Full text: SIC press release on Ivory Finance impasse

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Insurance giant, SIC Insurance, has released a statement on the re-emergence in the media of its loan agreement gridlock with the investment firm, Ivory Finance Company.

SIC Insurance and Ivory Finance are in court over a GHȻ14 million loan from the finance company, which SIC guaranteed for Ital Construction on March 26, 2013, for the construction of 4,100 affordable houses.

According to the press release from SIC Insurance, which was issued in Accra on Thursday, March 16, 2017, discussions in the media on the matter are one-sided and fabricated.

“Management views with great displeasure, the on-going discussions by parties/solicitors to the case in the media, including; lies, fabrications and exaggerations designed to create a parallel court /media trial whilst the case is in court, and by that cause damage to our hard-won reputation and business,” the release said.

The insurance company is confident the Court will vindicate its claims in the on-going suit.

Read the full press release below.

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Press Release-SIC Insurance explains case with Ivory Finance

The Management of SIC Insurance Company Limited (SIC) has noted with concern, media reports about a case in court involving SIC and Ivory Finance Company Limited (Ivory).

The purpose of this statement is to clarify aspects of this matter being discussed in the media. 

Management views with great displeasure, the on-going discussions by parties/solicitors to the case in the media, including; lies, fabrications and exaggerations designed to create a parallel court /media trial whilst the case is in court, and by that cause damage to our hard-won reputation and business.

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.

The last proceeding in court was the grant of a stay of execution of the consent judgment to SIC. A decision which SIC is advised by its lawyers that the Court had accepted that SIC does indeed have a case to be heard. 

SIC believes in the rule of law and have faith in our judicial system. We urge our loyal and cherished customers, business partners, well-wishers shareholders and the general public to be patient and await the Court’s decision on this matter because Management is confident that the final decision will be in favour of SIC. 

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.