Ghana: NIB Wins Big - Supreme Court Overturns U.S.$60 Million Judgement

The Supreme Court (SC) sitting in Accra, yesterday overturned the ruling of the Court of Appeal, which affirmed an earlier one delivered by the High Court also sitting in Accra, which ordered the National Investment Bank (NIB) to pay Dominion Corporate Trustee Limited $60 million. Counsel for the applicant, Tsatsu Tsikata, prayed the court to award his client a cost of GH¢600,000, but the judges settled on GH¢500,000, after listening to the plea of the counsel for the respondent.

The NIB was sued in 2010 by a foreign entity, Standard Bank Offshore Trust Company Limited, which was later substituted by Dominion Corporate Trustees Limited. The case was heard and judgment delivered on February 21, 2013, in favour of the plaintiffs (Dominion Corporate Trustees Limited), where the NIB was ordered to pay $60 million with interest at 11% percent per annum, starting from 2009 to the final date of payment.

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