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Nairaland Forum / Nairaland / General / Business / Gtbank Vs Innoson At The Supreme Court: What Really Happened (29242 Views)
GTB Vs Innoson: Supreme Court Rules In Favour Of GTB In N2.4bn Debt / Gtbank Vs Innoson - Gtbank In Trouble As #boycottgtbank Trends On Twitter / Gtbank Vs Innoson, The Truth?? (2) (3) (4)
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Re: Gtbank Vs Innoson At The Supreme Court: What Really Happened by TundeBricklayer: 12:57pm On Jun 08, 2018 |
maximunimpact:You are a liar, if I may ask who file case at supreme court Innoson won gtb in all the cases they filed against Innoson starting from appeal in Enugu, Ibadan, Lagos and now Supreme court, stop deceiving gullible youths. Kindly read b]Tracing its history with the bank, the company[/b] said that at all material times, it oprates a current account with GTB and it discovered imposed excess and unlawful charges in its current account in the sum of N560million and that the bank was demanding it to pay this to it with the accrued interest thereon, but it requested the bank to credit its account with the N560m and the accrued interest. The company said that the bank refused this request, as a result, it commenced suit FHC/AWK/CS/139/2012 against the bank before a Federal High Court, Awka and obtained judgement in excess of N4.7billio against the bank. The bank appealed the judgment to the Court of Appeal, Enugu in appeal CA/E/288/2013. The Court of Appeal, Enugu in its ruling ordered the bank to pay the judgment debt of N5.7bn 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. On the Customs angle, the company said Nigerian Customs Services sold its goods by auction, following which it commenced suit FHC/L/CS/603/2006 against customs. Thereat, judgment was rendered in excess of N2.4bn in favour of Innoson in the suit against customs. Subsequently, Innoson garnisheed customs’ account with GTB. Through a garnishee order absolute the court ordered GTB to pay the judgment debt of over N2.4bn to Innoson from customs account with it. GTbank appealed this decision to the Court of Appeal, Ibadan appeal CA/I/258/2011. However, on February 6, 2014, the Court of Appeal, Ibadan dismissed the bank’s appeal, affirmed the decision of the Federal High Court and ordered the bank to pay the judgment debt of over N2.4bn to Innoson from customs account with it. The company insisted that at all material times, goods imported by Innoson were consigned to GTB under the relevant Bills of lading. The bank endorsed the Bills of lading to Innoson and released same to Innoson. The bank recorded its endorsement and releasing of the Bills of lading to Innoson in its records. To this extent, before the bank released any of the Bills of lading to Innoson, it would first enter the particulars or details of the Bill of lading in a book – register – and then both the bank’s officer releasing the Bill of lading and Innoson’s staff collecting the Bill of lading signed the book- the register. The bank released all the Bills of lading to Innoson and they were all dully recorded and signed for in the bank’s record-book. Again, all the duties paid for the consignments – goods – were paid by the bank. Upon completion of clearing and taking delivery of each consignment, Innoson returned the exchange control copies in relation thereto to the bank for onward transmission to CBN, which the bank transmitted to CBN. On Economic and Financial Crimes Commission, EFCC, involvement, it said that the commission discovered in conjunction with NDIC that reconciled and or audited Innoson’s account with GTB that excess and unlawful charges in the sum of N560m was imposed in Innoson’s account with it and was demanding Innoson to pay same to it as its legitimate earnings. Legitimateearnings Also, EFCC discovered that the bank had a register wherein it entered the particulars/details of all the Bills of lading it endorsed over to Innoson and that the bank’s staff signed the register for the release of the Bills of lading to Innoson’s staff who also signed his collection/receipt of the Bills of lading from the bank in the register. Consequently, EFCC asked the bank to produce the register but same it yet to be produced. Innoson added that it sued EFCC and the Police to enforce its fundamental human rights and that of its staff that it alleged was breached in the course of the investigation; and for an order of the court that all the documents that were subject to forensic investigation be sent to independent investigation, viz – FBI and or Scotland yard for analysis. On the facilities by the bank, Innoson said that the bank granted various facilities to it which it secured with a legal mortgage