Freezing Of Accounts: Innoson Sues Bank, Demands N30bn Damages

Automobile manufacturing company, Innoson Nigeria Limited has slammed a N30 billion suit on Guaranty Trust Bank (GTB) Plc before the Federal High Court sitting in Anambra State over loses it suffered as a result of the freezing of its accounts in 15 different banks by a court order obtained by GTB. According to Leadership Newspaper.

Innoson Vehicles

Innoson Nigeria Limited and three other companies in the conglomerate, Innoson Technical and Industrial Company, Innoson Vehicle Manufacturing Company, and Innoson Autoparts Manufacturing Company, are specifically claiming N20 billion being special damages arising from the bank’s unlawful freezing of the companies accounts from September, 2014to June 15, 2015 the companies are also claiming N5billion for reputational and injuring the companies and another N5billion as general damages.

According to a statement of claim filed before the court trouble started on September, 2014 when Guaranty Trust Bank Plc served on Innoson Nigeria ltd, a court order dated 1st of September2014 in suit number FHC/L/CS/1119/2014 filed before a Federal high court in Lagos.

The order, which was issued by Justice Okon Abang, directed that pending the determination of the substantive suit, all commercial banks in Nigeria are restrained from accepting or honouring any mandate or instruction presented to them by Innoson company or any of its agents for withdrawal of any sum of money standing to the credit of any account maintained by the company in all the banks in the said order of the court.

The bank undertook to indemnify the company as to any loss that may be incurred in the unlikely event that the application ought not to have been granted.

According to plaintiffs, the company operates current accounts in 15 banks out of 18 banks listed in the order

Source: Leadership