The legal battle between GTB and the Chairman of Innoson Motors, Mr Innocent Chukwuma has taken a new turn today with the ruling of the apex court in Nigeria.
The Supreme Court of Nigeria has ordered the management of Guaranty Trust Bank to pay Innocent Chukwuma, chairman of Innoson Group a sum of N12 billion within 14 days.
In a statement released on Thursday by Cornel Osigwe, Innoson Group’s head of corporate communications, the court struck the motion for stay of execution of the Enugu court of appeal division’s order that GT Bank pays N6 billion into an interest yielding account.
In 2014, an Appeal Court, sitting in Enugu ordered GTB to pay Innoson Motors the sum of five billion naira plus. Innoson appealed to the Supreme Court. What the apex court has now ordered is that the sum of N14bn which Innoson is now claiming instead of N5bn, should be paid to the court Registrar pending when the case will close and judgement is delivered. If at the end of the suit, GTB is found wanting, the money will go to Innoson Motors and if not, they will take back their money.
Innoson Motors, through their Twitter account made a bogus claim that the court ordered the money to be paid to them, which is totally false
Consequence: If GTB should bring this apparent twist of court judgement to the attention of the Court in their next sitting, Innoson stands a chance of being fined or imprisoned.
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