[2018]DLHC9216 • October 15, 2018 • High Court
MET CAPITAL GROUP LIMITED vs. GUARANTY TRUST BANK (GHANA) LTD. &LINKSFIELD RIDGE REALTY LTD
The Plaintiff, MET Capital Group Limited, an investment banking firm, instructed the 1st Defendant, Guaranty Trust Bank Ghana Ltd., to transfer and block US$550,000 in the 2nd Defendant's (Linksfield Ridge Realty Ltd.) account to secure issuance of financial instruments for oil product transactions. The Plaintiff alleged the 1st Defendant breached its duty of care by failing to block the funds as instructed, allowing the 2nd Defendant to withdraw the funds, causing financial loss and reputational damage to the Plaintiff.
read moreThe Plaintiff is a body corporate registered under the laws of Ghana. It is engaged in the business of investment banking with its core activities in the areas of fund management, corporate finance and business advisory services. The 1st Defendant is a banker to both the Plaintiff and the 2nd Defendant, who is also a client of the Plaintiff. A very brief summary of the material facts which gave rise to the matter before this Court as gleaned from the Plaintiff’s pleadings, documentary evidence and the testimony of its representative, Mr. Eugene Asiamah-Boadi, its Managing Director, are as follows. It is the claim of the Plaintiff that it gave to the 1st Defendant specific payment instructions in respect of its account held with the 1st Defendant bank for the execution of a financial transaction in favour of the 2nd Defendant. These instructions were the resolutions that had been arrived at by all three (3) parties to this suit, the Plaintiff, the 1st and 2nd Defendants, at a mee.....