SIC Insurance called the Insurance Commission to the rescue

SIC Insurance Company is seeking the intervention of representatives of the Accra Insurance Commission, to intervene in the dispute with Ivory Finance Limited.

In 2013, the Ghanaian insurer issued a bond in the amount of 19.3 million GHS (8.07 million USD) in favor of the real estate Italconstruct International to enable it to obtain a loan from Ivory Finance Limited.

Following the non-reimbursement from the Italian manufacturer, the lender Ivory Finance has required SIC Insurance to pay 91 million GHS (28 million USD) under the deposit policy.

According to the Ghanaian insurer, such compensation deemed unjustifiably would endanger the existence of the company and its 500 employees.
The dispute was brought before the courts.