Court orders seizure of Ecobank’s assets over $10 million debt

Three individuals, Mike Jackson Agbemashior, George Tykhonov and Yuri Shelkov, had sued the bank over an issue in which an employee of a company they worked for, Yuri M Plastic, falsified signatures of the Managing Director to secure loans from Ecobank, but defaulted in paying back.

The company was consequently taken over by Ecobank and the three individuals sued.

According to the court, the order was as a result of a fraud committed against the plaintiffs, all employees of Yuri plastics. The court ordered the GHȻ4 million be paid to the fourth defendant.

An official with the Yuri M Plastic products secured a loan from the Ecobank in the name of the plastic company. Without due diligence, Ecobank approved the loan.

As attempts by Ecobank to retrieve the loan proved futile, it secured a court order which permitted it to take control of the plastic company.

With time, the Plastic company also sued Ecobank and demanded damages.

The court then ordered Ecobank to pay GHȻ4 million in damages to Yuri M plastic products in 2015.