ELAND INTERNATIONAL CO. LTD vs. PRESTEA SANKOFA GOLD LTD, NATIONAL INVESTMENT BANK LTD [2015]DLHC17223

ELAND INTERNATIONAL CO. LTD vs. PRESTEA SANKOFA GOLD LTD, NATIONAL INVESTMENT BA... [2015]DLHC17223

Date	2015-11-18
Suit No.	SUIT NO. OCC/27/2014
Citation No.	[2015]DLHC17223

HIS LORDSHIP JUSTICE JEROME NOBLE-NKRUMAH

ASARE DANQUAH ESQ

JOE SLOVO TIA ESQ

EMEFA HARDCASTLE

BRIGHT OTCHERE ADJEKUM ESQ

<p class="mb-5" id="contentDlCitation"  hidden>[2015]DLHC17223</p>
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													<main id="main" class="content" style="min-height: 60rem" ><span style="font-size: 18px !important;"><p class="MsoNormal" align="center" style="margin-top:0cm;margin-right:-2.5pt;
margin-bottom:0cm;margin-left:4.5pt;margin-bottom:.0001pt;text-align:center;
line-height:normal;mso-pagination:none;text-autospace:none"><b><span style="font-size:12.0pt;font-family:
&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:
&quot;Book Antiqua&quot;;color:#00B0F0">ELAND INTERNATIONAL CO. LTD</span></b><i><span style="font-size:10.0pt;mso-bidi-font-size:
12.0pt;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;
mso-bidi-font-family:&quot;Book Antiqua&quot;"><o:p></o:p></span></i></p><p class="MsoNormal" align="center" style="margin-top:0cm;margin-right:-2.5pt;
margin-bottom:0cm;margin-left:4.5pt;margin-bottom:.0001pt;text-align:center;
line-height:normal;mso-pagination:none;tab-stops:211.5pt center 243.0pt;
text-autospace:none"><b><span style="font-size:12.0pt;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:
&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;;color:#00B0F0">vs.<o:p></o:p></span></b></p><p class="MsoNormal" align="center" style="margin-top:0cm;margin-right:-2.5pt;
margin-bottom:0cm;margin-left:4.5pt;margin-bottom:.0001pt;text-align:center;
line-height:normal;mso-pagination:none;tab-stops:center 243.0pt left 295.5pt;
text-autospace:none"><b><span style="font-size:12.0pt;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:
&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;;color:#00B0F0">PRESTEA
SANKOFA GOLD LTD, NATIONAL INVESTMENT BANK LTD<o:p></o:p></span></b></p><p class="MsoNormal" align="center" style="margin-top:0cm;margin-right:-2.5pt;
margin-bottom:0cm;margin-left:4.5pt;margin-bottom:.0001pt;text-align:center;
line-height:normal;mso-pagination:none;text-autospace:none"><span style="font-size:10.0pt;mso-bidi-font-size:12.0pt;font-family:&quot;Book Antiqua&quot;,serif;
mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;">[HIGH
COURT, ACCRA]<o:p></o:p></span></p><p class="MsoNormal" align="center" style="margin-top:0cm;margin-right:-2.5pt;
margin-bottom:0cm;margin-left:4.5pt;margin-bottom:.0001pt;text-align:center;
line-height:normal;mso-pagination:none;text-autospace:none"><span style="font-size:10.0pt;mso-bidi-font-size:12.0pt;font-family:&quot;Book Antiqua&quot;,serif;
mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;">&nbsp;</span></p><p class="MsoNormal" align="center" style="margin-top:0cm;margin-right:-2.5pt;
margin-bottom:0cm;margin-left:4.5pt;margin-bottom:.0001pt;text-align:center;
line-height:normal;mso-pagination:none;tab-stops:168.75pt 278.15pt 298.5pt;
text-autospace:none"><span style="font-size:10.0pt;mso-bidi-font-size:12.0pt;
font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;
mso-bidi-font-family:&quot;Book Antiqua&quot;">&nbsp;</span></p><div style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom-width: 1.5pt; border-bottom-color: black; padding: 0cm 0cm 1pt; margin-left: 4.5pt; margin-right: -2.5pt;">

<p class="MsoNormal" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:
justify;text-justify:inter-ideograph;line-height:normal;mso-pagination:none;
text-autospace:none;border:none;mso-border-bottom-alt:solid black 1.5pt;
padding:0cm;mso-padding-alt:0cm 0cm 1.0pt 0cm"><a name="_heading=h.gjdgxs"></a><span style="font-size:10.0pt;mso-bidi-font-size:12.0pt;font-family:&quot;Book Antiqua&quot;,serif;
mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;">SUIT
NO. OCC/27/2014&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; DATE: 18<sup>TH</sup> NOVEMBER 2015<o:p></o:p></span></p>

