NIBAV LIFTS PRIVATE LTD AND VISHAL RAMANATHAN BABU vs. ERNEST BUABENG & 4 ORS

RULING The Applicants filed the instant application praying for the interim preservation of funds in Stanbic Bank Accounts Nos: 9040010910697 and 9040010904778 belonging to the 3rd defendant (hereinafter referred to as “3rd Respondent”) till the final determination of the Suit. The application is supported by an Affidavit dated 17th November 2023. The Applicants contend that the 1st Applicant entered into an agreement with 2nd Respondent company to incorporate a Ghanaian Subsidiary to be called NIBAV LIFTS GHANA LTD with 1st Applicant holding 60% of the Shares and 2nd Respondent 40%. That 2nd Respondent made a proposal to 1st Applicant to incorporate the said company and allow 1st Respondent, a friend to 2nd Respondent to hold all the 100% shares until such time that they would understand the Ghanaian Market well. Thereafter the 100% shares would be transferred to the 1st Applicant and 2nd Respondent. After the said agreement, the Applicants promoted the incorporation of the 3r...