Innoson group of companies, Sunday, stoked the controversy surrounding the pronouncement of the Supreme Court last Friday on his case between it and Guarantee Trust Bank.
In a statement by the company’s Head of Corporate Communication, Cornel Osigwe, it stated that as at June 7, 2018 the bank is due to pay over N14billion as “judgment debt” to the court’s Registrar as ordered by the Enugu division of the Court of Appeal.
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 in a statement issued last week.
Innoson group stated: “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 9th of December 2014, the Court of Appeal Enugu Division, delivered a ruling and ordered Guaranty Trust Bank Plc to, within 14 days, pay a Judgment debt of about N6billion 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.
Therefore it noted that it is incumbent on GTBank to pay the said money to the Deputy Chief Register of the Court within 14 days from the date of the Supreme Court ruling which is expected to be paid into an interest yielding account in a reputable bank pending the determination of the substantive suit.”