CDH Holdings to Sue Defunct Capital Bank over Ghc100m loan

CDH Holding and CD Savings and Loans has revealed it will begin a suit against defunct Capital Bank for defamation, over an alleged 100 million cedis debt owed the defunct bank.

Capital Bank is in court to recover over ¢100 million alleged debts being owed it by CDH Financial Holding and CDH Savings and Loans.

However, group CEO of CDH Holdings, Emmanuel Adu Sarkodie told Starr Business Tuesday that the lawsuit against them is completely wrong, it will be fought and the company will ensure that justice is done.

“it’s court action so we will respond appropriately and we will bring a legal suit for defamation. For defaming CDH savings and loans. We have begun the process, give us few more days, you will see what we will do legally, we will respond appropriately,” he said.

Mr Sarkodie explained that the bank [Capital Bank] owed CD Savings and Loans a total sum of 26million cedis, and CD savings and loans in turn owed the bank 11 million Ghana cedis. “So when you offset, it’s somewhere around 15 million that they have to pay. The receiver has to pay CD savings and loans,” he said.

“Then there is another transaction with CDH Financial Holdings. That one, they also owe each other, but that one is more in favor of the defunct capital bank rather than the other way round. So CDH Holdings will owe about 50 million to the defunct capital bank,” he noted.

He added that “now we’ve had several meetings to try and resolve the matter. We told them where the money was, this is just an arrangement. We take the money, they place the money elsewhere. We had placed the money with premium bank. So we called you and called the MD of Premium Bank, the shareholders and everybody and said listen, let’s have a meeting to resolve it, this is a boardroom issue that should be resolved.

“So we resolved the matter, letters were written to us, to say ok let’s offset, let’s do this lets do that and then at the end of the day we should pay something like 50 something million.”

Capital Bank is among two banks that were taken over by GCB over liquidity challenge.


Source: Ghana/ Damilola Wemakor

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