[2016]DLHC3515 • July 20, 2016 • High Court
PAUL JACQUAYE vs. IDEAL FINANCIAL HOLDINGS LTD
Plaintiff, a businessman and former majority shareholder of Ezi Savings and Loans Ltd, agreed to sell 70% shares to Defendant for GHC 5,000,000, with GHC 1,000,000 paid upfront and balance due after audit. Defendant conducted due diligence and took over the company, renaming it First Trust Savings & Loans Ltd. Defendant failed to pay the balance, alleging Plaintiff misrepresented the company's financial status, leading to Defendant's counterclaim for debts owed by related companies and damages for fraudulent misrepresentation.
read morePlaintiff claims the following endorsement on its writ issued on 06/07/15 against the defendant: 1. An order for the payment of the sum of Four Million Ghana cedis. 2. Interest on the said sum at the prevailing interest rate from 1st July, 2014 till date of final payment. 3. Damages for breach of contract. 4. Costs. 5. Any other orders the court may deem fit. The plaintiff provides the basis of his claim to the reliefs he seeks in the statement of claim that accompanied the writ. He styles himself as a businessman and a former majority shareholder cum chairman of the Board of Directors of Ezi Savings and Loans Ltd. Plaintiff claims that sometime in 2014, based on a series of negotiations with the defendant, plaintiff agreed to sell his 70% shares in Ezi Savings & Loans amounting to 7.000.000 shares to defendant at a price of Ghc 5.000.000.00. Defendant paid Ghc1.000.000.00 and was supposed to pay Ghc4.000.000.00 by September, 2014, after defendant had completed an audit of Ezi Sa...