[2019]DLSC6199 • April 10, 2019 • Supreme Court •
THE REPUBLIC vs. THE HIGH COURT (COMMERCIAL DIVISION) ACCRA EX PARTE: ATTORNEY-GENERAL ZENITH BANK
Zenith Bank Ghana Limited obtained a judgment against Balkan Energy Ghana Limited for USD 44,155,258.39. Separately, Balkan Energy Ghana Limited obtained an arbitral award of approximately USD 13.3 million against the Republic of Ghana for breach of a power purchase agreement. Zenith Bank sought to enforce its judgment against Balkan Energy by garnishee proceedings targeting the arbitral award funds held by the Attorney General. The Attorney General initially instructed payment to Zenith Bank but later withdrew the instruction after Balkan Energy UK successfully confirmed and enforced the arbitral award in the United States and France, leading to payment by the Government of Ghana to Balkan Energy UK. Zenith Bank then obtained a garnishee order nisi against funds held by the Bank of Ghana, which the Attorney General sought to set aside but was refused by the High Court. The Attorney General applied to the Supreme Court for judicial review of the garnishee order nisi and the refusal to set it aside.
read moreFACTS In a suit numbered BFS/217/13, between Zenith Bank Ghana Limited (the interested party herein) and Balkan Energy Ghana Limited and Reality Advisors Incorporated in the High Court, Zenith Bank, on the 12th of March 2014 obtained judgment in the sum of USD44, 155,258.39 against Balkan Energy Ghana Ltd. Balkan Energy on the other hand was given an arbitral award of about USD 13.3 million against the Republic of Ghana. This came about as a result of breach of a power purchase agreement between Balkan Energy Ltd and the Republic of Ghana. In accordance with an arbitration clause in the said agreement, Balkan Energy Ghana Ltd commenced arbitration against the Republic of Ghana at the Permanent Court of Arbitration in The Hague, Netherland. On the 1st of April 2014 the arbitration awarded a total of about USD13.3million in favour of Balkan Energy Ghana Ltd. Zenith Bank in enforcing the judgment against Balkan Energy Ghana Ltd. obtained garnishee order absolute against the Attorney ...