The National Insurance Commission (NIC) says it might be difficult to intervene in a court ruling allowing Ivory Finance to sell SIC’s assets.

The NIC response follows calls by some industry players for the regulator to step in to stop the insurance giant, SIC, from a possible collapse.

But a source at the Commission says it will be hard to step in now since the issue is currently is in court.

The source however indicates that the Commission is willing to mediate when the court case is resolved or removed from the court for settlement.

SIC yesterday July 09 filed a fresh application at the court to stop an execution of the Court for finance house Ivory Finance to go ahead and auction some of its assets. 

The case is expected to be heard on July 16 at the commercial court division of High Court.

Sources say Ivory Finance has already attacked some of the properties of SIC. They include SIC’s head office, 10 regional offices, the SIC Financial Services and some properties in Accra. 

Ivory Finance is going after SIC’s assets after a 19 million Ghana cedis credit guarantee it issued to ITAL construction for building some affordable houses went bad.

After months of legal battles to stop payments, the debts has hit about 234 million Ghana cedis. 

However some officials of SIC have told Joy Business they delayed in paying the debts because it thought the deal is fraudulent.