A writ of fieri facias was posted on the Head office building of Ecobank Ghana last Friday.
This is to trigger the payment of over GHS 96, 000,000 to a private businessman Daniel Ofori who sued Ecobank Ghana.
Fieri Facias also known as Fi-Fa is a writ of execution after judgment obtained in legal action for debt or damages.
Mr. Ofori posted on the head office building the Fi-Fa issued from the High Court (Commercial Division), Accra.
This process was based on orders of the Supreme Court on June 1, 2021, that the amount “which has been admitted in an affidavit of the Head of Legal Department of the Ecobank Ghana” should be reflected in the entry of judgment of Mr. Ofori, while an outstanding amount which was being contested in a dispute in court should go ahead.
Ecobank, SEC and GSE agreement
Ecobank Ghana PLC (Ecobank), the Securities and Exchange Commission (SEC) and the Ghana Stock Exchange (GSE) have been in court with Daniel Ofori for the past 13 years over a share trade transaction in 2008.
Ecobank, SEC and GSE won at the High Court in 2011 and the Court of Appeal in 2013.
The Supreme Court however reversed the decision of the Court of Appeal in 2018 and awarded interest in favour of Daniel Ofori based in part, on an investment arrangement between Ecobank and Daniel Ofori.
According to Ecobank, it applied to the Supreme Court to re-open the matter to take cognisance of the new evidence obtained by the bank.
The application by Ecobank was refused, following which the bank says it obtained leave of the Supreme Court to apply for a review of the decision out of time.
