The management of Ghana Airways may be denied access to the airline’s bank accounts following a court order obtained against seven local banks. The order, obtained by CDH Discount Limited, one of Ghana Airways’ local creditors seeks to have all of the airline’s funds with the banks to be used in settlement of a 13.7 billion Cedi debt for which judgement has been awarded in favour of CDH.
The banks were summoned to the High Court on Thursday to explain why they should not direct all the monies of the airline in their account towards the payment of debt owed CDH. Ghana Airways has however, filed a motion for a stay of execution of judgement on the grounds that a writ had been filed against CDH challenging the judgement.
CDH obtained the court order after the airline defaulted in the payment of loans but the airline argues that the loans in question were secured by properties of the airline, which should have first been used to settle the debts before the garnishee order was applied. The case has been adjourned ton the January 14 next year.
Source: GhanaWeb
