[2023]DLCA16182 • July 27, 2023 • Court of Appeal
MULTI INSURANCE COMPANY vs UNISECURITIES GH LTD. AND HODA HOLDINGS LTD.
The respondent (Multi Insurance Company) invested with the 1st defendant (UniSecurities GH Ltd.) with a guarantee from the 2nd defendant (Hoda Holdings Ltd.). The investment matured in June 2019 but defendants failed to pay the outstanding balance despite government bailout support. The respondent sought recovery of the outstanding sum and alternatively judicial sale of mortgaged properties owned by Hoda Properties Limited, a subsidiary of the 2nd defendant, which were mortgaged as security.
read moreJUDGMENT BAAH, J.A: BACKGROUND This appeal challenges the decision of the High Court, Kumasi, dated 20 July 2022, coram: Charles Bentum J, which upheld both the reliefs and alternative reliefs of the respondent. By the endorsement on the writ of summons of the respondent dated 23rd July 2020, but amended on 13 June 2022, the reliefs and alternative reliefs sought by the respondent and granted by the trial court, and which are relevant to this appeal, are the following: a. An order for recovery from the defendants jointly and severally the total sum of GHC5, 774, 757.21 being the outstanding balance of the investment undertaken by plaintiff with the 1st defendant and guaranteed by the 2nd defendant and which investments have matured as at June 2019 but defendants have failed to honour due payment after a bail out of an amount of GHC5,966,364.07 by way of government support from the Securities and Exchange Commission (SEC) out of the sum GHC11,741,121.28 on 19th May 2022. b. ...