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Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute (41253 Views)

Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute / Lessons From Innoson Vs GTBank Case Part 2 / Innoson Vs GTBank: EFCC Arrests Innocent Chukwuma In Enugu (Photos) (2) (3) (4)

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Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute by itsdumebi(m): 8:23am On Dec 20, 2017
Below are key points to know about this huge dispute as composed by Enyinnaya Appolos;

1 - At all Material times, Innoson Nigeria Ltd operates a Current Account with GTBank.

2 - Innoson obtained, and had repaid same, a loan of N1.3billion from GTB Which was secured with a legal mortgage of its properties valued at more than N1.4billion.

3 - Innoson discovered that GTBank imposed excess and unlawful charges in its Current account.

4 Innoson Group Complained to GTBank on his discovery of access charges on his account.

5 - Both parties ( Innoson and GTBank ) agreed to invite an independent auditing firm that will be agreed by both parties.

*6*- At the end, MULTI-WINGS Consulting Firm of Auditors was invited to properly audit Innoson Nigeria Ltd Current account No 0043753636 domiciled with Nnewi Branch of GTBank. The audit covers a period from March 2004 to Dec 2011.

7 - After the account was audited, it was discovered that GTBank has been illegally deducting excess bank charges on its overdraft facility to the Innoson to the tune of seven hundred and Eighty-Six Million, Two Hundred and Five Thousand, Nine Hundred and Fifty-Five Naira, Ninety-Nine kobo ( N786,205,955.99).

8 - GTBank was shocked at the audit report when the report was forwarded to it.They replied in their letter to Innoson on 20th January 2012 that it will investigate the issue raised and will get back to Innoson on the Conclusion of its investigation.

9 - In the month of September 2012, GTBank wrote to Innoson that from their personal audit report, the excess bank charges was Five Hundred and Fifty-Nine Million, three Hundred and Seventy-Two naira, Nine kobo ( N 559.3Million).

10 - Innoson agreed to their version and decided to accept payment from it in the spirit of amicable resolution.

*11*- Innoson also requested that the said agreed amount of N559.3million be paid with a 22% interest rate because Innoson had been repaying all his loan with GTBank at 22% interest rate.

12 - GTBank refused and said that the best they can repay excess and illegal deduction is at 7% interest rate . This led to another disagreement between Innoson and GTBank.

13 - As a result, in 2012, Innoson sued GTBank at Federal High Court Awka with Suit No: FHC/Awk/ Cs/2012.

14 - Federal High Court, Awka delivered Judgement in favour of Innoson in excess of N4.7billion against GTBank.

Delivering Judgement in suit no: FHC /Awk/ CS / 139/2012, the FHC awarded N4.7billion to Innoson Motors against GTBank.
The court also ordered GTBank to pay 22 % (percent ) interest on the Judgement debt until all the payment had been made to Innoson.

15 - In 2013, GTBank appealed against the judgement to the Court of Appeal, Enugu Division, appoxite appeal No: CA/ E/288/2013.

16 - The Court of Appeal, Enugu in a Considered ruling ordered GTBank to pay the Judgement debt of N6billion Inclusive of the accrued interest and any interest that would subsequently accrue thereon into an interest yielding account in the Name of the Chief Registrar of the Court.

17 - In its various affidavits, particularly at the Court of Appeal in suit no: CA/ E/288/2013, GTBank deposed that if it pays the outstanding Judgement debt of N6billion, much less the N8.5billion, it could go bankrupt and be out of business.

18 - GTBank went to the Supreme Court.The case is still in the Supreme Court, while the Judgement debt is about N8billion now to be paid to Innoson by GTBank.

Other Cases:
IBADAN Case: Innoson /GTBank/Nigerian Customs Service :

19 - Nigerian Customs Service Auctioned Innoson goods.

20 - Innoson challenged the action Nigerian Customs Service for auctioning its goods at Federal High Court, Ibadan.

21 - On July 29, 2011, In a Garnishee Order Absolute, the Federal High Court sitting in Ibadan ordered GTBank to Pay Innoson #2,048,737,443,67 (#2billion) from Nigerian Customs account in GTBank.

22 - Rather than Comply with the Garnishee Order Absolute of the Court , GTBank on February 6, 2015 appealed the Judgement , but the Court of Appeal in Appeal no. CA/1/258/2011 affirmed the Judgement of the Federal High Court and ordered GTBank to pay the Judgement debt of #2,048,737,443.67 (#2.048billion) to Innoson .

23 - GTBank , instead , appealed to the Supreme Court against the Court of Appeal's decision where GTBank claimed through a motion in suit no : Sc /694/2014, that the Court of Appeal Judgement in Ibadan (CA/I/258/2011) was procured by suspicious means .

24 - On May 12, 2017 , Supreme Court in its wisdom and rightly , dismissed that unfounded and exasperating claim of GTB against Innoson .

25 - As a result , Innoson commenced a N400 billion suit against GTBank , in the suit No: FCT /HC/CV/2448/2017 at the High Court of the Federal Capital Territory, Abuja .

