SAMODA INVESTMENT COMPANY LIMITED & ANOR vs. ROSA MARIE DA CONCEICAO PINTO DE MAGAHAES & 4 ORS

The plaintiffs, Samoda Investment Company Limited and another, alleged that the 1st and 2nd defendants, Portuguese nationals, acted as shadow directors and breached fiduciary duties by diverting business opportunities and misappropriating funds intended for the 1st plaintiff. The 1st plaintiff had consented to the 1st defendant managing its business, including a contract to furnish apartments in Accra. The plaintiffs claimed that €100,000 transferred to the 3rd defendant company (owned by the 1st defendant) was not used for the intended purpose, resulting in losses. The defendants denied acting as shadow directors or breaching fiduciary duties, asserting contractual and financial arrangements that accounted for the funds and goods supplied. The 1st defendant also counterclaimed for unpaid expenses incurred on behalf of the plaintiffs.

JUDGMENT After the plaintiffs herein with 2nd plaintiff in particular have given consent to the defendants especially the 1st defendant to manage the 1st plaintiff, it comes as a surprise that the plaintiffs should mount this action on the 24th of August 2017 seeking the following reliefs from the court; a) A declaration that 1st and 2nd defendants worked as shadow directors of the 1st plaintiff company and acted in breach of their fiduciary duty by not acting in the 1st plaintiff’s best interest when they diverted business opportunity meant for the 1st plaintiff. b) A declaration that the 4th defendant company assisted the 1st and 2nd defendants in breaching their fiduciary duty towards the 1st plaintiff c) General damages against 1st, 2nd and 3rd and 4th defendants for breach of fiduciary duties and accessories respectively. d) Recovery of One hundred thousand (100,000) Euros as monies to have received and not done any work for and commercial interest thereon. e) General dama.....