The National Investment Bank (NIB) has moved to place an injunction on an arbitration service commenced against it by lawyers of Eland International Ghana Limited.
The move to place the injunction has, however hit a temporal snag as the trial court has deferred same.
Eland International Ghana Limited had prayed the court to order a stay of proceedings pending the outcome of an arbitration process it had commenced in the United Kingdom.
But, lawyers for NIB have questioned the process of service and have therefore asked the court to set aside the order, questioning the processes used.
They argued, among other things that their search at the registry of the court showed that the Judicial Secretary didn’t receive any letter of request of service from the said foreign processes on NIB from the Ministry of Foreign Affairs.
But, even though the NIB lawyers have asked that the court sets aside the service of the documents on them, the court did not grant their request.
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The arbitration
Eland International Ghana Limited had gone to the English Arbitration Court over claims that it had opened an account in the year 2001.
According to Eland, it noticed that the account had been cleared of all its deposits without any authorization whatsoever in January, 2018.
Same, according to court documents filed by Eland, it said it held another account showed that as at 31st December, 2007 the its balance was GH¢0.00, though it never authorized any withdrawals.
As a result, Eland holds that NIB who are the defendants in the case had breached a Collateral Management (CM) Agreement it had with it eland hence the decision to go for arbitration.
Meanwhile, the prove of service of the arbitration notice to NIB will mature on July 2, 2020.
