Defunct Capital Bank demands GHS100m from CDH Holdings, CDH to counter sue for defamation

Capital Bank has made claims against CDH Financial Holding and CDH Savings and Loans. Among the claims it holds:

-An order directed against the defendants jointly and severally for the recovery of an amount of GHS83,489,123.29 and US$5,289,315.07 being the outstanding amount agreed as owed to the Plaintiff by the Defendants [CDH Financial Holding and CDH Savings and Loans] on or about December 31, 2017.

-Interest on GHS83.489,123.29 calculated at the prevailing commercial bank lending rates from December 31, 2018, till the date of final payment.

-Interest on US$5,289,315.07 calculated at the Bank of Ghana United States dollar lending rate from December 31, 2018, till the date of final payment.

-Damages for breach of contract.

-Costs.

-An order directed at the Bank of Ghana to withdraw the licenses of the defendants for their inability to pay back investment on maturity dates.

-Any other reliefs as may seem fit to the honourable court.

But Group CEO of CDH Holdings, Emmanuel Adu Sarkodie countered saying the suit was funny adding his outfit will sue the defunct bank for defamation.

Martin Asamoah, CEO of CDH Savings and Loans also expressed surprise at the suit by the receiver of the defunct Capital Bank submitting the CDH legal team and that of the receiver have had several meetings to iron out differences.

We have funds of the capital bank and they also have funds with us, because we are trading together and have been cooperating ever since the crises started” he stated adding “When the receiver wrote to us, we even initially put in our claims of how much we have with the Capital Bank, we met the lawyer of the receiver and had intensive discussions. If I show you the mail from the lawyer, the net figure per our agreement in February 2018 was supposed to be GHS55 million. They are suing us for GHS100 million and I’m wondering how it got there.”

Capital Bank had gone to court to recover over GHS100 million it claims owed it by CDH Financial Holding and CDH Savings and Loans.

Capital Bank with two other banks was taken over by state-owned GCB Bank over liquidity challenges. It wants the High Court to order the Defendants to pay the full amount GHS109,390,634.70 plus the accrued interest.