Court orders seizure of Ecobank properties over indebtedness

An Accra High Court has ordered for the seizure of some property of Ecobank at its head office in Accra  following  the failure of the bank  to honour a debt obligation resulting from a court case. The order,  secured by a business man and two others is as a result a GHȻ4 million debt the bank owes them. The three individuals, Mike Jackson Agbemashior, George Tykhonov and Yuri Shelkov, had sued the bank over an issue in which an employee of a company they worked for, Yuri M Plastic,  falsified signatures of the Managing Director to secure loans  from Ecobank, but  defaulted in paying back. The company was consequently taken over by Ecobank and the three individuals sued. In a court order dated June 2, 2020, the police was to provide assistance to bailiffs including Mike Agbemashior, George Tykhonov and Yury Shelkov to execute a writ in which Ecobank Ghana was commanded to pay GHȻ4 million with an accrued interest of GHȻ10 million dating back to 2015 , to Yuri M Plastics, the fourth defendant in the case. Background According to the court, the order was as a result of a fraud committed against the plaintiffs, all employees of Yuri plastics. The court ordered  the GHȻ4 million be paid to the fourth defendant. An official with the Yuri M Plastic products secured a loan from the Ecobank in the name of the plastic company. Without due diligence, Ecobank approved the loan. As attempts by Ecobank to retrieve the loan proved futile, it secured a court order which permitted it to take control of the plastic company. With time, the Plastic company also sued Ecobank and demanded damages. The court then ordered Ecobank to pay  GHȻ4 million in damages  to Yuri M plastic products in 2015. Documents available to editors.3news.com indicate the amount had accrued to over GHȻ10 million. The individuals with armed police men were at the Ridge headquarters of the bank to effect the seizure of the movable properties of the bank on Tuesday morning but were unable to execute the order. The bank has meanwhile denied any indebtedness to the three individuals. By editors.3news.com|Ghana