The Supreme Court has struck out a stay of execution appeal filed by Guaranty Trust Bank, against an earlier ruling mandating it to pay 6 billion naira to Innoson Motors.
The Enugu Court of Appeal ordered the bank to pay the money to Innoson four years ago, as excess and unlawful charges on the company’s account.
Innoson’s lawyer says debt arising from the case has pushed the total money to be paid to 14 billion dollars.
The money will be paid into an interest yielding account within 14 days, and later paid to the party which eventually wins the appeal.
Innoson and GTBank have been involved in a long-running legal battle over excess monies allegedly illegally drawn on the auto manufacturer’s account with the bank.