The management of National Investment Bank is assuring its customers that their monies are safe with the bank.
This comes after yesterday’s ruling by an Accra commercial court for the bank to pay over 90 million dollars as judgment debt to UK-based Dominion Corporate Trustees Limited.
This is also after the bank failed to pay up for promissory notes worth an amount of 60 million dollars in 2007. Part of the debt could be borne by government which holds majority stake in the bank.
Even though lawyers for the bank are filing an appeal following the ruling, Senior Lecturer in Banking Law and Practice, Moses Foh-Amoaning says the bank stands to lose a great deal if the order is executed.
“If you consider that the minimum capital requirement for any bank in Ghana is 60 million cedis, then to have a debt of 90 million dollars on your books – which is one and half time more than the minimum capital required, then that’s pretty dire for the bank itself and the shareholders alike”
But in a statement copied to JOY BUSINESS the bank says any information suggesting collapse of the bank and a loss of customers’ monies are totally false. It added that the ruling has not in any way affected the bank’s business with its customers while reiterating plans to immediately exercise its right to file an appeal against the ruling.
Meanwhile, JOY BUSINESS has learnt the board of the bank is today holding an emergency meeting to decide on the way forward to the issue. Stay tuned in to our subsequent bulletins for more on this developing story.
Below is a copy of the full statement:
PRESS STATEMENT:
NIB ASSURES CUSTOMERS
Management of National Investment Bank Limited wishes to inform the general public, especially its cherished customers, that on Thursday, 21st February, 2013, judgment was given against the Bank at the Commercial Court in a case brought against it by Dominion Corporate Trustees Limited, a UK-based offshore company.
The Court ruled that NIB was to pay the said foreign entity an approximated amount of US$90 million for the Bank’s failure to pay up for promissory notes worth an amount of US$60 million in 2007.
The Bank would wish to use this opportunity to assure its cherished clients that this ruling has not in any way affected the Bank’s business with its customers. The Bank further moves to reassure customers that their monies are safe with the Bank and that any information alluding to a collapse of the Bank and a loss of customers’ monies are TOTALLY FALSE.
Inasmuch that the Bank regrets the unfortunate and unjustifiable judgment given by the Court, it wishes to assure its numerous customers that the Bank will immediately exercise its right to file an appeal and order a stay of execution against the ruling. The Bank is totally convinced that the verdict of the judge did not reflect the facts that were presented before the Court and therefore believes that the Court of Appeal will uphold its appeal and reverse the orders made by the Commercial Court.
SIGNED:
JERRY NATHANIEL HALM
Head, Customer Service and Public Relations
National Investment Bank Limited
Direct Line: 0302-661723
Mobile: 024-3065555
Email: [email protected]
Story by Ghana / Joy Business / Emmanuel Agyei