EASTEL GHANA LTD. vs. EXECUTIVE DIRECTOR, FIC

RULING The applicant has filed an application to defreeze the dollar and cedis accounts held with the Zenith Bank. In their own confession, the applicant admitted that there is a problem with their cedi account but not the dollar. They are therefore urging the court to defreeze the dollar account but hold fast the cedi account. The respondent opposes the application and stated investigations are ongoing and as such the accounts should remain frozen. It is not automatic that the court will grant an application to confirm freezing. The court has discretion. Under Section 35(1) of Act 804, it provides: 35(1) Where an application is made for a freezing order, the court shall issue the order if it is satisfied that (a) The respondent is being investigated for a serious offence. (b) There are reasonable grounds to believe that the property is tainted property related to a serious offence amongst others. Reading Act 804 and Act 749 together I am of the humble opinion that, the court...