[2020]DLSC9328 • June 17, 2020 • Supreme Court •
DANIEL OFORI vs. ECOBANK GHANA LIMITED, SECURITIES AND EXCHANGE COMMISSION AND GHANA STOCK EXCHANGE
The plaintiff sold shares in Cal Bank Ltd to the 2nd defendant, with payment facilitated by the 1st defendant (Ecobank Ghana Limited). The plaintiff received GHS13,762,240.00 on 2 June 2008, instructing the 1st defendant to invest GHS6,160,240.00 in time deposits at 30% per annum interest and to issue banker’s drafts for the remaining GHS7,600,000.00. The 1st defendant later cancelled the drafts, claiming the trade did not settle, leading to litigation. The Supreme Court ruled in favor of the plaintiff, ordering payment of the principal and interest.
read moreBAFFOE-BONNIE, JSC:- This ruling is in respect of an application by the 1st defendant/judgment debtor for the court to determine the mode of calculating interest on the judgment debt in this case. The background to this application is that on 2nd June, 2008 the plaintiff was paid an amount of GHS13,762,240.00 by the 1st defendant on behalf of the original 2nd defendant in this case. The payment was for shares in Cal Bank Ltd 2nd defendant bought from the plaintiff. On receiving the money plaintiff instructed the 1st defendant to invest GHS6,160,240.00 in time deposits at an agreed interest of 30% per annum. The plaintiff made the 1st defendant to issue banker’s drafts covering the remainder GHS7,600,00.00 payable to plaintiff’s accounts with Zenith Bank and SSB Bank. On the next working day 1st defendant cancelled the banker’s drafts on the ground that the trade in the shares did not settle so plaintiff was not entitled to receive the money paid to him. The issue ended up in lit...