#Another issues

26 - Consequently , in order to save itself from paying the outstanding Judgement debts to Innoson , the GTBbank filed a petition against Innoson alleging forgery which led to the suit No : FHC /L/565C/2015 by Police .

27 - On February 17, 2016 , Police properly and Competently withdraw the charges against Innoson , saying they needed to properly investigate the bank's complaints first and see if they had merits .

28 - On September 1 , 2014 , GTBank secured an ex parte order on Innoson Nigeria Limited, dated September 1, 2014 with suit no FHC/L/CS/1119/2014 , filed before a Federal High Court in Lagos , between GTBank and Innoson Nigeria Limited , issued by *Justice Okon Abang* , ordering that , pending the hearing and the determination of the substantive suit , all Commercial Banks in Nigeria were restrained from accepting in any manner whatsoever to any mandate or instruction presented to them by Innoson Companies or any of its agents or nominees for withdrawal of any sum of money standing to the credit of any account maintained by the company in all the banks.

29 - However , on June 10, 2015 , *Justice Saliu Saidu* of the Federal High Court , Lagos , in a Considered ruling set aside the ex parte order of September 1, 2014 , by Justice Okon Abang and the writ of summon as well.

30 - Innoson then slammed a N30 billion suit on Guaranty Trust Bank for what it had suffered in monetary terms and reputational terms during the months when the accounts of its companies in all Nigerian banks were frozen. With Innoson winning both cases at the High Court and both cases at the Appeal Court, and GTB appealing, both cases are awaiting the verdict of the Supreme Court. Meanwhile the fresh N30 billion naira suit has just gone to the High Court to start its legal journey.

https://politicsngr.com/2017/12/20/innoson-vs-gtbank-30-key-points-know-dispute/

32 Likes 10 Shares

Re: Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute by sweerychick(f): 8:34am On Dec 20, 2017
I guess both innoson and GTB have a personal issue

12 Likes 3 Shares

Re: Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute by Mantain(m): 8:41am On Dec 20, 2017
Oboy see case

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Re: Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute by Kingsley1000(m): 8:49am On Dec 20, 2017
BIAFRA IS OUR LAST HOPE...for those campaigning for atikuchukwu,thunder fire you

80 Likes 6 Shares

Re: Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute by Nobody: 8:51am On Dec 20, 2017
Now I can boldly say that GTBank is at fault here. Rather than beg Innoson for a soft landing, they resort to evil ways to avoid paying their debts.

I'm gonna take back my assets from them because of this.

255 Likes 22 Shares

Re: Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute by ALMUSTAQIM(m): 8:54am On Dec 20, 2017
THEY SHOULD SETTLE OUT OF COURT
SETTLE INNOSSON WITH SHARE OPTIONS & SOME CASH
AND EVERYBODY LIVE IN PEACE

88 Likes 8 Shares

Re: Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute by morbeta(m): 8:56am On Dec 20, 2017
Insightful.

3 Likes

Re: Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute by Kingsley1000(m): 8:56am On Dec 20, 2017
Igbos has suffered and tormented so much in the hands of hausa/fulani people since the inception of this country and SOME MISCREANTS ARE TRYING TO SUBJECT THEMSELVES TO ANOTHER ABOKI(atikuchukwu)

26 Likes 2 Shares

Re: Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute by jomonic: 8:57am On Dec 20, 2017
I hope that they don't hurt this man. Somehow GTB appears desperate to have their way.

51 Likes 1 Share

Re: Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute by aolawale025: 9:06am On Dec 20, 2017
CBN frequently settles cases of this sort. That should have been the first port of call

49 Likes 5 Shares

Re: Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute by DoTheNeedful: 9:17am On Dec 20, 2017
GTB is at fault here. However, I shudder at seeing some comment tribalizing the whole issue. Issues like this happens a lot in the business world but making this look like a persecution makes me weak I swear.

102 Likes 7 Shares

Re: Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute by Bevista: 10:10am On Dec 20, 2017
I still do not understand the basis why GTB had EFCC to arrest INNOSON. It's not clear from that writeup.
---
In any case, I've heard EFCC's version, I've heard INNOSON's version. I'll probably wait till I hear GTB's version before forming an opinion on the matter. There are always different sides to a story!

35 Likes 1 Share

Re: Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute by BeeBeeOoh(m): 11:04am On Dec 20, 2017
shocked







My problem is what brought EFCC into this matter that warranted them to bundle Innoson away like firewood??

66 Likes 3 Shares

Re: Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute by NtoAkwaIbom(m): 11:04am On Dec 20, 2017
New something to keep us occupied

3 Likes

Re: Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute by pawesome(m): 11:04am On Dec 20, 2017
There is always a story that will trend and take our minds off d real thing at hand grin








Meanwile someone should help me summarize pls

4 Likes 1 Share

Re: Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute by MaziOmenuko: 11:04am On Dec 20, 2017
I read this last night and it came with court reference numbers and hard verifiable facts. Little wonder GTB hasn't issued any official statement since yesterday. The courts will double their N10bil debt to innoson motors if they are found culpable of this illegality.

