KENNETH NANKARA & 3 ORS. vs. NOBLE DREAM MICRO FINANCE LIMITED [2016]DLHC3813

Date	2016-04-19
Suit No.	SUIT NO.BFS/231/15
Citation No.	[2016]DLHC3813

ANGELINA MENSAH-HOMIAH (MRS.) JUSTICE OF THE HIGH COURT

AKUA ADOMA ADDAI FOR WILLIAM KUSI FOR PLAINTIFFS.

KWASI ADU MANTE FOR DEFENDANT.

[2016]DLHC3813
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													<main id="main" class="content" style="min-height: 60rem" ><a name="OLE_LINK1">KENNETH
NANKARA &amp; 3 ORS.<o:p></o:p></a>vs.<o:p></o:p>NOBLE DREAM MICRO FINANCE LIMITED<o:p></o:p>&nbsp;[HIGH COURT (COMMERCIAL COURT), KUMASI]<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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SUIT NO.BFS/231/15&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;DATE: 19TH APRIL, 2016<o:p></o:p>

</div>COUNSEL:&nbsp;&nbsp; <o:p></o:p>AKUA
ADOMA ADDAI FOR WILLIAM KUSI FOR PLAINTIFFS.<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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KWASI ADU MANTE FOR DEFENDANT.<o:p></o:p>

ANGELINA MENSAH-HOMIAH (MRS.) JUSTICE OF
THE HIGH COURT<o:p></o:p>

JUDGMENT<o:p></o:p>

</div>The
Four Plaintiffs herein who described themselves as mechanics at Asafo, Kumasi
have sued the Defendant Micro Finance Company in respect of unpaid investments
made in the Defendant Company. Cumulatively, they are claiming the sum of Nineteen
Thousand, Four Hundred and Twenty-Six Ghana Cedis, Fifty Pesewas (GH¢19,
426.50), interest thereon and any further order(s) this Honourable Court may
deem fit.<o:p></o:p>In
their statement of claim filed on 30/03/15 together with the writ of summons,
each Plaintiff indicated the amount he invested and the agreed interest as well
as the maturity date. They further averred that the Defendant has failed to
repay their respective monies and the accrued interest after the maturity
dates.<o:p></o:p>&nbsp;On 17/10/2015, Counsel for the Defendant was
served with a hearing&nbsp; notice to attend
court on 07/10/2015 for directions to be given. He however failed to come to
court and no reason(s) were given for his absence. Accordingly, the court
proceeded to give directions as to the filing of witness statements on
07/10/2015. <o:p></o:p>The
case was adjourned to 20/11/2015 for a case management conference and on
14/10/2015, a hearing notice was duly served on Plaintiff's lawyer in Accra. Subsequent
to that, the witness statements of the Plaintiffs were served on him. <o:p></o:p>Since
the Defendant was not minded to file its witness statement and would also not
come to court, the defence was duly struck out on 16/02/2016. After a series of
adjournments, the court ordered a hearing notice to be served on Counsel for
the Defendant for hearing to commence on 14/03/2016. Counsel was duly served on
08/03/2014&nbsp; but again, there was a no
show so the Plaintiffs were allowed to prove their case. Each of the Plaintiffs
relied on his witness statement filed on 02/11/2015 when they mounted the
witness box.<o:p></o:p>According
to the 1st Plaintiff, he invested an amount GH¢4, 808.40 for a period of 91
days and was entitled to be paid interest of 25.10% on the amount
invested.&nbsp; He further testified that upon
maturity, he was to be paid GH¢ 5, 110.13. He tendered exhibit A as an investment
certificate evidencing this transaction. <o:p></o:p>The
1st Plaintiff's exhibit A actually confirms his oral testimony that
he invested an amount of GH¢4,808.40&nbsp; on
27/05/2014 and the interest rate indicated thereon is 25.10% per annum;
interest per tenure was GH¢301.73 and the total payable on the due date of
28/08/2014 stood at GH¢ 5,110.13.<o:p></o:p>Similarly,
the 2nd Plaintiff who indicated in his evidence-in-chief that he invested GH¢3,536.00
for a period of 91 days also put in evidence his investment certificate
detailing the transaction. Per his investment certificate which was also marked
as exhibit A, he put in GH¢3,536.00 at the interest rate of 10.50% per tenure;
interest for the 91 days stood at GH¢371.28 and the amount payable on the
maturity date of 27/05/2014 was GH¢3,907.28.<o:p></o:p>In
the same way, the 3rd Plaintiff who told the court that his
principal amount invested on 17/04/2013 was GH¢4,884.10&nbsp; with an agreed interest rate of 10.50% for 91
days brought his investment certificate to the attention of the court. And, on
the said investment certificate, also marked exhibit A, the interest&nbsp; payable for the 91 days was GH¢ 464.10,
bringing the total payable to GH¢4, 884.10.<o:p></o:p><o:p>&nbsp;</o:p>Even
though the 3rd Plaintiff indicated that he invested his money for 91
days effective 17/04/2013, the due date indicated on his investment certificate
is 18/07/2014.&nbsp; The 2014 is an obvious
error because 91 days from 17/04/2013 w</main>