THE REPUBLIC vs. HIGH COURT (COMMERCIAL DIVISION) SUNYANI EX-PARTE: ALFREDINA OFORI AND NIKABS GBANDE JEMIMA OWARE (MRS) THE OFFICIAL LIQUIDATOR [2016]DLSC5622

THE REPUBLIC vs. HIGH COURT (COMMERCIAL DIVISION) SUNYANI EX-PARTE: ALFREDINA OF... [2016]DLSC5622

Date	2016-07-03
Suit No.	CIVIL MOTION NO: J5/36/2016
Citation No.	[2016]DLSC5622

DOTSE JSC.[PRESIDING]

ANIN YEBOAH JSC.

BAFFOE-BONNIE JSC.

PWAMANG JSC.

BENIN JSC.

BAARIMA AGYEKUM HENNEH FOR THE APPLICANTS

GEORGE BEKAI FOR THE INTERESTED PARTY

[2016]DLSC5622
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													<main id="main" class="content" style="min-height: 60rem" >THE
REPUBLIC<o:p></o:p>vs.<o:p></o:p>HIGH COURT (COMMERCIAL DIVISION)
SUNYANI<o:p></o:p>(RESPONDENT)<o:p></o:p>EX-PARTE: ALFREDINA OFORI AND NIKABS
GBANDE<o:p></o:p>(APPLICANTS)<o:p></o:p>JEMIMA OWARE (MRS) THE OFFICIAL LIQUIDATOR<o:p></o:p>(INTERESTED PARTY)<o:p></o:p>[SUPREME COURT, ACCRA]<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0in 0in 1.0pt 0in">

CIVIL MOTION NO: J5/36/2016&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &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: 3RD JULY, 2016<o:p></o:p>

</div>COUNSEL:<o:p></o:p>BAARIMA AGYEKUM HENNEH FOR
THE APPLICANTS,<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0in 0in 1.0pt 0in">

GEORGE
BEKAI FOR THE INTERESTED PARTY.<o:p></o:p>

</div>CORAM: <o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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DOTSE JSC.[PRESIDING], ANIN YEBOAH JSC.,
BAFFOE-BONNIE JSC., BENIN JSC., PWAMANG JSC.<o:p></o:p>

</div><o:p>&nbsp;</o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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RULING<o:p></o:p>

</div>PWAMANG, JSC.<o:p></o:p>The facts giving rise to
this application are as follows; DKM Diamond Micro Finance Ltd, hereafter referred
to as “the Company”, was incorporated under the Companies Act, 1963 (Act 179)
as a private Limited Liability Company on 1st August, 2013. It had
its registered office at Sunyani in the Brong Ahafo Region and operated mainly
in that Region and the three regions of Northern Ghana.&nbsp; It was licensed by the Bank of Ghana on 25th
October, 2013 to operate as a Micro Finance Company. As part of its activities
it took deposits from the general public and in turn contracted to pay rather
astronomical monthly rates of interests to the depositors. By May of&nbsp; 2015 the Company ran into difficulties as it
started defaulting in the timely &nbsp;payment
of the extra ordinary monthly rates of interest it had promised its numerous
customers. <o:p></o:p>Initially the Bank of
Ghana intervened to ensure that the Company paid its depositors but that did
not yield the needed results. Consequently some of them resorted to the law
courts so different suits claiming various sums against the Company were filed
in a number of courts. The applicants herein are two of such depositors who
filed suit No. RPC 17/2016 in the High Court, Commercial Division, Sunyani
against the company and two sister companies namely; DKM Group of Companies Ltd
and DKM Transport Company Ltd, claiming for refund of their deposits in the sum
of GH¢198,056.00 with interest at 54.465% per month.&nbsp; Judgment was entered in favour of Applicants
herein on 18/01/2016 to recover a total sum of GH¢599,313.00 being principal,
interest and costs. The Applicants went into execution and attached a Yutong
Bus with Registration No. GT 4553-15 and LPG Gas Filling Station situate at Nandom
in the Upper West Region. <o:p></o:p>However, before the
properties could be sold, the Company was put into official liquidation upon a
request by the Bank of Ghana to the Register of Companies. In order that they
could continue with their court case, Applicants applied to the court for leave
pursuant to Section 17 of the Bodies
Corporate (Official Liquidation) Act, 1963 (Act 180).&nbsp; The application was granted. After that
Applicants brought a motion to substitute the official liquidator, who is the
Interested Party herein, for the Company and that too was granted.<o:p></o:p>In order to have the attached
properties auctioned for Applicants to be paid their judgment debt of
GHC599,313.00, they filed two motions; one in respect of the Yutong Bus praying
for the reserved price to be reviewed, and the second praying for the fixing of
a reserved price for the LPG Gas Filling Station. These applications were
brought on notice to the Interested Party and she filed aff</main>