The beauty of it all is that after trying to exploit the weak Nigerian system to avoid paying the debts, they will demand for a roundtable peaceful resolution.

Osucoward:
Is it your bliss? Learn to mind your business.


Come and read more so you won't be ignorant. Your ignorance is reducing this forum to an arena where Unclad children play under the moonlight.

**Edit: Innoson demanded for 22%interest on the N500+mil which was wrongfully deducted from his account but GT, after acknowledging the error, wanted to pay 7%...thats the crux of the matter. 22% of N500mil+ is less than N120mil. This is what GTB refused to pay and were negotiating for 7% which was like N35mil. Now because of the difference btw N120mil and N35mil which is less than N90mil, GTB was dragged to court and has now incurred an overhead of N6bil as at now; and after the supreme court judgement, could rise to N10bil!

They even insulted the High court at Ibadan on the process which angered the Appeallate court and they increased the money GTB was meant to repay.

With the bad publicity and the incurred depts, this case is such a messy one that GTB needs to fire their entire legal department. For a disagreement as little as N90mil, they have incurred billions of debts and bad reputation. What wisdom is there?

123 Likes 17 Shares

Re: Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute by Nonnyflex(m): 11:04am On Dec 20, 2017
30 keys points Abeg can someone pls give me the 3 key points abeg... Something that happen just 3 days ago... Can't we use the same strength to develop 30 key points why Nigeria isn't working, 20 key points why lie Mohammed will always lie or 40 padlock points why Rochas will never stop to surprise us

2 Likes

Re: Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute by IBRAHIM203: 11:07am On Dec 20, 2017
Abeg let me go and withdraw my money from GTB before they deduct the remaining small money i have, i no fit shout. i don't have to settle police ooo

74 Likes 7 Shares

Re: Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute by pp802: 11:08am On Dec 20, 2017
GTB knows if they pay this guy the said amount, they might go bankrupt, so they result to dirty politics to keep business.

Some igbo big boys(traders) I know, have started withdrawing and transferring their monies from GTB.

I advice every GTB customer to withdraw 60% of their money till this case is settled. Don't quote-attack me, it's just an advice


My uncle has not yet survived from savannah blow

109 Likes 12 Shares

Re: Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute by ipobarecriminals: 11:08am On Dec 20, 2017
sad deep sigh
Re: Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute by Osucoward: 11:08am On Dec 20, 2017
Innosent the FRAUDSTER embarassed

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Re: Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute by Osucoward: 11:09am On Dec 20, 2017
ALMUSTAQIM:
THEY SHOULD SETTLE OUT OF COURT

SETTLE INNOSSON WITH SHARE OPTIONS & SOME CASH


AND EVERYBODY LIVE IN PEACE

See thieves
Re: Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute by otokx(m): 11:10am On Dec 20, 2017
They should just hand over GTB to Innoson who will now be the new owner and Chairman.

37 Likes 4 Shares

Re: Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute by FTrebirth(m): 11:10am On Dec 20, 2017
i thank God i don't have much left in my GTB account. 1st bank is bae.

33 Likes 4 Shares

Re: Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute by juwonloo(m): 11:10am On Dec 20, 2017
Big Bros and sis in the house, anyone who wish to bless a fellow this season with a phone he/she is no more using, I crash my phone last August since then I have none, I have been logging in on friends phone, help a fellow, Lord will continue blessing you 07016421652 lagos
Re: Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute by BruncleZuma: 11:10am On Dec 20, 2017
BRB
Re: Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute by Bizibi(m): 11:11am On Dec 20, 2017
Kingsley1000:
Igbos has suffered and tormented so much in the hands of hausa/fulani people since the inception of this country and SOME MISCREANTS ARE TRYING TO SUBJECT THEMSELVES TO ANOTHER ABOKI(atikuchukwu)
please this is not an Igbo issue,it can happen to anyone

20 Likes 4 Shares

Re: Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute by Talkingboy: 11:11am On Dec 20, 2017
What were the Accountants/Internal Auditors doing for the excess deductions to have sky rocketed to that extent? Just confused



Experts Comman help :

ednut1 Jarus Explorer Seun Glitteringstar

4 Likes 1 Share

Re: Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute by Osucoward: 11:11am On Dec 20, 2017
otokx:
They should just hand over GTB to Innoson who will now be the new owner and Chairman.

GTBank should liquidate Innosent to pay off his debt.

1 Like

Re: Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute by stillseth: 11:11am On Dec 20, 2017
something is just not adding up....why on earth would GTBaNK then go ahead to arrest Innoson boss with efcc? ..let's just wait and see what GTBank would say to this and also hear EFCC side of the story too

18 Likes 1 Share

Re: Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute by abdeiz(m): 11:12am On Dec 20, 2017
These banks think they can just bully anybody

13 Likes 4 Shares

Re: Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute by stillseth: 11:12am On Dec 20, 2017
Innoson don talk their own....Now let's wait and see what GTBaNK has to say too..


don't be quick to judge...

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