of over N4bn and had defrayed them save the excess charges which was a subject in suit FHC/AWK/CS/139/2012 at the Federal High Court, Awka for which Innoson has subsisting judgment in excess of N6bn in its favour against the bank, while GTB’s case – suit FHC/L/CS/1119/2014 against Innoson at the Federal High Court, Lagos, the bank never claimed that Innoson was indebted to it in the sum of N2.4bn. It added that the bank in suit FHC/L/CS/1119/2014 at the Federal High Court, Lagos froze Innoson’s account in all the Banks in Nigeria from September 18, 2014 until June 10, 2015 when same was dismissed and the freezing order set aside. Afterwards, it said that commenced a N30bn suit against the bank for damages it suffered as a result of the freezing order. Read more at: https://www.vanguardngr.com/2015/07/innoson-in-court-denies-owing-bank-n2-4bn/ Yesterday Supreme court ruling on GTB vs Innoson which GTB filed against Innoson The Supreme Court decision follows GTBanks motion for stay of execution at the Supreme Court when the Court of Appeal Enugu Division ruled on 9th Dec, 2014 that the appellant (GTB) is hereby ordered to pay the sum of Five Billion, Nine Hundred and thirty Six Million, One Hundred and Twenty Six Thousand, Two Hundred and Nineteen Naira, One Kobo (N5,936,126,219.01k) to the Deputy Chief Register of the Court within 14 days from the date of ruling and which the Deputy Chief Register shall pay same into an interest yielding account in a reputable bank other than Diamond Bank or Mainstreet Bank Plc pending the determination of this appeal. The money together with whatever accrues thereon shall be paid to the party who wins the appeal. GTBank not satisfied with the decision of the ruling of Court of Appeal, filled a motion for stay of execution at the Supreme Court, however Supreme Court yestetday struck out GTB motion for stay of execution and maintained that it will not hear GTBank’s motion for stay of execution until it obeys the ruling of Court of Appeal. 3 Likes |
Re: Gtbank Vs Innoson At The Supreme Court: What Really Happened by maestroferddi: 1:02pm On Jun 08, 2018 |
teepain:Oga stop wearing emotions on your sleeves. The arguments of both parties, with the deployment of quality legal representation, have been subjected to extensive/thorough legal scrutiny and yet Innoson dusted GT Bank. So what the hell are you talking about? 1 Like |
Re: Gtbank Vs Innoson At The Supreme Court: What Really Happened by Exclusivebae(f): 1:02pm On Jun 08, 2018 |
It seems that the write is Gtb media personal, cos I don't understand.... It was mentioned in the TVC news last night that the court ordered GTB to pay #14b to innoson within 14 days.... I wonder why all this sermon and grammar. |
Re: Gtbank Vs Innoson At The Supreme Court: What Really Happened by CSTR1003: 1:08pm On Jun 08, 2018 |
They should have listed the author of this biased article. Take a Yoruba journalist serious at your peril. Experts in oluwole journalism, exaggeration, cash and carry story telling and biased reportage. 3 Likes |
Re: Gtbank Vs Innoson At The Supreme Court: What Really Happened by opribo(m): 1:14pm On Jun 08, 2018 |
What is happening to Innoson is the same thing that almost sent Indome middles out of business, samething that sent ibeato cement out of business. Now they must cripple Innoson to come into the auto manufacturing. |
Re: Gtbank Vs Innoson At The Supreme Court: What Really Happened by Greizman: 1:24pm On Jun 08, 2018 |
LastSurvivor11:Sit down there.. While GTB profit still rising each year. 1 Like |
Re: Gtbank Vs Innoson At The Supreme Court: What Really Happened by Nobody: 1:30pm On Jun 08, 2018 |
CanineOfJackal: It is not a matter of Igbo & Yoruba idiots coming online to support business interests, saying that is an attempt to protect a group of crude & uncivilized people who have become nuisance to an entity called Nigeria. GT Bank has never made available any malicious statement or false information or propaganda about the outcome of a judgement by the Apex Court. The corporate governance policy of such bank can never allow them to give out such information. Zenith, Diamond , UBA & others have corporate policies that will never allow a key management member to give out false information to the public. It is those that tribalise issues affecting their kinsmen that are the greatest problem of themselves & Nigeria. You only attempted to cover them by mixing issue together. Issues affecting Ibeto, Innoson, Ekweremadu ( EFCC case), Stella Oduah (AMCON), etc are termed anti Igbo. Immediately, the GTB / Innoson case came on Nairaland & some social media last year, the Igbos termed it anti Igbo threatening to fall GT Bank by all means without looking at issues. I said, it is an empty boast. We have other people in Nigeria having problems with Banks. We have politicians having problems with EFCC. No tribe has ever introduced ethnic colouration, but immediately it involves an Igbo or IBO, there is a crisis. While awaiting 2023, or the declaration of Biafra Republic, it pays to be objective, make less noise & dissipate less energy on propaganda. Innoson staff has attacked EFCC officials & violated the integrity of the supreme court, yet, nothing can be done because of Igbo propaganda. 3 Likes 1 Share |
