NANA OSEI AKOTO vs. PRESTIGE CAPITAL

This ruling concerns a preliminary legal objection taken to the application for summary judgment by the plaintiff/applicant herein. The objection relates to the competence of the application and the suit in general. It is counsel for the defendant’s/respondent’s contention that the court has no jurisdiction to entertain the suit. Counsel argued that under section 19(1) of the Securities Industry Act, 2016 (Act 929); any dispute between a fund management company like the defendant company and any other person or entity is to be adjudicated upon, first, by the Securities and Exchange Commission (SEC) and not the courts. Counsel submitted that the requirement under section 19(1) is mandatory and must be fulfilled before the complainant can bring the matter before the court. Counsel for the applicant is opposed to the objection and contends that the present dispute does not fall within the scope of complaints under section 19(1) that must be submitted to the SEC for resolution. He ar...