[2023]DLSC16126 • June 21, 2023 • Supreme Court •
YOO MART LIMITED vs STANDARD CHARTERED BANK
Yoo Mart Limited purchased a warehouse property at OdupongkpeheKasoa originally belonging to Mass Projects Limited, sold by Standard Chartered Bank under court order auction. Yoo Mart paid USD 1,550,000.00 as consideration based on representations that vacant possession would be delivered upon full payment. However, possession was delayed due to ongoing court proceedings involving Mass Projects Limited. Yoo Mart claimed compensatory damages, mesne profits, and interest for the delay in possession, alleging misrepresentation by the Bank. The Bank denied misrepresentation, asserting the sale was by court auction and that delay was due to Mass Projects Limited's actions.
read moreJUDGMENT OWUSU (MS.) JSC:- On 14th of February, 2019, the Court of Appeal allowed the appeal of the Defendant/Appellant and set aside the Order of the High Court dated 10th November, 2017 awarding interest to the Plaintiff/Respondent in respect of the sum of USD1,550,000.00 paid as consideration for the property purchased as having been made in error of both law and facts. Dissatisfied with the decision of the Court of Appeal, the Defendant/Appellant appealed to the Supreme Court on the following grounds: I. The Judgment of the Court of Appeal is against the weight of evidence on record. II. The Court of Appeal erred when they held that the Plaintiff /Respondent/Appellant was not entitled to interest on the sum of USD1,550,000.00 despite evidence of Defendant/ Appellant/Respondent’s failure to yield vacant possession to the Plaintiff/Respondent/Appellant III. The Court of Appeal erred in treating a Court Auction Sale as a Private Treaty between the parties. IV. The Court of.....