E& E PLATINUM INVESTMENTS vs. SIC INSURANCE COMPANY LIMITED [2016]DLHC7037

Date	2016-12-19
Suit No.	SUIT NO. RPC/272/14
Citation No.	[2016]DLHC7037

HIS LORDSHIP JUSTICE JEROME NOBLE- NKRUMAH

[2016]DLHC7037
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													<main id="main" class="content" style="min-height: 60rem" >E&amp; E PLATINUM
INVESTMENTS<o:p></o:p>vs.<o:p></o:p>SIC INSURANCE COMPANY
LIMITED<o:p></o:p>[HIGH COURT, ACCRA]<o:p></o:p>SUIT NO. RPC/272/14&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &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 DECEMBER 2016<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:31.0pt 31.0pt 1.0pt 31.0pt;mso-border-shadow:yes">

</div>CORAM:<o:p></o:p><p class="MsoNormal" style="margin-top:0in;margin-right:.45pt;margin-bottom:0in;
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border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-border-shadow:yes">HIS LORDSHIP JUSTICE JEROME NOBLE- NKRUMAH<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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margin-right:.45pt">

<o:p>&nbsp;</o:p>

</div>JUDGEMENT<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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</div><o:p>&nbsp;</o:p>The plaintiff has sued the defendant for <o:p></o:p><p class="MsoListParagraphCxSpFirst" style="margin-right:-.2pt;mso-add-space:
auto;text-align:justify;text-indent:-.25in;mso-pagination:none;mso-list:l1 level1 lfo1;
border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-border-shadow:yes">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
An order for the recovery of
the sum of USD 40,000.00, being the principal amount guaranteed by the
defendant to pay to the plaintiff under Guarantee Bond number
P/120/04/4120/2013/52 <o:p></o:p><p class="MsoListParagraphCxSpMiddle" style="margin-top:0in;margin-right:-.2pt;
margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;mso-add-space:auto;
text-align:justify;text-indent:0in;mso-pagination:none;mso-list:l1 level1 lfo1;
border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-border-shadow:yes">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Interest on the amount stated
in relief [a] at a return of 5% per week commencing from 13th day of
September 2013 until the final day of payment pursuant to the terms of
INVESTMENT CONTRACT AGREEMENT ON AU METAL [GOLD] TRADE dated 10th July2013
executed between the plaintiff and T7 Enterprise. <o:p></o:p><p class="MsoListParagraphCxSpLast" style="margin-right:-.2pt;mso-add-space:auto;
text-align:justify;text-indent:-.25in;mso-pagination:none;mso-list:l1 level1 lfo1;
border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-border-shadow:yes">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Costs including legal fees <o:p></o:p><p class="MsoNormal" style="margin-top:0in;margin-right:123.8pt;margin-bottom:
0in;margin-left:.25in;margin-bottom:.0001pt;text-align:justify;mso-pagination:
none;border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-border-shadow:
yes"><o:p>&nbsp;</o:p><p class="MsoNormal" style="margin-top:0in;margin-right:123.8pt;margin-bottom:
0in;margin-left:.25in;margin-bottom:.0001pt;text-align:justify;mso-pagination:
none;border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-border-shadow:
yes">The defendant in resisting the plaintiffs claim has pleaded fraud.
<o:p></o:p><p class="MsoNormal" style="margin-top:0in;margin-right:-.2pt;margin-bottom:0in;
margin-left:3.15pt;margin-bottom:.0001pt;text-align:justify;mso-pagination:
none;border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-border-shadow:
yes"><o:p>&nbsp;</o:p><p class="MsoNormal" style="margin-top:0in;margin-right:-.2pt;margin-bottom:0in;
margin-left:3.15pt;margin-bottom:.0001pt;text-align:justify;mso-pagination:
none;border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-border-shadow:
yes">The plaintiff’s case is that sometime in about June 2013 it was
approached by one Emmanuel Timothy Narteh Ayiku who was trading under the name
and style of T7 Enterprise with a business proposal requesting of the plaintiff
to invest an amount of USD40, 000.00 in its gold trading business. According to
plaintiff it requested T7 Enterprise to furnish it with a third party guarantee
to secure the investment in view of the risks involved and this led T7
Enterprise to request the issue of a guarantee bond by the defendant in favour
of the plaintiff and thus guarantee bond number P/120/04/4120 was born. By this
bond the plaintiff says the defendant under took to be responsible to it for
the payment of the principal sum of USD40, 000.00 together with any and all
interest thereon to be paid in full without cavil or argument upon the first
written demand by the plaintiff. Based on this the plaintiff says it entered
into the agreement with T7 Enterprise who begun making payments on the return
on investment when they fell due until 13th September 2013 when it
stopped making payments compelling it to call in the bond. Plaintiff says the
defendant has refused to pay up. <o:p></o:p>The defendant on its part admits Emmanuel Timothy Narteh Ayiku
applied to it for a guarantee bond and same was issued to guarantee proposed
loan to T7 Enterprise by the Plaintiff in the sum of USD40, 000.00. Defendant
says subsequently it was informed that Timothy Ayiku could not be traced and
then some time in October 2013, Plaintiff wrote to demand weekly interest of
USD 2,000.00 adding that the Enterprise had paid weekly profits for 30th August
2013, 6th and 13th September 2013 and that payments for
September 20th and 27th, 4th, 11th,
and 18th October 2013 were outstanding. Defendant says it got
suspicious when cheque for payment of the USD40, 000.00 indicated GHC80, 000.00
instead and was a</main>