Invasion of GLICO office was lawful – NDK Financial Services

Business News of Tuesday, 13 March 2018



Oko-Nikoi Dzani, Managing Director, NDK Financial Services Limited

NDK Financial Services Limited is refuting assertions that it invaded the office of GLICO General Insurance Limited out of mischief.

According to NDK, its action on Thursday, 8th March 2018, where it attached some properties of GLICO after a court ruling were in pursuant to the orders of the Court.

A press statement copied to Citi Business News said the “case was tried and heard on its merit and final judgment was delivered in favour of NDK. NDK went into execution against GLICO to enforce the judgment”.

“Consequently, the attachment of the properties of GLICO was neither mischievous nor unlawful” it stressed.

Prior to this, the Managing Director of GLICO General Insurance Limited, Andrew Acheampong-Kyei accused NDK of mischievously invading the office of GLICO’s Adabraka edifice after a court ruling, attaching properties of the company.

According to Acheampong-Kyei, the move by NDK Financial Services was aimed at tarnishing the image of the insurance company, since both parties were yet to discuss the mode of executing a judgment passed by an Accra High court.

“When there is a ruling and in this case there is three weeks for us to respond and as you know we can appeal. And indeed, we were working on certain grounds which was for appeal. The three weeks is not up and yet the plaintiff today came in with a writ with an aim of attaching GLICO General’s property,” Acheampong-Kyei said at a press conference.

According to Mr. Acheampong-Kyei, management of NDK Financial Services invaded GLICO’s Adabraka office in the company of police officers, journalists and a court bailiff, and took away 5 vehicles, three personal computers and a printer photocopier.

Mr. Acheampong-Kyei narrated that the High court gave a ruling that NDK Financial Services is entitled to the sum of an interest of about 398,522 cedis, which was calculated at the rate of 5.5 percent per month from September 2009 to November 2013 on a substantive case pending.

But, he stated that before the two parties could meet on the matter, NDK moved to attach the properties of the company.

“The calculation of the interest was done as simple interest and not compound interest which they were looking for,” he said

Providing some background to the case, Mr. Acheampong-Kyei recalled that GLICO guaranteed a loan acquired by Kosfield from NDK Financial Services which was later deemed by management of GLICO as inappropriate.

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