PROGRESS SAVINGS AND LOANS LTD AND APEX CAPITAL PARTNERS LTD vs. JISLAH FINANCIAL SERVICES LIMITED

In this application filed on November 28, 2019, the Plaintiffs/Applicants (hereafter called “the Applicants”) invoked the inherent jurisdiction of this Court and are praying for an order of interim preservation of funds they allege to be currently in the possession of the Consolidated Bank Ghana Ltd and the Receivers, Nii Amanor Dodoo and Eric Nana Nipa, who are not parties to this suit. Briefly, the material facts that give rise to this application are that the Applicants as a financial institution and fund managers/investment advisors respectively had invested sums of monies with the Defendant/Respondent (hereafter referred to as “Respondent”) at various times for certain periods. Applicants believe that the Respondent further invested these funds with the now defunct Unibank Ghana Ltd, Capital Bank Ghana Ltd, Beige Capital and other defunct savings and loans banks as well as some of the defunct micro finance companies, all of which are currently under receivership. It is th...