A Commercial Court has ordered the National Investment Bank to pay a judgement debt of over 90 million dollars to Dominion Corporate Trustees Ltd, formerly Standard Trust Plc- offshore company in UK.
The ruling follows promissory notes worth 60 million USD issued by the then manager Daniel Charles Gyima as a collateral management agreement in 2007.
The former NIB boss came under heavy criticism for issuing the promissory notes when the matter first came up but he was adjudged to have acted with due authority as MD.
Gyima entered into a transaction with Eland International Limited in 2007 and used the Bank as guarantee.
He was said to have taken that action without recourse to the Board of the NIB and was hauled before court for causing financial loss to the state.