Magna Terris residents challenge ownership claims in court

Residents of Magna Terris whose properties were used as collateral, have filed a notice of claim to the court to prove their ownership of the properties, to prevent their sale.

Citi News earlier reported that about 32 home owners were on the verge of losing their homes as the CEO of Magna Terris Estates at Dawhenya, collateralized their properties to contract a loan from Stanbic Bank, some five years ago.

Due to the failure of the estate owner to repay the debt, a high court ordered that some 32 houses plus over 5000 hectares of land be sold to defray the debt. The residents have since resisted the decision, insisting, they had acquired the properties legally.

Counsel for the affected residents, Yaw Appau told  CitiNews that he is hopeful the notice of claim will prevent the courts from selling the houses.

‘’The affected home owners are having to file a notice of claim to the court to prove their claim  and interest in the properties so that they will not be sold by Stanbic Bank’’ .

In a recent interview with Citi Breakfast Show Host Benard Avle, the Chief Executive of Magna Terris, Joseph Bonful said it was a mistake for the Banks to have attached the houses with a court order but declined comments to whether an official communication has been given to the residents.

According to the Lawyer for the affected residents to Magna Terris, they disagree with his position that it was a mistake; ‘’he went ahead and used the documents that he had for the land for the whole area; it wasn’t as if specific houses were used as collateral’’.

He told Citi News it was one document covering the entire area so when the bank was at liberty to attach the houses they could find.

By: Lorrencia Nkrumah/