Business News of Monday, 5 November 2018
CDH Holdings has refuted claims it owed defunct Capital Bank GH?100million.
The institution is threatening to counter sue the Receiver of the defunct bank for defamation.
The Group CEO of CDH Holdings, Emmanuel Adu Sarkodie said, “The suit itself is very funny; you don’t make a distinction between CDH as a holding company and CDH Savings and Loans. As a matter of fact, for defaming the name of the Savings and Loans, we are going to bring an action against them.”
Earlier, Defunct Capital Bank had gone to court to recover over ¢100 million being debts owed it by CDH Financial Holding and CDH Savings and Loans.
The bank, which was among the two banks that were taken over by state-owned GCB Bank over severe liquidity challenges, wants the High Court to order the Defendants to pay the full amount [ a total of ¢109, 390,634.70] plus the accrued interest.
The defunct bank also wants the Court to order the Bank of Ghana to withdraw the licenses of the Defendants (CDH Financial Holding and CDH Savings and Loans) for their inability to pay back investment on maturity dates.
But Mr Adu Sarkodie said “it’s very infantile” for the Receiver of defunct to request the BoG to withdraw the license of CDH Holdings and CDH Savings and Loans
CDH Savings and Loans
Meanwhile, CEO of CDH Savings and Loans, Martin Asamoah expressed utmost surprise at the suit by the receiver of the defunct capital bank.
He noted that the CDH legal team and that of the receiver had several meetings ever since the crises started.
“We have funds of the capital bank and they also have funds with us, because we are trading together and have been cooperating ever since the crises started’ he stated.
‘When the receiver wrote to us, we even initially put in our claims of how much we have with the capital bank, we met the lawyer of the receiver and had intensive discussions’ Mr Asamoah added.
He said the two parties agreed to the figures and that a careful look at the figures indicates that the defunct capital bank even owed CDH. ‘If I show you the mail from the lawyer, the net figure per our agreement in February 2018 was supposed to be GH?55 million. They are suing us for GH?100 million and I’m wondering how it got there,” Mr Asamoah lamented.
Statement of claims
Capital Bank makes the following six claims against CDH Financial Holding and CDH Savings and Loans:
A. An order directed against the defendants jointly and severally for the recovery of an amount of ¢83,489,123.29 and US$5,289,315.07 being the outstanding amount agreed as owed to the Plaintiff by the Defendants [CDH Financial Holding and CDH Savings and Loans] on or about December 31, 2017.
B. Interest on GHC 83.489,123. 29 calculated at the prevailing commercial bank lending rates from December 31, 2018, till the date of final payment.
C. Interest on US$5,289,315.07 calculated at the Bank of Ghana United States dollar lending rate from December 31, 2018, till the date of final payment.
D. Damages for breach of contract.
F. An order directed at the Bank of Ghana to withdraw the licenses of the defendants for their inability to pay back investment on maturity dates.
G. Any other reliefs) as may seem fit to the honourable court.