[2003]DLHC1035 • February 27, 2003 • High Court
SERBEH-YIADOM vs. STANBIC BANK (GH) LTD
The plaintiff, Serbeh-Yiadom, claimed ownership of 160,000 paid-up shares in the defendant company (Union Mortgage Bank Ltd, later Stanbic Bank Ghana Ltd), asserted his status as a director, and challenged his removal and dismissal as executive director. The bank had licensing and capitalization issues with the Bank of Ghana, leading to restructuring and involvement of institutional investors. The plaintiff alleged wrongful removal and sought various declarations and compensations related to shares, directorship, and remuneration.
read moreAmonoo-Monney JA. On 2 October 2000 the plaintiff sued out a writ of summons against the defendant bank in which he claimed the following reliefs: “(a) A declaration that the plaintiff owns 160,000 paid up shares of the defendant-company. (b) A declaration that the plaintiff is still a director of the defendant-company and that any purported or alleged removal of the plaintiff as director is null and void. (c) A declaration that the purported dismissal of the plaintiff as executive director of the defendant-company was wrongful, contrary to the provisions of the Companies Code, 1963 (Act 179) and therefore null and void. (e) A declaration that plaintiff is entitled to adequate payment for his work as executive director from March 1995 until December 1996 and as director to date. (f) A declaration that the plaintiff is entitled to receive compensatory payment equal to fifteen percentum of the defendant-company’s capitalisation in respect of his remarkable vision, init...