You are here: HomeNews2017 06 22Article 551089

General News of Thursday, 22 June 2017


Five NPP gurus behind NIB suit - Hopeson Adorye

A member of the New Patriotic Party (NPP) communication team, Hopeson Adorye has alleged that three NPP Gurus are behind the lawsuit against the National Investment Bank.

Speaking on Asempa FM’s political talk show programme Eko sii Sen on Wednesday afternoon captured by, said that he is having evidence to prove the allegation, but wants to first give the evidence to President Akufo-Addo before he makes it public.

The Commercial Division of the High Court, presided over by Mr Justice Amadu Tanko, on February 21, 2013, gave judgement against NIB in favour of Dominion Corporate Trustees Limited of Channel Islands, UK, for the recovery of the sum of US$60 million, plus interest, with effect from January 29, 2009, to the date of final payment.

The Court of Appeal, on July 4, 2013, stayed the execution of the judgement of the Commercial Court pending the outcome of an appeal filed by the NIB.

The bank, whose debt had doubled with a daily interest of $20,000), asked the Court of Appeal to quash the Commercial Court’s decision because it was defective.

NIB lost the appeal and proceeded to the Supreme Court.

In its ruling Wednesday morning, the Supreme Court said Dominion Trustees had no capacity to have initiated the action and that the writ Dominion Trustees filed at the High Court did not indicate they were the real investors, reports Graphic Online’s court reporter, Emmanuel Ebo Hawkson.

Consequently, the Supreme Court ordered a cost of Ghc500,000 against Dominion Trustees which was represented by Mr Pianim, as its investment consultant.

The suit was commenced against NIB by Standard Bank Offshore Trust Company, which was later substituted by Dominion Corporate Trustees Limited, on behalf of investors, who had purchased promissory notes issued by Eland Ghana Limited and guaranteed by NIB.

During the trial, NIB led evidence to show that its Managing Director at the time, Mr Daniel Charles Gyimah, had signed the guarantee without any authorization from the board.

But According to Hopeson Adorye, apart from investment consultant Mr Kwame Pianim and Mr Gyimah, there are three more NPP gurus behind the suit, and their main intention is to collapse the bank.