIC.
Management wishes to assure our numerous loyal customers, shareholders, other stakeholders as well as the general public that SIC remains very strong, continues to do brisk business, and is honouring its obligations to clients better now than ever.
