31 C
Thursday, December 3, 2020
- Advertisement -

Accra Court Orders Seizure of Ecobank’s Assets over $10 Million Dispute


CNN and the Ethics of Journalism – By Lai Mohammed

Our attention has been drawn to an ‘investigation’ by CNN, entitled ‘How a Bloody Night of Bullets Quashed a Young Protest Movement’...

Drug Use: The Forgotten Epidemic – By M. Buba Marwa and Oliver Stolpe

In 2018, the National Bureau of Statistics (NBS) in cooperation with the United Nations Office on Drugs and Crime and the European...

Understanding the American Three-Stage Presidential Election – By Solomon Ukhuegbe

The United States presidential election of November 3, 2020 eclipsed the election at the same time for all seats of the U.S....

Bukola Saraki’s Homecoming – By Alabi Olayemi

Former Senate President Bukola Saraki breezed into Ilorin, the capital city of Kwara State, on Saturday November 14. The day coincided with...

An Accra High Court has ordered the seizure of some assets of Ecobank over failure to pay a $10 million debt after three men Mike Jackson Agbemashior, George Tykhonov and Yuri Shelkov sued the bank.

The suit involved Yuri M Plastics which accused Ecobank of opening an account in the company’s name without following extant due-diligence regulations. The men claim that the bank allowed a former employee open an account in Yuri M Plastic’s name without authorization after the said employee falsified the signature of its Managing Director to secure loans from Ecobank.

After the loans went bad, Ecobank took over the company which forced the three men to sue the bank. The Accra court ruled that the order was as a result of a fraud committed against the plaintiffs, all employees of Yuri M Plastics.

The court then ordered Ecobank to pay GHȻ4 million in damages to Yuri M plastic products in 2015. However, the three plaintiffs say that Ecobank refused to comply with the court’s order.

- Advertisement -
- Advertisement -

Business Profiles

Maria Kiwanuka

Maria Kiwanuka is the Chairperson of the Board of Directors UBA Uganda. Maria Kiwanuka is an Economist by profession and a former...

Chioma Mang

Chioma is a seasoned banker with almost 3 decades of combined experience at top management and executive levels in banking spanning Treasury...

Ebele Ogbue

Ebele Ogbue is the General Manager, UBA Energy Bank at United Bank for Africa (UBA) Plc. His responsibilities are to acquire, deepen...

Kenneth Orji

Mr. Orji was educated at the University of Ibadan, Nigeria where he was a J. F. Kennedy Scholar, having emerged national first...

Kubi Momoh

Kubi Momoh is the Chief Risk Officer at NOVA Merchant Bank Limited. She was previously the Chief Risk Officer, UBA Africa with...