Innoson Motors has fired back at Guaranty Trust Bank, saying it was ‘economical’ with the truth.
On Friday Innoson announced it had won a court order forcing GTBank to repay N7.8-billion debt.
On Saturday, GTBank replied saying it was not the bank that should be targeted but the judgment was applicable to the account of the Nigerian Customs Service Board domiciled with the bank, rather than the bank as an entity.
On Sunday Innoson responded, it was the bank that the garnishee order targeted, not any other entity.
In a statement, Innoson said the garnishee order issued by the Federal High Court Ibadan clearly “ordered GTB to pay Innoson Nigeria Ltd the judgment sum of N2.4-billion with a 22% interest, per annum, on the judgment sum until the final liquidation of the judgment.
‘’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.
Innoson added that once a garnishee order is made the bank would be required to put aside the money.
“For emphasis, in a garnishee proceedings, 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 judgment debtor to withdraw from it; and if the order is made absolute, the garnishee pays the money to the judgment creditor and incurs no liability for doing that, but if the order is not made absolute the garnishee returns the money to the judgment debtor.”
The order was made absolute since 29th July 2011 and GTB held unto the money from that time and is using for its business, Innoson claimed.
“It follows that by the time the order was made absolute it was no more the judgment debtor’s money, but rather that of Innoson Nigeria Ltd who is the judgment creditor; if a garnishee refuses to comply with the order, then, it becomes a judgment debtor, as GTB has become in the present case … Therefore, there is no merit or force in the GTB’s press statement.”
Innoson was unequivocal about who should pay back the money.
“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 other; in the circumstance, the order will be executed against GTB and no one else.’’