$90 Million Judgment Debt Ruling Will Not Affect Operations - NIB Assures Customers

Management of National Investment Bank (NIB) has assured its customers that the bank�s operations will not be affected by yesterday�s $90 million judgment debt ruling. The bank was on Thursday ordered by an Accra Commercial Court to pay $90 million to Dominion Corporate Trustees Ltd in UK. The ruling follows promissory notes worth $60 million issued by the then Manager Daniel Charles Gyima as a collateral management agreement in 2007. But the bank failed to honour the promissory notes and has been ordered by the court to pay with an 11% interest from 30 January 2009 till date of final payment. The bank in a press statement said the ruling has not in any way affected its operations. It further stated any information alluding to a collapse of the Bank and a loss of customers� monies are TOTALLY FALSE. Below is a copy of the full statement Management of National Investment Bank Limited wishes to inform the general public, especially its cherished customers, that on Thursday, 21st February, 2013, judgment was given against the Bank at the Commercial Court in a case brought against it by Dominion Corporate Trustees Limited, a UK-based offshore company. The Court ruled that NIB was to pay the said foreign entity an approximated amount of US$90 million for the Bank�s failure to pay up for promissory notes worth an amount of US$60 million in 2007. The Bank would wish to use this opportunity to assure its cherished clients that this ruling has not in any way affected the Bank�s business with its customers. The Bank further moves to reassure customers that their monies are safe with the Bank and that any information alluding to a collapse of the Bank and a loss of customers� monies are TOTALLY FALSE. In as much that the Bank regrets the unfortunate and unjustifiable judgment given by the Court, it wishes to assure its numerous customers that the Bank will immediately exercise its right to file an appeal and order a stay of execution against the ruling. The Bank is totally convinced that the verdict of the judge did not reflect the facts that were presented before the Court and therefore believes that the Court of Appeal will uphold its appeal and reverse the orders made by the Commercial Court.