General News of Tuesday, 15 January 2013

Source: The Enquirer

Stanbic, Bog Dragged To Court

Gbewaa Petrochemicals Limited, owned by Alhaji Yakubu Kasule, has dragged Stanbic Bank to court for reporting the company to the Bank of Ghana to be sanctioned without any notice or hearing.

According to the company, through the action of Stanbic Bank, the Bank of Ghana passed circulars to all commercial banks not to allow it to operate an account or obtain any facility or enjoy any banking services.

The second defendant is the Bank of Ghana which wrote the circulars to all commercial banks.

Gbewaa Petrochemicals Limited is therefore seeking a declaration that it was sanctioned wrongfully and unjustly without any notice or hearing. The company is also seeking general damages of GH¢10,000,000.00 as well as costs.

Gbewaa Petrochemicals Limited, in a statement of claim filed by Fosu-Gyeabour and Co of Kyidom Royal Chambers, said that it has been a customer of Stanbic Bank since the year 2007.

It avers that without any notice and hearing, Stanbic Bank reported it to the Bank of Ghana for it to be sanctioned.

According to Gbewaa Petrochemicals Limited, the sanction was reversed only after Stanbic Bank had written to the Bank of Ghana to do so.

It said in the statement of claim that the sanction created a lot of hardships, injury and financial loss and affected its business greatly.

The company said that it shall contend that imposing the sanction on the company without notice to it or without informing it of its offence or without hearing is wrongful and ultra vires.