Republic Bank Puts Michael Essien’s Properties On Sale After Court Suit

Recent court documents have disclosed significant details about the legal proceedings involving former Ghanaian football star Michael Essien and Republic Bank Limited regarding the recovery and auction of Essien’s properties.

The Commercial Division of the Accra High Court has issued orders for the sale of two prime properties owned by Essien, located in prestigious areas of Accra. The properties include House Number 9 at Stephen Quarshie Crescent, East Legon, and House Number 204/205 at Trassaco (Phase 2), Adjiringano.

The legal dispute stems from a $2.1 million mortgage contract involving Essien, his wife Akosua Puni Essien, Athena Real Estate Company Limited, and Republic Bank. According to reports from Gh Gossip 24, Republic Bank initiated the lawsuit on September 23, 2020, seeking various reliefs, including possession of the properties with police assistance and a mandate to sell the Trassaco property.

Following the lawsuit, the respondents, including Michael Essien, applied for an out-of-court settlement on October 28, 2020. This led the court to set aside the initial orders requested by Republic Bank. The negotiations revealed that Essien’s mortgage debt as of July 21, 2020, amounted to $2,164,345.80, increasing to $2,310,343 due to accrued interest.

In February 2021, the parties reached an agreement approved by Justice Afi Agbanu Kudomor. The agreement stipulated that Essien would cover legal fees, survey costs, and other expenses associated with recovering the properties. It also included efforts to secure a buyer for the Trassaco property, a luxurious five-bedroom house valued at over $20 million, featuring amenities such as a swimming pool, cinema, and gym.

The property has been listed on Republic Bank’s website and real estate platforms like Meqasa.com for approximately GH₵ 225,000,000 ($14,745,584.25). The agreement includes provisions for a potential price reduction if the property remains unsold after six months.

The resolution of the case hinges on successful sale attempts within 12 months, failing which the matter may return to court for further adjudication. The agreement also grants Republic Bank access to the properties upon execution, ceasing further interest calculations on the mortgage facility.

Source: GhanaFeed.Com