Innosson Motors Limited has said the court order it got was against the GTBank and not any organisation or person as claimed by the bank.
In a statement on Sunday by Cornel Osigwe, the spokesperson for Innosson motors, which was made available to journalists in Awka, Anambra state, it said the court order was made against GTBank and not any ones else adding that it can only be enforced against the bank.
Osigwe was reacting to the statement credited to GTBank that the judgement Innosson motors was claiming was a judgement of account of Nigerian Customs Service Board domicile with the bank and not GTBank as an entity.
He stressed that the order would be executed against GTBank only.
“We want to address the general public on the matters arising from the enforcement of judgement against GTBank by Innoson Nigeria Ltd.
“GTB in a Press Statement signed by Erhi Obebeduo claims that “the judgement allegedly in issue is in respect of Garnishee Proceedings against the account of the Nigerian Customs Service Board domiciled with the Bank and not against the Bank as an entity.
“The Garnishee order absolute issued by the Federal High Court Ibadan in Suit No: FHC/L/CS/603/2006 ordered GTB to pay Innoson Nigeria Ltd the judgement sum of N2.4 Billion with a 22% interest, per annum, on the judgement sum until the final liquidation of the judgement.
“GTB appealed the Federal High Court’s decision up to the Supreme Court and lost. From the Supreme Court’s decision, you will find that the case was between GTB and Innoson Nigeria Ltd and no other person.
“For emphasis, in a garnishee proceeding, once an order of garnishee nisi is made, the garnishee is required by law to set the amount involved aside and will not allow the judgement debtor to withdraw from it; and if the order is made absolute, the garnishee pays the money to the judgement creditor and incurs no liability for doing that but if the order is not made absolute the garnishee returns the money to the judgement debtor.
“In this case, the order was made absolute since 29th July 2011 and GTB held unto the money from that time and is using it for its business. It follows that by the time the order was made absolute it was no more the judgement debtor’s money but rather that of Innoson Nigeria Ltd who is the judgement creditor;
“if a garnishee refuses to comply with the order, then, it becomes a judgement debtor, as GTB has become in the present case, against whom execution of the order will issue. Therefore, there is no merit or force in the GTB’s press statement.
“Furthermore and interestingly, the Garnishee order absolute was against GTB and no one else; and it is only GTB and no one else that will comply with the order; in the circumstance, the order will be executed against GTB and no one else. Please, be guided accordingly,” the statement read.
