EOLIEM CONSULTING FZE vs. PROTEUS COMPANY LIMITED AND 4 OTHERS [2016]DLHC11574

Date	2016-04-06
Suit No.	SUIT NO. CM/0071/2015
Citation No.	[2016]DLHC11574

HER LADYSHIP JUSTICE AKUA SARPOMAA AMOAH (MRS.)

SAMUEL A. JINAPOR WITH GEORGINA ARTHUR FOR PLAINTIFF/APPLICANT PRESENT

KWADWO OWUSU ANGYEMANG WITH ANNETTE OBENEWAA ADUTWUM FOR DEFENDANTS/RESPONDENTS PRESENT

[2016]DLHC11574
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													<main id="main" class="content" style="min-height: 60rem" >EOLIEM CONSULTING FZE<o:p></o:p>(PLAINTIFF)<o:p></o:p>vs.<o:p></o:p>PROTEUS COMPANY LIMITED AND 4 OTHERS<o:p></o:p>(DEFENDANT)<o:p></o:p>[HIGH COURT, ACCRA]<o:p></o:p><div style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom-width: 1.5pt; border-bottom-color: windowtext; padding: 0cm 0cm 1pt;">

<p class="MsoNormal" align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;
text-align:center;border:none;mso-border-bottom-alt:solid windowtext 1.5pt;
padding:0cm;mso-padding-alt:0cm 0cm 1.0pt 0cm">SUIT NO. CM/0071/2015&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; DATA: &nbsp;6TH
APRIL 2016<o:p></o:p>

</div>COUNSEL:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <o:p></o:p>SAMUEL
A. JINAPOR WITH GEORGINA ARTHUR FOR PLAINTIFF/APPLICANT PRESENT&nbsp;&nbsp;&nbsp; <o:p></o:p><div style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom-width: 1.5pt; border-bottom-color: windowtext; padding: 0cm 0cm 1pt;">

KWADWO
OWUSU ANGYEMANG WITH ANNETTE OBENEWAA ADUTWUM FOR DEFENDANTS/RESPONDENTS
PRESENT<o:p></o:p>

</div>CORAM:<o:p></o:p>HER
LADYSHIP JUSTICE AKUA SARPOMAA AMOAH (MRS.)<o:p></o:p><div style="border-top-width: 1.5pt; border-top-color: windowtext; border-left: none; border-bottom-width: 1.5pt; border-bottom-color: windowtext; border-right: none; padding: 1pt 0cm;">

<p class="MsoNormal" align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;
text-align:center;border:none;mso-border-top-alt:solid windowtext 1.5pt;
mso-border-bottom-alt:solid windowtext 1.5pt;padding:0cm;mso-padding-alt:1.0pt 0cm 1.0pt 0cm">RULING<o:p></o:p>

</div>&nbsp;&nbsp;This is an application for
an order of this Court restraining the 1st and the 5th Defendants/Respondents
from either jointly or severally whether by themselves, their agents, assigns,
heirs, associates, workmen, or otherwise howsoever described from selling ,
renting out, leasing, assigning, creating any third party encumbrance and or
dealing in any way with the sixty (60) housing units situated at Dry Pond Area,
Adenta estate site in the Greater Accra Region and commonly referred to as the
“Little London Project” and also for a further order restraining the 2nd 3rd
and 4th Defendant/Respondent either jointly or severally whether by themselves
or their agents, assigns etc. from selling, transferring or&nbsp; creating third party rights or in any way compromising
their respective shares held in the 1st Defendant/Respondent Company.<o:p></o:p>The Writ of Summons upon
which the instant application rests is endorsed with the following claims
amongst others,<o:p></o:p>a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A
declaration that the 1st Defendant is in breach of the loan agreement dated the
12th day of September 2013 and its accompanying addendum dated the 4th day of
October 2013.<o:p></o:p>b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A
declaration that the 5th Defendant is in breach of the provisions of the two
separate corporate guarantees dated the 27th day of September and the 25th day
of March, 2014 respectively.<o:p></o:p>c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A
declaration that the Plaintiff has a beneficial interest in the project known
as Little London Project which is more particularly described in paragraph 7.<o:p></o:p>&nbsp;d.&nbsp;&nbsp;&nbsp;&nbsp; An
order for the recovery of the sum of Twelve Million Eight Hundred and Nine
Thousand Seven Hundred and Thirty Two United States Dollars (US$12,809,732.00)
being the contractually agreed interest as at 17th day of August 2015at the
rate of 34% as well as penal interest of 1% per each day of delay from each day
of delay from the 15th day of October, 2014 up to the 17th of August 2015 from
the 1st Defendant.<o:p></o:p>e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An
order for the recovery of the sum of Two Million, Six Hundred Thousand United
States Dollars (US$2,600,000.00) jointly and severally from the 1st and 5th
Defendants.<o:p></o:p>In inviting this Court to
grant its prayer, the Applicant, relied on a 43 paragraphed affidavit. The case
of the Applicant in a nutshell is that, the 1st and the 5th
Defendants/Respondents entered into a development agreement dated the 10th day
of April, 2013, for the purposes of constructing and jointly managing a project
referred to as the Little London Project, hereafter referred to as (the
Project.)&nbsp; The said agreement is attached
to the Applicant’s affidavit as Exhibit HP2. In order to secure funding for
their objectives, the 1st Defendant with the knowledge and consent of the 5th
Defendant executed a loan agreement with the Applicant, Exhibit HP4 to raise
the requi</main>