Insurance giant SIC would have to wait until October 19 to know whether its assets would be sold or not.

An Accra commercial court, Presided over by Justice D. Koomson on Thursday deferred ruling on the case, asking lawyers for Ivory Finance and SIC to file their written submission within 10 days before he rules on the matter. According to sources close to SIC insurance they are convinced that their application to halt the sale of assets will be successful.

However officials of Ivory Finance, also say they will go ahead and sell assets of SIC if they should win the case.

Already Joy Business gathers that Ivory Finance has seized about 20 vehicles belonging to the insurance giant.

According to Ivory Finance, the current debt owed by ITAL construction has hit 230 million Ghana cedis as at June after the construction company failed to pay the 19 million Ghana cedi credit facility some two years ago.

The debt has come about because of the inability of ITAL to pay some monies it borrowed from Ivory Finance to construct affordable houses.  

SIC secured had guaranteed a credit guarantee bond gone bad for ITAL to secure a short-term loan from Ivory Finance.

According to some analysts, If SIC losses the case, it could affect the entire insurance industry.