Polaris Bank Limited has denied the media publication that it neglected or failed in meeting conditions of a stay of execution of a judgment delivered by an Ondo State High Court, necessitating obtaining an order of Garnishee against it.
Rather, the bank noted in a statement by Rasheed Bolarinwa, Head, Corporate Communications of Polaris Bank that the court order was obtained through suppression of facts and that the matter is on appeal and an application for stay of execution is pending at the Court of Appeal.
“The Garnishee order, as far as we are concerned, was obtained by suppressing the fact that the matter is on appeal and an application for stay of execution is pending at the Court of Appeal.
“To demonstrate the improper act of the Solicitor to Ondo State Government, the Bank is yet to be served the Garnishee Order as required by law relating to Garnishee proceedings.
“Above all, the effect of the order is not to freeze the Bank’s account with CBN as erroneously published by a section of the media but to set aside the contentious judgment sum.”
It stated the bank as a law abiding body corporate will ensure that the rule of law was never subverted in any form by any individuals, government or institution thorough arm twisting and suppressing of material facts to get what they want or desire.