MANAGEMENT of SIC Insurance Company Limited has assured its customers and stakeholders to remain calm following a case the company is battling in court against non-bank financial institution, Ivory Finance.
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 were 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 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.
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