Supreme Court asks NIB not to pay $60million judgement debt to Dominion Trustees

The Supreme Court has asked the National Investment Bank (NIB) not to pay the $60million judgment debt the High Court in Accra asked it to pay Dominion Corporate Trustees Limited in 2013.

The Commercial Division of the High Court, presided over by Mr Justice Amadu Tanko, on February 21, 2013, gave judgement against NIB in favour of Dominion Corporate Trustees Limited of Channel Islands, UK, for the recovery of the sum of US$60 million, plus interest, with effect from January 29, 2009, to the date of final payment.

The Court of Appeal, on July 4, 2013, stayed the execution of the judgement of the Commercial Court pending the outcome of an appeal filed by the NIB.

The bank, whose debt had doubled with a daily interest of $20,000), asked the Court of Appeal to quash the Commercial Court’s decision because it was defective.

NIB lost the appeal and proceeded to the Supreme Court.

In its ruling Wednesday morning, the Supreme Court said Dominion Trustees had no capacity to have initiated the action and that the writ Dominion Trustees filed at the High Court did not indicate they were the real investors, reports Graphic Online's court reporter, Emmanuel Ebo Hawkson.