PTAD Secures N1.2b Debt Judgment Against Goldlink Insurance Plc

Pension Transitional Arrangement Directorate (PTAD) has said that a Federal High Court sitting in Lagos presided over by His Lordship, Honourable Justice Ibrahim Buba, of Court No. 5 has entered judgement in favour of PTAD in the sum of One Billion, Two Hundred and Thirty Eight Million, Two Hundred and Thirty Four Thousand, Three Hundred and Eighty Three Naira, Ninety Six Kobo (N1, 238,234, 383.96) and 10% interest per annum until the judgment sum is settled by Goldlink Insurance Plc.

The above mentioned amount, according to a statement by PTAD yesterday, is the outstanding balance of the Federal Government Legacy Funds and Assets which has been in the custody of the Insurance Company.

The judgement, the statement stated, was obtained after the initial out of Court settlement between PTAD and Goldlink Insurance Plc which was anchored by the National Insurance Commission failed.

“PTAD had requested Goldlink Insurance Plc to provide the Directorate with relevant information on their ongoing recapitalization 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.

“PTAD also demanded that Goldlink Insurance Plc should execute a Memorandum of Understanding with the Directorate to be endorsed by the National Insurance Commission strikingly specifying its obligations to repay the outstanding Legacy Funds and Assets over a period not exceeding 12 months after their recapitalization.,” the statement stated.

However, the statement added, “Goldlink Insurance failed to take advantage of the arrangement which necessitated the Directorate to seek for the Court intervention on the repayment.”

Furthermore, PTAD thanked other insurance companies that have 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.

Commenting on the issue, the Deputy Commissioner (Technical) National Insurance Commission, Mr. Sunday Thomas, in a telephone conversation, said the Commission is engaging PTAD on the matter.

“We are aware of the case and the judgement; we are engaging PTAD on the matter, Mr. Thomas said.”

However, our efforts to get Gold link Insurance to comment on the issue proved abortive. When contacted on phone to comment on this issue, the staff of Gold Link Insurance Plc who pleaded anonymity, said she was not aware of the case and the judgement but pleaded that she should be given more time to make calls in order to ascertain the true state of the matter and get back to us but she never did as at press time.