Re: Gtbank Vs Innoson At The Supreme Court: What Really Happened by olaoreawofele: 1:37pm On Jun 08, 2018 |
Were you in the court room? PaChukwudi44: |
Re: Gtbank Vs Innoson At The Supreme Court: What Really Happened by eyoohood(m): 1:41pm On Jun 08, 2018 |
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Re: Gtbank Vs Innoson At The Supreme Court: What Really Happened by Nobody: 1:54pm On Jun 08, 2018 |
opribo: I have warned your brothers not to bring reliable companies into your propaganda when you want to defend the businesses of your kinsmen. The last time you brought Burham cement. I explained that Burham belongs to FMN, they are never with Ibeto but FGN. Now you are bringing Indomie noodles which you spelt wrongly into the issue. Do you know what happens in the noodles business or pasta business? The Tolaram Group that owns indomie noodle did they ever tell you they have problems with government or banks? Why bringing multinational groups that are well operated by professionals into market place discussion. Tolaram group consists of Multipro, BHN, Lucky Fibres, Pure Flour Mills & 3 factories manufacturing indomie in Nigeria. Indomie noodles may have competition issues in the highly competitive Nigeria noodles business which is normal 1 Like |
Re: Gtbank Vs Innoson At The Supreme Court: What Really Happened by Essential(m): 2:21pm On Jun 08, 2018 |
congorasta: |
Re: Gtbank Vs Innoson At The Supreme Court: What Really Happened by opribo(m): 3:01pm On Jun 08, 2018 |
babaolofin: Sometimes ago when the rumour went round that Indomie noodles was killing people if you eat it what did you think was behind it. It was a demarleting strategy to usher in a competitor product but the Indians were smart to use sustained advert at very huge budget to counter that crude demarketing strategy. You are right, this is what happens to peoole who refuse to learn. How many times will something happen to the ibos before they begin to think ibo first. They have their own they won't patronize, they have their area they won't develop, they have their people they won't empower. The Ibos must come together whether they like it or not and make the East a jravrn on earth and forget about anything that wil |
Re: Gtbank Vs Innoson At The Supreme Court: What Really Happened by DrGoodman: 3:14pm On Jun 08, 2018 |
So, why can't the Supreme court issue the correct version of what happened? Because I see the reaction of GTB as a face saving effort meant to stop their customers from closing their accounts in fear. |
Re: Gtbank Vs Innoson At The Supreme Court: What Really Happened by writeprof(m): 3:22pm On Jun 08, 2018 |
As much as this analyst tried to analyse and clarify issues, his language is clearly biased. Nevertheless, this issue doed not speak well of Nigeria to the outside world. |
Re: Gtbank Vs Innoson At The Supreme Court: What Really Happened by CanineOfJackal: 3:40pm On Jun 08, 2018 |
babaolofin:You ended up talking like an IDIOT. I'm Igbo and I don't do tribalism |
Re: Gtbank Vs Innoson At The Supreme Court: What Really Happened by Nobody: 4:38pm On Jun 08, 2018 |
opribo: When there was a rumour in a private school that kids died by eating indomie in Lagos. NAFDAC conducted analysis & issued a statement that it had nothing to do with Indomie consumption. The Noodles & pasta businesses are highly competitive as I said earlier. This has nothing to do with government regulations or fraud or illicit business deals. No Indians or Nigerians cried foul. We have so many noodles manufacturers. You can't distort government regulations just because of a tribe or an individual. Cement has many manufacturers. What happened during GEJ is an open robbery of our common wealth. 1 Like 1 Share |
Re: Gtbank Vs Innoson At The Supreme Court: What Really Happened by Nobody: 4:46pm On Jun 08, 2018 |
smithsammy: Gtb is a thieving company. |
Re: Gtbank Vs Innoson At The Supreme Court: What Really Happened by teepain: 5:24pm On Jun 08, 2018 |
