Plot to liquidate Innoson Motors exposed: Innoson seeks CBN’s intervention

Plot to liquidate Innoson Motors exposed: Innoson seeks CBN’s intervention 

An indigenous vehicle assembly plant, Innoson Motors Group, has called for the intervention of the Central Bank of Nigeria(CBN) in the ongoing case with Guaranty Trust Bank Plc, alleging that the bank had refused to obey court orders to pay some amount of money to the Group.

Innoson Motors alleged in a statement yesterday that rather than pay the costs award against it by the Supreme Court, GTB had continued to send the group strange charges which it said reached N700 million. The group urged the CBN intervene to in the matter which it said has assumed frightening dimension as the bank is claiming the group is indebted to it.

In a statement, Mr Inncent Chukwuma, chairman of the group said “During President Obasanjo regime, Innoson imported some motorcycle and agricultural machines but they were seized by the Customs despite meeting the requirements. “Customs subsequently auctioned the goods worth billions of naira. Senator Iyabo “alleged” bought the goods at ridiculously low prices.

“Innoson sued Customs and the court ordered Customs to pay Innoson over N2 billion. “GTB which is one of the banks that managed custom’s account appealed the judgement, claiming that Customs had no money (IMPOSSIBLE), even though evidence showed that Customs had over N10 billion in its account with GTB.

The Appeal Court upheld the High Court judgment. GTB went to the Supreme Court. “Meanwhile, Innoson had earlier borrowed some money from GTB for business. Innoson noticed that some strange charges were being slammed on the account and told its auditors to audit the account.

It found out that GTBank had charged it some strange N700 million. “Furthermore, Innoson sued GTB and the court ruled in favour of Innoson, asking GTBank to pay Innoson the sum of N560 million with some CBN-sactioned interest on it, which made the penalty continue to mount against GTB.

GTB appealed again. The judgment was upheld. GTB went to the Supreme Court. “Meanwhile last year, GTB got an ex parte motion to freeze all Innoson accounts in all banks in Nigeria. Imagine how unprofessional this current GTB managing director is. This lasted for 9 months until a court quashed the case sometime last month. Innoson then slammed N30 billion suit on GTBank for damages it suffered during that freezing of its accounts and crippling of its businesses.

Currently, Innoson has N10 billion judgment against GTB with the interest mounting every day. Plus N30 billion case still pending at Supreme Court. If Supreme Court rules in favour of Innoson, GTB may go under after paying that huge sum. “They are now desperately looking for how to undermine the services of our respectable judicial system.

They are ready to pay any judge who will upturn the previous decision of the judiciary. But that met a brick wall as no Judge want to involve them in any irresponsible act of killing Innoson Business with obnoxious court judgment.

“Having lost there, GTB resorted to creating a bad impression about Innoson being a bad customer that took a loan and refused to pay, which is far from the truth all the reports from the cases has shown including the judgments by the judges.

“Today, we can boast of Honda, Nissan, Volkswagen and the imminent arrival of TATA makers of Jaguar Range Rover. “Could it be that the books of GTB is cooked up placing them on the verge of insolvency if they honour court order? “CBN governor needs to put his searchlight on GTB to know why they have failed in exhibiting professional corporate governance. This was the same reason former CBN governor Sanusi (Now Emir of Kano) retired six bank MDs in 2009.

-The Union