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Friday, 8 June 2018

Update: on Innoson Motors N14bn debt claim on GTBank

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The management of Guaranty Trust Bank (GT Bank) has released a statement rebuffing the assertion by Innoson Motors Nigeria Limited that the Supreme Court of Nigeria ordered it to pay one of its “debtor customers” the sum of 14 billion in 14 days.

In the statement released by GTBank, neither Innoson motors nor the 14 billion was mentioned.

In the statement released to the Nigeria Stock Exchange (NSE) on Thursday, GTBank stated that the widely-circulated news emanated from “a false, malicious and mischievous” reporting of court proceedings.

The bank went further to asked its customers to “disregard the rumors making the rams” because they are supposedly untrue. 

“The attention OF Guaranty Trust Bank (“the bank”) has been drawn to false, mischievous, and malicious statements circulating in the news and Social Media in respect to a purported directive by the Supreme Court of Nigeria to the Bank to make payments to one of its debtor customers.

“There was no directive or order issued by the Supreme Court of Nigeria to the bank to make any payment to any of its debtor customers.” -GTBank
The strongly-worded press statement went on to state that the bank will not be making further comments regarding the ongoing court case, even as the bank remains resolved to “using legal means to recover its bad debts.”

Innoson motor Ltd tweeted on Thursday that the Supreme Court of Nigeria struck off the ‘motion for stay’ filed by Guaranty Trust Bank (GTB) while ordering it to pay the sum of 14 billion to Innoson Motors’ CEO in the next 14 days.

How does this effect GTbank shares?
If it's true and this claim stand to be correct then;
N14 billion stands to be a lot of money for most banks, and If GTbank is made to pay this huge sum, it could have a big negative impact on the company’s share price and dividend payout.



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