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

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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.

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