BAMBWA GHANA LIMITED vs. ALBERT NKANSAH DARKWAH

The Plaintiff is a media and communication company registered under the laws of Ghana. The Defendant is a ninety percent (90%) shareholder in Top FM Ltd, a company incorporated under the laws of Ghana. Briefly, the facts of the case are that Plaintiff entered into a Sale and Purchase agreement (hereinafter referred to as “SPA”) with the Defendant in January 2018 in respect of ninety percent (90%) of shares in Top FM Ltd at the total cost of the shares of One Million, Eight Hundred and Fifty Thousand United States Dollars (US$1,850,000.00). The SPA is attached as Exhibit BGL “1”. Plaintiff avers that he paid the sum of Fifty Thousand United States Dollars (US$50,000.00) as earnest money and it was agreed between the parties that fifty percent (50%) of this money that is, the earnest money, was non-refundable in the event that the sale was not completed. Plaintiff further submits that the sale could not be completed and therefore as agreed per clause 2.2 of the SPA, he made a ...