The court presided over by the Justice Ibrahim Buba of Court No. 5, delivered the judgment in favour of PTAD in the sum of N1, 238,234, 383.96 with 10 per cent interest per annum until the judgment sum is settled against Goldlink Insurance Plc, being the outstanding balance of the Federal Government Legacy Funds and Assets, which has been in the custody of the insurance company.
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This was confirmed by Harriet Agbenyi of PTAD Corporate Communications, indicating that the judgment was obtained after the initial out-of-court settlement between PTAD and Goldlink Insurance Plc failed, which was anchored by the National Insurance Commission.
PTAD had requested Goldlink Insurance Plc to provide the directorate with relevant information on their ongoing recapitalisation process, including the prospectus and other relevant documentations, manifestly specifying assets and liabilities to ensure that the interest of PTAD is indisputably secured in their future plans.
It was gathered that the pension directorate also demanded that Goldlink Insurance Plc should execute a Memorandum of Understanding (MoU) with the directorate to be endorsed by the National Insurance Commission, specifying its obligations to repay the outstanding legacy funds and assets over a period not exceeding 12 months after their recapitalisation.
Agbenyi, however, said Goldlink Insurance failed to take advantage of the arrangement which necessitated the directorate to seek the court’s intervention in the repayment.
The management of PTAD expressed its appreciation to other insurance companies that had paid their outstanding of the legacy funds in their custody.
Meanwhile, other insurance companies with outstanding legacy funds and assets are Unic Insurance Plc and Standard Alliance Life Insurance Plc.
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