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Innoson sues GTB again for breaking into bank properties under seizures by court

The fight between Gtb bank and Innoson Motors as again find its way to court.On Wednesday, Innosen motors has filed an application before a Federal High Court against Guaranty Trust Bank for allegedly “breaking into all the properties of GTB which have been distressed and seized by the court bailiffs/sheriffs while executing a writ of fifa issued by the court.

The Nigerian automobile company claimed in the suit that the bank’s chairman and managing director orchestrated the obstruction of the Court bailiffs/Sheriffs from executing the orders of the court and also un-distressed and released from seizures all the properties of the banks seized and attached by the bailiffs/sheriffs.

In March, Innoson said in a statement that: “The Chairman of Innoson Group, Chief Dr. Innocent Chukwuma, OFR has through a Writ of FiFa taken over Guaranty Trust Bank PLC for and on behalf of Innoson Nigeria Limited as a result of the bank’s indebtedness to Innoson Nigeria Ltd. In a landmark decision on February 27th 2019, the Supreme Court of Nigeria dismissed GTB’s appeal — SC. 694/2014 — against the judgment of Court of Appeal, Ibadan Division.”

The company on Wednesday said the Judgment debt of N2.4billion, which it said was secured against GTB, “has an accrued interest of over N6.7Billion as at today, thereby resulting in the total outstanding judgment debt being over N9 Billon as at today.”

But GTB said in a statement in March that Innoson could not have been mandated by the court to take over any of its branches since the dispute involved an account operated by the Nigerian Customs,

It said it would not allow any ” fraudulent execution” of an order that did not involve it.

“GTBank as a law-abiding corporate citizen is taking all necessary legal steps to address this situation and ensure that no illegal or fraudulent execution is carried out,” the bank said in March.

Cornel Osigwe, Innoson Group Head Corporate Communications, in a statement on Wednesday, said the bank preventing the court bailiffs from carrying out their duties was illegal.

“These acts were in furtherance and in the realization of the bank’s Press Release on 29th March 2019 that the execution is illegal and fraudulent and that it will resist it by any means necessary,” Osigwe said.

He said the suit filed by Innoson before the Federal High Court sought the physical appearance of the Managing Director of Guaranty Trust Bank (GTBank), Segun Agbaje, its Chairman, Mrs Osaretin Demuren and the Company Secretary, Erhi Obebeduo in court to explain why they should not be “committed for contempt.”

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