Ghana: Ecobank assures customers and shareholders over legal tussle with businessman

Ecobank Ghana PLC has assured its customers and shareholders that there is no cause for alarm, following a garnishee of the bank’s accounts at the Bank of Ghana and attachment of its head office building in a litigation with a businessman, Daniel Ofori.

On Friday, a bailiff had posted a notice of attachment on Ecobank’s Head Office building in enforcement of a court ruling, a video of which has been circulating. The attachment notice is dated September 6, 2021.

Ecobank pointed out that “this is simply a desperate and misplaced measure on the part of Daniel Ofori in the light of the current proceedings before the Supreme Court”.

It explained “investigations conducted by Ecobank further showed that Daniel 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 added “we wish to assure our cherished customers and shareholders that there is no cause for alarm and that Ecobank will pursue the matter to its logical conclusion in court”.

Ecobank, SEC and GSE on matters arising

Ecobank Ghana PLC (Ecobank), the Securities and Exchange Commission (SEC) and the Ghana Stock Exchange (GSE) have been in court with Daniel Ofori for the past 13 years over a share trade transaction in 2008.

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

The Supreme Court however reversed the decision of the Court of Appeal in 2018 and awarded interest in favour of Daniel Ofori based in part, on an investment arrangement between Ecobank and Daniel Ofori.

According to Ecobank, it applied to the Supreme Court to re-open the matter to take cognisance of new evidence obtained by the bank.

The application by Ecobank was refused, following which the bank says it obtained leave of the Supreme Court to apply for a review of the decision out of time.

Ecobank says it has since filed the application for review which is pending at the Supreme Court.