National Investment Bank is to pay a judgment debt of 90 million dollars to Dominion Corporate Trustees Limited for failing to honour promissory notes to the tune of 45 million dollars entered in 2007.
The promissory notes at maturity will have been 60 million dollars.
In declaring judgment on Thursday, High Court Judge, Justice Tanko of the commercial court who ruled in favour of the plaintiff, Dominion Corporate Trustees Limited said NIB should pay 60 million dollars at an interest rate of 11 percent from 30 January 2009 till date of final payment.
He also said the entire transaction of the promissory notes and issuance was not illegal.
Justice Tanko added that the first defendant NIB, led by Lawyer Dominic Anyine failed to establish reasons that the issuance of the bond was illegal.
It will be recalled that in 2007, the then Managing Director of NIB Daniel Charles Gyimah unilaterally entered into an agreement with Eland International Limited Ghana, in which NIB acted as a guarantee.
This enabled the bank to issue 30 promissory notes valued at 60 million dollars to Eland.
Eland quickly contacted Iroko Security Company Limited within the period and discounted the 60 million dollars and the promissory notes for 45 million dollars.
But the bank abrogated the agreement saying the deal was illegal since the then MD Charles Gyimah acted wrongfully.
Meanwhile, XYZ BUSINESS has leant that the lead counsel of NIB Dr. Anyine will appeal against the high court ruling.
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