SIC is assuring customers that its operations are intact despite ongoing legal tussle with Ivory Finance.

The insurance giant is in court trying to stop the sale of its assets by Ivory Finance.

The development is coming on back of a freeze on its accounts which led to the paying of the principle of amount of the debt owed Ivory Finance – which was 19 million Ghana cedis.

Ivory Finance recently secured a court order to go ahead to sell the assets of SIC to defray some 232 million debt that has come about as a result accumulated interest on the debt.  

There are fears that the development could hurt the company and affect any business transactions, but acting Managing Director of SIC, Kwei Mensah Ashidam, says the company’s financials and operations are still strong despite the current challenges.

Ivory Finance earlier this month began the processes of taking over some prime assets of SIC to defray the debt owed. 

However the state insurance company believes it has a strong case to make in court to halt the sale of its assets.

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

According to some analysts, If SIC losses the case it will have serious effect on the entire insurance industry.