Ecobank files review application in matter with Daniel Ofori

Ecobank Ghana PLC (Ecobank), says it has filed a review application at the Supreme Court in the matter between it and Mr Daniel Ofori, an investor.

Mr Ofori has among other interventions, garnisheed the Bank’s funds with the Bank of Ghana.


A statement issued in Accra and signed by Mrs Rita Aba Tsegah, Regional Head, Corporate Communications & Marketing, assured the Bank’s customers and shareholders that there was no cause for alarm because it would pursue the matter to its logical conclusion in court.


It said the Bank together with the Securities and Exchange Commission (SEC) and Ghana Stock Exchange (GSE) had been in court with Mr Ofori for the past 13 years over a share trade transaction in 2008.


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


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


Subsequent to the Supreme Court’s decision, a forensic examination conducted by the Criminal Investigations Department of the Ghana Police Service on the investment agreement tendered in evidence by Mr Ofori “showed that it had been altered in material parts”, it said.


It alleged that Investigations conducted by Ecobank also showed that “Mr Ofori had collected dividends running into millions of Ghana Cedis as well as bonus shares in respect of the same shares, he had sworn on oath, both at the High Court and Court of Appeal, that he had sold and, therefore, were not his”.


“Ecobank, therefore, applied to the Supreme Court to re-open the matter to take cognizance of the new evidence obtained by the Bank in order to do justice between the parties,” it added.


It said the application was refused but the bank obtained leave of the Supreme Court to apply for a review of the decision out of time.


The Bank had since filed the application for review.


The garnishee proceedings had been stayed pending the outcome of the application in the Supreme Court, it said.


Source: Ghana News Agency

Leave a Reply

Your email address will not be published. Required fields are marked *