GLICO CEO: NDK Invasion of GLICO After Court Ruling Mischievous

GLICO Group headquarters building

Accra, March 9, 2018//-The Managing Director of GLICO General Insurance Limited, Andrew Acheampong-Kyei has described as mischievous an invasion by NDK Financial Services after a court ruling to attach properties of the company.

According to him, the move by NDK Financial Services is aimed at tarnishing the image of the insurance company, since both parties are yet to discuss the mode of executing a judgment passed by an Accra High court.

“When there is a ruling and in this case there is three weeks for us to respond and as you know we can appeal. And indeed, we were working on certain grounds which were for appeal. The three weeks is not up and yet the plaintiff today came in with a writ with an aim of attaching GLICO General’s property,” he lamented.

According to Mr. Acheampong-Kyei, management of NDK Financial Services invaded GLICO’s Adabraka office in the company of police officers, journalists and a court bailiff, and took away five vehicles, three personal computers and a printer photocopier.

Mr. Acheampong-Kyei narrated that the High court last week gave a ruling that NDK Financial Services is entitled to the sum of an interest of about 398,522 cedis, which was calculated at the rate of 5.5 percent per month from September 2009 to November 2013 on a substantive case pending.

But, he stated that before the two parties could meet on the matter, NDK moved to attach the property of the company.

“The calculation of the interest was done as simple interest and not compound interest which they were looking for,” he said

Providing some background to the case, Mr. Acheampong-Kyei recalled that GLICO guaranteed a loan acquired by Kosfield from NDK Financial Services which was later deemed by management of GLICO as inappropriate.

On the next line of action to take, Mr. Acheampong-Kyei told journalists at a press conference, lawyers of GLICO General Insurance Limited are studying the matter and will soon go back to court.

Citi Business News reached NDK Financial Services Limited for their side of the story, but they declined to speak.


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