Daniel Ofori vrs Ecobank Ghana Limited, SEC & GSE

BY: Graphic.com.gh
Ecobank vs Daniel Ofori: Ecobank calls for calm pending outcome of Supreme Court application
Ecobank vs Daniel Ofori: Ecobank calls for calm pending outcome of Supreme Court application

Ecobank Ghana PLC has assured its customers and shareholders that there is no cause for an alarm following a garnishee of the bank’s accounts at the Bank of Ghana and attachment of its head office building in a litigation with a businessman, Daniel Ofori, which according to the bank is pending at the Supreme Court.

In a press statement dated November 26, 2021, issued by the Regional Head of Corporate Communications and Marketing, Mrs Rita Aba Tsegah, Ecobank explained that the garnishee proceedings have been stayed pending the outcome of an application at the Supreme Court.

A bailiff on Friday posted a notice of attachment on Ecobank’s Head Office building in enforcement of a court ruling, a video of which has been circulating. The attachment notice is dated September 6, 2021.

“This is simply a desperate and misplaced measure on the part of Daniel Ofori in the light of the current proceedings before the Supreme Court,” Ecobank stated.

“We wish to assure our cherished customers and shareholders that there is no cause for alarm and that Ecobank will pursue the matter to its logical conclusion in court,” it added.

Background

Ecobank Ghana PLC (Ecobank), the Securities and Exchange Commission (SEC) and the Ghana Stock Exchange (GSE) have been in court with Daniel Ofori for the past 13 years over a share trade transaction in 2008.

Ecobank, SEC and GSE won at the High Court in 2011 and the Court of Appeal in 2013.

The Supreme Court reversed the decision of the Court of Appeal in 2018 and awarded interest in favour of Daniel Ofori based in part, on an investment arrangement between Ecobank and Daniel Ofori.

According to Ecobank, it applied to the Supreme Court to re-open the matter to take cognizance of new evidence obtained by the Bank.

The application by Ecobank was refused, following which the bank says it obtained leave of the Supreme Court to apply for a review of the decision out of time.

Ecobank says it has since filed the application for review which is pending in the Supreme Court.