</div><p class="MsoNormal" style="margin-top:0cm;margin-right:-2.5pt;margin-bottom:
0cm;margin-left:4.5pt;margin-bottom:.0001pt;text-align:justify;text-justify:
inter-ideograph;line-height:normal;mso-pagination:none;tab-stops:96.25pt right 481.5pt;
text-autospace:none"><b><span style="font-size:12.0pt;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:
&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;">COUNSEL&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <o:p></o:p></span></b></p><div style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom-width: 1.5pt; border-bottom-color: black; padding: 0cm 0cm 1pt; margin-left: 4.5pt; margin-right: -2.5pt;">

</div><p class="MsoNormal" style="margin-top:0cm;margin-right:-2.5pt;margin-bottom:
0cm;margin-left:4.5pt;margin-bottom:.0001pt;text-align:justify;text-justify:
inter-ideograph;line-height:normal;mso-pagination:none;tab-stops:106.5pt 333.0pt;
text-autospace:none"><b><span style="font-size:12.0pt;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:
&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;">CORAM&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <o:p></o:p></span></b></p><p class="MsoNormal" style="margin-top:0cm;margin-right:-2.5pt;margin-bottom:
0cm;margin-left:4.5pt;margin-bottom:.0001pt;text-align:justify;text-justify:
inter-ideograph;line-height:normal;mso-pagination:none;text-autospace:none"><span style="font-size:12.0pt;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:
&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;">HIS LORDSHIP JUSTICE JEROME
NOBLE-NKRUMAH<o:p></o:p></span></p><div style="border-top-width: 1.5pt; border-top-color: black; border-left: none; border-bottom-width: 1.5pt; border-bottom-color: black; border-right: none; padding: 1pt 0cm; margin-left: 4.5pt; margin-right: -2.5pt;">

<p class="MsoNormal" style="margin-bottom:0cm;margin-bottom:.0001pt;line-height:
normal;mso-pagination:none;tab-stops:center 237.5pt left 295.5pt;text-autospace:
none;border:none;mso-border-top-alt:solid black 1.5pt;mso-border-bottom-alt:
solid black 1.5pt;padding:0cm;mso-padding-alt:1.0pt 0cm 1.0pt 0cm"><b><span style="font-size:12.0pt;font-family:
&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:
&quot;Book Antiqua&quot;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RULING&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <o:p></o:p></span></b></p>

</div><p class="MsoNormal" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:
justify;text-justify:inter-ideograph"><span style="font-size:12.0pt;mso-bidi-font-size:
14.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,serif;mso-bidi-font-family:
&quot;Times New Roman&quot;">This application filed by 2<sup>nd</sup> Defendant on
21/10/15 seeks an order of court to stay proceedings while an order of
reference is made for arbitration pursuant to Order 64 Rule 1of CI 47 and
section 6 of the Alternate Dispute Resolution Act, 2010, Act 798.<o:p></o:p></span></p><p class="MsoNormal" style="margin-top:12.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph"><span style="font-size:12.0pt;mso-bidi-font-size:14.0pt;line-height:115%;font-family:
&quot;Book Antiqua&quot;,serif;mso-bidi-font-family:&quot;Times New Roman&quot;">Briefly put the Plaintiff
Respondent entered into a compact with the 1st Defendant to advance a revolving
credit facility for the rehabilitation of 1<sup>st</sup> Defendants plant.
Pursuant to this 1<sup>st</sup> Defendant issued a promissory note which was guaranteed
by 2nd Defendant. Said facility was to be advanced through 2nd Defendant. Running
together with this is a gold purchasing agreement between Plaintiff and 1st
Defendant whereby 1st Defendant was to sell gold to the Plaintiff. It is plaintiffs
case that in fulfillment with its contractual obligations to 1st Defendant it
has disbursed a total of USD534, 281.19 (USD400, 000.00 for the credit facility
and USD49, 357.07 for the gold purchase) and consequently USD484, 927.12 out of
USD534, 281.19 is now due owing and unpaid. For this the Plaintiff has sued the
defendants. What the Plaintiff does not state is that in the said compact 2nd
Defendant is appointed the sole arbitrator in all matters relating to the
compact.<o:p></o:p></span></p><p class="MsoNormal" style="margin-top:12.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.</main>