maestroferddi: I find your choice of words in your quoted statement ludicrous! For crying out loud, how am I suppose to be 'wearing my emotions on my sleeve' according to you. I have always insisted that both parties should go to the court and argue their cases as I believe that both parties are innocent until either of them is proven guilty. Both IVM and GTB are Nigerian businesses with a lot of people on their payroll hence I pray that the wronged party gets justice so that we can improve on our ethical standards. You on the other hand have pronounced one of the parties, GTB in this case, guilty in your own court. The arguments of both parties, with the deployment of quality legal representation, have been subjected to extensive/thorough legal scrutiny and yet Innoson dusted GT Bank. I am yet to see a court verdict declaring either of the party guilty. So what the hell are you talking about? If you are one of the judges and you find GTB guilty, please instruct GTB to pay damages as needed and stop bellyaching. Justice delayed is justice denied! But if you are not one of the judges with the requisite competence to pronounce any of the parties guilty, then allow the courts to do their work. |
Re: Gtbank Vs Innoson At The Supreme Court: What Really Happened by Dmanlex(m): 5:29pm On Jun 08, 2018 |
Stop using GT bank, Nogeria govt are evil. Now Innoson is creating car technology and jobs they want to bring him down |
Re: Gtbank Vs Innoson At The Supreme Court: What Really Happened by agabusta: 5:36pm On Jun 08, 2018 |
PaChukwudi44: Did you see a copy of the court judgment? |
Re: Gtbank Vs Innoson At The Supreme Court: What Really Happened by thebull12(m): 6:00pm On Jun 08, 2018 |
for me i like the way they have been addressing them selves .....lol ..... debtor customer. |
Re: Gtbank Vs Innoson At The Supreme Court: What Really Happened by Nobody: 6:02pm On Jun 08, 2018 |
ipobarecriminals:see this one |
Re: Gtbank Vs Innoson At The Supreme Court: What Really Happened by front4line: 6:40pm On Jun 08, 2018 |
congorasta: And both Yoruba b Igbo can’t figure that out since independence ? Ain’t they really foolish then. No be for we eye east n West German reconcile. |
Re: Gtbank Vs Innoson At The Supreme Court: What Really Happened by maestroferddi: 7:40pm On Jun 08, 2018 |
teepain:What you are making now is a classic blind argument. One expects you to have had a modicum of knowledge concerning the matter. This case in point has travelled all the way to the Supreme Court. So the question whether there is a subsisting judgement is dumb, to put it mildly. If you do not know that the apex court serves as the final arbiter/highest appellate court whose responsibility primarily is to validate or nullify/reverse verdicts of lower courts, then we shouldnt be having this interchange. In any case, the current brief of the Supreme Court is that the status quo ante be maintained: that is, that the ruling of the Court Appeal, Enugh Division be maintained while GT Bank's notice/motion of appeal is heard. What does the foregoing mean other than that GT Bank comply with the verdict of the lower court which was in Innoson's favour be obeyed subject to a legal/adjudicatory review by the Supreme Court. Can you now see that you were merely shadow boxing instead of making the effort to argue from the position of knowledge? 1 Like |
Re: Gtbank Vs Innoson At The Supreme Court: What Really Happened by teepain: 8:09pm On Jun 08, 2018 |
maestroferddi: Pray, what is blind argument in advising that we should allow all parties to exhaust their legal options and praying that the innocent party gets justice. If there is a judgement debt in favor of IVM then let them go and get a garnishee order. That should not be a difficult thing to do, don't you think so? 1 Like |
Re: Gtbank Vs Innoson At The Supreme Court: What Really Happened by maestroferddi: 8:41pm On Jun 08, 2018 |
teepain:Good that you conceded that you were shooting from sinking/shifting sands... That courts of competent jurisdiction have ordered GT Bank to pay Innoson is not in doubt. The matter at hand is that GT Bank is praying that their appeal be heard/determined by the Supreme Court. Get your hapless self acquainted/up to speed with the matter and stop projecting ignorance as if it were a virtue... |
Re: Gtbank Vs Innoson At The Supreme Court: What Really Happened by teepain: 9:18pm On Jun 08, 2018 |
