Commercial Court Orders Return Of Seized SIC Insurance Vehicles

The Commercial Court in Accra on Friday, July 31, 2015 ordered Ivory Finance Company Limited to return seized company vehicles belonging to SIC Insurance pending the hearing of the court’s interpretation of its ruling on October 19, 2015.

It would be recalled that Ivory Finance Company on Wednesday, July 8, 2015 began attaching SIC Insurance’s assets following a court order giving it the go ahead to retrieve accrued interest on a credit facility the insurance giant guaranteed for ITAL Construct International Limited.

Lawyers of SIC Insurance went back to court to apply for a stay of execution and also to seek the court’s interpretation to the ruling that gave Ivory Finance the power to seize a number of company vehicles belonging to SIC Insurance. Hearing of the interpretation has been scheduled for October 19, 2015.

However, Lawyers of SIC Insurance were in court last week to apply for a release of all the seized company vehicles pending the October 19, hearing.

This request was granted by the court and Ivory Finance is to return all the seized company vehicles.