Innoson Group has vowed to
takeover Nigeria’s financial institution, GTBank.
Cornel Osigwe, Head of Corporate
Communications, said this in a statement, while reacting to GTBank response
He said: “GTB in a press
statement signed by Erhi Obebeduo, claimed that “the judgment allegedly in
issue is in respect of Garnishee Proceedings against the account of the
Nigerian Customs Service Board domiciled with the Bank and not against the Bank
as an entity”. GTB by this claim is nothing short of being economical with the
truth.
“The Garnishee order absolute
issued by the Federal High Court Ibadan in Suit No: FHC/L/CS/603/2006 ordered
GTB to pay Innoson Nigeria Ltd the judgment sum of N2.4 Billion with a 22% interest,
per annum, on the judgment sum until the final liquidation of the judgment.
“GTB appealed the Federal High
Court’s decision up to the Supreme Court and lost. From the Supreme Court’s
decision, you will find that the case was between GTB and Innoson Nigeria Ltd
and no other person.
“For emphasis, in a garnishee
proceeding, once an order of garnishee nisi is made, the garnishee is required
by law to set the amount involved aside and will not allow the judgment debtor
to withdraw from it; and if the order is made absolute, the garnishee pays the
money to the judgment creditor and incurs no liability for doing that but if
the order is not made absolute the garnishee returns the money to the judgment
debtor.
“In this case, the order was made
absolute since 29th July 2011 and GTB held unto the money from that time and is
using for its business. It follows that by the time the order was made absolute
it was no more the judgment debtor’s money but rather that of Innoson Nigeria
Ltd who is the judgment creditor; if a garnishee refuses to comply with the
order, then, it becomes a judgment debtor, as GTB has become in the present
case, against whom execution of the order will issue. Therefore, there is no
merit or force in the GTB’s press statement.
“Furthermore and interestingly,
the Garnishee order absolute was against GTB and no one else; and it is only
GTB and no one else that will comply with the order; in the circumstance, the
order will be executed against GTB and no one else.”
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