maestroferddi: How did I concede this? Do you have comprehension problem? I have maintained my position, that the legal fireworks are on and we should allow the judicial process play out. That courts of competent jurisdiction have ordered GT Bank to pay Innoson is not in doubt. Various high courts of coordinate jurisdiction have given different judgement concerning the matter at hand. There was a high Court that issued a warrant of arrest against the Chairman of IVM. And I'm aware that EFCC has attempted to press some fraud charges against him, rightfully or wrongfully I am not in a position to tell. What this tells us, is that there are divergent judgments and opinions on this matter. Hence, I am waiting for all the legal fireworks to play out while praying that the right party would ultimately get justice. The matter at hand is that GT Bank is praying that their appeal be heard/determined by the Supreme Court. Well, there you go again displaying crass ignorance while you pontificate as some legal luminary or judicial authority cum international trade expert. GT Bank did not pray that her appeal should be heard by the Supreme court, rather GTB prayed the Supreme court to direct the appeal court to hear her appeal. And, the Supreme Court in its wisdom has so directed. Get your hapless self acquainted/up to speed with the matter and stop projecting ignorance as if were a virtue... Up to this moment, I have chosen to address issues without attacking your personality, however, I crave your indulgence to say that you think too highly of yourself. Nairalanders and guests can read the one who has displayed crass ignorance and unnecessary bias in a case involving 2 indigenous companies. I leave you with the words of a sage which go thus: "While the big animals like cows lay on the field chewing their cuds quietly, small insects like crickets continued chirping noisily in an attempt to deceive people into thinking that they are the only occupants of the field" 2 Likes 1 Share |
Re: Gtbank Vs Innoson At The Supreme Court: What Really Happened by teepain: 9:25pm On Jun 08, 2018 |
babaolofin: The ethnic colouration is uncalled for honestly. There wasn't ethnic colouration when the 2 parties were doing business together happily, why should ethnic bias be introduced at this point in time? 1 Like 1 Share |
Re: Gtbank Vs Innoson At The Supreme Court: What Really Happened by maestroferddi: 9:39pm On Jun 08, 2018 |
teepain:Your innuendos are wide off the mark. I choose not to live with the quicksilver inconstancy that apparently characterize the thrust of your argument... One moment you are advancing a spurious argument bereft of objectivity in favour of GT Bank, the next time asking you are trying to project a futile argument on equity without tracking your earlier submissions which are at variance with your new position. When all failed, you went to the emotional card... trying out to play victimhood. My take, heretofore, is that you suit yourself. |
Re: Gtbank Vs Innoson At The Supreme Court: What Really Happened by teepain: 9:47pm On Jun 08, 2018 |
maestroferddi: I choose not to believe that you are schizophrenic. And I want to again believe that you do not suffer selective amnesia. If those 2 possibilities are eliminated I am left with the only option of concluding that you are a pathetic liar. How have I played the victim card. Read over my various exchanges with you on this forum. On one occasion, I advised that we should maintain civility in our discourse even if we have divergent opinions. You responded that it wasn't your intention to denigrate and I left it at that. Today, you went berserk again attacking my person instead of issues. Our exchanges are available for all to read and they are on record. |
Re: Gtbank Vs Innoson At The Supreme Court: What Really Happened by maestroferddi: 10:08pm On Jun 08, 2018 |
teepain:Now that you have gone off at a tangent, how do I drum objectivity into your seemingly impenetrable skull? I still maintain that your are a bundle of nerves and emotions. You use uncouth language and at the same time you are soliciting for pity parties all over the place. This predilection to dual/split personality is completely repugnant/objectionable to me. I am sorry I cannot help you... |
Re: Gtbank Vs Innoson At The Supreme Court: What Really Happened by teepain: 10:15pm On Jun 08, 2018 |
maestroferddi: I do not solicit pity parties and I have nothing to be emotional about; I have no vested interest in either GTB or IVM. The only interest I have in the case is that justice should be done to deepen best-in-class ethical practices in Nigeria business environment. As to my use of uncouth language, I plead guilty as charged but you initiated it and there is a saying that the man who brought ants infested wood to his house has sent out an invite to the lizards. No one has a monopoly of insulting others online. I maintain that I do not engage in pity parties and I do not do mob attacks because I can defend my turf. I welcome divergent views because I believe that plurality of ideas is the bedrock of a civilized community and infact it is an ingredient for deepening our body of knowledge as a people but I will reciprocate in equal measure any attempt to insult my person. |
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