DATABANK ASSET MANAGEMENT SERVICE LTD vs. ACORN PROPERTIES LTD

RULING To me, the contract engaged in by both Parties is to deal in real estate development and market. This is not illegal activities as strongly submitted by Counsel for the Defendant/Applicant. This type of contract ought to be distinguished from contracts founded on illegal acts such as drug supply, prostitution, smuggling, cybercrime or any other crime. It may well be true that the Parties have contravened Section 3 of the Foreign Exchange Act, 2006 (Act 723) particularly Section 3 (4) (b) which deals with the “receipt or payment of foreign currency”. But as stated earlier on, the contract was not the selling or buying of foreign exchange. The statement of defence of the Defendant who is the Applicant herein throws more light on the nature of the transactions per their paragraphs 4 and 5 thus;- “4. In answer to paragraphs 3 to 5 of the Statement of Claim whilst admitting paragraph 4 of the Statement, the Defendant says that the investments by the Plaintiff were for a pe...