Ivory Finance has denied vehemently that the credit facility extended to construction firm, ITAL is fraudulent.

The assertion is in direct response to claims by SIC, the guarantor, that they will not pay the interest on 19 million cedi credit facility because it was fraudulent.

The SIC is bent on exploring all legal means to stop the payment, and also challenged moves by Ivory Finance to sell assets of SIC to defray the debts.

But speaking to Joy Business, Group Chief Executive of CDH Financial Holdings, Emmanuel Adu Sarkodee says there are documents available which shows all the necessary state agencies like Ministries of Finance, and Works and Housing actually convinced Ivory Finance to extend the credit to ITAL Construction.

“It is absolutely untrue, there is absolutely nothing fraudulent about this transaction. Nothing. It is just transaction gone bad,” he said.

Ivory Finance took the case to court, after SIC’s decision not to pay the interest. 

The financial institution secured a court order last week to go ahead and take over the assets of SIC and sell them to defray its debts.

However, the SIC filed an application in court to stop Ivory Finance from going ahead to auction its assets. 

The application was granted, however, the court on July 16 deferred its ruling to 23rd July after lawyers for Ivory Finance failed to show up in court.