The Supreme Court on Thursday ruled in favour of Chairman of Innoson Motors, Innocent Chukwuma, in his case with Guaranty Trust Bank.
According to a statement released on Thursday by Cornel Osigwe, Innoson Group’s head of corporate communications, the supreme court struck out the motion for stay of execution of the Enugu court of appeal order that GT Bank pays N6 billion into an interest yielding account.
Concise News gathered that the Supreme Court decision follows GTBank’s decision to file a motion for stay of execution at the Supreme Court after the Court of Appeal Enugu Division ruled on 9th Dec, 2014 that the appellant (GTB) pay the sum of five billion, nine hundred and thirty six million, one hundred and twenty six thousand, two hundred and nineteen naira, one kobo (N5,936,126,219.01k) to the Deputy Chief Registrar of the Court within 14 days from the date of ruling and which the Deputy Chief Registrar shall pay same into an interest yielding account in a reputable bank other than Diamond Bank or Mainstreet Bank Plc pending the determination of this appeal.
The appeal court had ordered that the money, together with whatever accrues thereon, shall be paid to the party who wins the appeal.
GTBank, not satisfied with the decision of the ruling of Court of Appeal, thereafter filed a motion for stay of execution at the Supreme Court.
Today Thursday, the Supreme Court struck out GTB’s motion for stay of execution and maintained that it will not hear GTBank’s motion for stay of execution until it obeys the ruling of Court of Appeal to pay the said money into an interest yielding account.
It was gathered that Innoson’s legal team which was led by Prof McCarthy Mbadugha ESQ told the Supreme Court that the debt which arose from excess and unlawful charges which GTBank took from Innoson’s account now stood at over N14billion, an amount which the Supreme court ordered GTB to pay back to Innoson within two weeks.