[2010]DLSC2585 • November 24, 2010 • Supreme Court •
NAOS HOLDING INC vs. GHANA COMMERCIAL BANK LTD
The appellant, Naos Holding Inc, sought to recover the face value of five promissory notes issued by Sabat Motors Limited and guaranteed by Ghana Commercial Bank. The appellant had previously filed multiple suits on the same matter, including originating summons and writs, but faced challenges regarding its legal existence and capacity to sue. The High Court and Court of Appeal struck out or dismissed earlier suits due to failure to prove corporate existence and alleged abuse of court process. The appellant filed a fresh suit while an appeal was pending, leading to the present appeal.
read moreDOTSE, JSC: The facts leading to this case show a classic example of how time that is lost, can never be regained. We cannot but agree more with George Washington, in his letter to James Anderson, December 21st 1797, when he wrote thus:- “The man who does not estimate time as money will forever miscalculate.” In view of the many suits that had been previously filed by the Appellants in this case, we deem it expedient to set out in some detail the facts that have given rise to the instant appeal. In doing so, we consider it important to set out in a historical context the antecedents of all the previous suits and relate their relationship to the instant appeal. The plaintiffs/appellants/appellants (hereinafter referred to as the Appellants) in suit number OS 557/97 by originating summons in the High Court claimed for a declaration that they were the holders in due course and entitled to receive from the defendants/respondents/respondents (hereinafter referred to as the Respon...