Ecobank Assures Customers & Shareholders Over Court Case With One Daniel Ofori: “No Cause For Alarm”
Ecobank Ghana is assuring its valued customers and shareholders that the pending legal dispute between the bank, the Securities and Exchange Commission, the Ghana Stock Exchange, and one Daniel Ofori is not cause for concern.
Ecobank Ghana PLC, the Securities and Exchange Commission (SEC), and the Ghana Stock Exchange (GSE) have been in court with one Daniel Ofori for the past 13 years over a share trade transaction in 2008. According to a press release copied to Peacefmonline.com by Ecobank Ghana PLC, the bank, SEC, and GSE have been in court with one Daniel Ofori for the past 13 years over a share trade transaction in 2008.
In 2011, the High Court and the Court of Appeal both ruled in favor of Ecobank, SEC, and GSE. The Supreme Court overturned the Court of Appeal’s ruling in 2018 and granted Daniel Ofori interest, based in part on an investment agreement between Ecobank and Daniel Ofori.
Following the Supreme Court decision, a forensic investigation of the investment agreement presented in evidence by Daniel Ofori by the Ghana Police Service’s Criminal Investigations Department revealed that it had been altered in crucial areas. Ecobank’s investigations revealed that Daniel Ofori had received millions of Ghana Cedis in dividends as well as bonus shares in respect of the identical shares that he had sworn on oath, both in the High Court and the Court of Appeal, that he had sold and hence were not his.
Ecobank, as a result, petitioned the Supreme Court to reopen the case in order to consider the additional evidence gathered by the Bank and to ensure that the parties were treated fairly. Ecobank’s application was turned down. Ecobank then requested permission from the Supreme Court to seek an out-of-time review of the ruling. Ecobank has since filed a petition for review with the Supreme Court, which is currently pending.
Meanwhile, Daniel Ofori has placed a hold on Ecobank’s funds at the Bank of Ghana. The garnishee procedures have been suspended awaiting the result of the Supreme Court application. Despite the preceding, Daniel Ofori has claimed to have attached Ecobank’s Head Office building and has circulated video recordings of the alleged attachment to press houses. In light of the current Supreme Court proceedings, this is merely a desperate and foolish measure on Daniel Ofori’s side.
“We want to reassure our valued customers and shareholders that there is no need to be concerned, and that Ecobank will bring the matter to a logical conclusion in court,” the statement said.