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Ecobank-Griffin Case Ecobank finally agrees on payment plan with Griffin

Speaking to Pulse.com.gh, Mr Griffin said the bank on Monday withdrew their stay of execution and agreed on a payment plan with him.

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The legal battle between Ecobank Ghana and the former General Manager of the Ghana Ports and Harbours Authority (GPHA) whose account was drained without his consent can now be said to be over.

This is because the bank has signed an agreement to pay Mike Griffin the amount of money he lost, but without interest.

READ ALSO: #EcobankMustPayGriffin Litigation blues: Ecobank vs Griffin, who wins?

The two were set to battle it out on October 17, 2016, as the bank filed another stay of execution at the court with the case.

But speaking to Pulse.com.gh, Mr Griffin said the bank on Monday withdrew their stay of execution and agreed on a payment plan with him.

He said: “Upon the advice of my lawyer, we accepted some kind of settlement. They said they have credited it but I’m yet to go to the bank to check. They are ready to pay just the amount I lost without the interest. My lawyer said we should accept it instead of protracting the court case. I’m hoping it will come through by this weekend and then we will be through with the case.”

Background

The Commercial Division of the High Court in May 2016 fined Ecobank for failing to exercise due diligence and professionalism in protecting the account of Mike Griffin.

Mr. Griffin sued Ecobank for transferring his lifetime savings in both his local and foreign account into an unknown account without his consent while he was out of the country undergoing a heart surgery.

But Ecobank subsequently filed a motion for stay of execution as it appeals to the court to overturn the earlier ruling.

However, the court which was presided over by Justice Nobel Nkrumah on Friday July 22,2016 denied Ecobank the application for stay of execution.

Mr. Mike Griffin believes that if the bank had abided by the court’s ruling, the case would have ended long ago.

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