STANDARD BANK OFFSHORE TRUST COMPANY LIMITED vs. NATIONAL INVESTMENT BANK LIMITED, ELAND INTERNATIONAL GHANA LIMITED AND DANIEL CHARLES GYIMAH [2017]DLSC2989

STANDARD BANK OFFSHORE TRUST COMPANY LIMITED vs. NATIONAL INVESTMENT BANK LIMITE... [2017]DLSC2989

Date	2017-06-21
Suit No.	CIVIL APPEAL NO. J4/63/2016
Citation No.	[2017]DLSC2989

AKUFFO (MS) CJ PRESIDING

ANSAH JSC

ADINYIRA (MRS) JSC

YEBOAH JSC

BENIN JSC

MR. TSATSU TSIKATA FOR THE 1ST DEFENDANT/APPELLANT/APPELLANT

MRS VICTORIA BARTH FOR THE PLAINTIFF/RESPONDENT/RESPONDENT

[2017]DLSC2989
																																						<div class="restriction-wrapper">
														<div class="container-lg">
															<div class="row">
																<div class="col-md-12 restricted-content">
																	<div class="restricted-content-img-wrapper">
																		<div class="lock-icon bounce-7">
																			<img class=""
																				src="https://www.dennislawgh.com/dl-assets/dl-images/lock-content.png"
																				alt="Subscription based content">
																		</div>
																	</div>
																	 
																		<a href="https://www.dennislawgh.com/login"
																		class="btn btn-primary btn-lg"
																		style="font-family: 'open sans'; text-transform: capitalize; border-radius: 8px"> 
																		Login to Read Full Case </a>
																	 
																	
																</div>
															</div>
														</div>
													</div>
													<main id="main" class="content" style="min-height: 60rem" ><p class="MsoNormal" align="center" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:center;mso-pagination:none;tab-stops:28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;
mso-layout-grid-align:none;text-autospace:none">STANDARD BANK OFFSHORE TRUST COMPANY
LIMITED<o:p></o:p><p class="MsoNormal" align="center" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:center;mso-pagination:none;tab-stops:28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;
mso-layout-grid-align:none;text-autospace:none">vs.<o:p></o:p><p class="MsoNormal" align="center" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:center;mso-pagination:none;tab-stops:28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;
mso-layout-grid-align:none;text-autospace:none">NATIONAL INVESTMENT BANK LIMITED, ELAND
INTERNATIONAL GHANA LIMITED AND DANIEL CHARLES GYIMAH&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <o:p></o:p>&nbsp;[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 APPEAL NO. J4/63/2016&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; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;DATE: 21ST JUNE, 2017<o:p></o:p>

</div>COUNSEL:&nbsp;&nbsp; <o:p></o:p>MR. TSATSU TSIKATA FOR THE 1ST
DEFENDANT/APPELLANT/APPELLANT<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">

MRS
VICTORIA BARTH FOR THE PLAINTIFF/RESPONDENT/RESPONDENT<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;
padding:0in 0in 1.0pt 0in">

AKUFFO (MS), CJ PRESIDING ANSAH, JSC ADINYIRA
(MRS), JSC YEBOAH, JSC AND BENIN, 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;
padding:0in 0in 1.0pt 0in">

JUDGEMENT<o:p></o:p>

</div><p class="MsoNormal" style="margin-bottom:6.0pt;text-align:justify;mso-pagination:
none;tab-stops:28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;
mso-layout-grid-align:none;text-autospace:none">BENIN, JSC:-<o:p></o:p><p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:
justify;mso-pagination:none;tab-stops:28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;
mso-layout-grid-align:none;text-autospace:none">This
matter began as a result of what was said to be a default on the part of the 1st
Defendant/Appellant/Appellant, called the Appellant, to honour its obligations
by way of a guarantee of certain promissory notes issued by the 2nd
Defendant herein. The Appellant, through its then Managing Director, the 3rd
Defendant herein, was thought to have guaranteed payment of the promissory notes
upon maturity. The holders of the promissory notes considered that in the
normal course of business, upon maturity the Appellant would honour its
obligations under the guarantee and pay up. But it did not do so for reasons
that will be disclosed shortly.<o:p></o:p><p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:
justify;mso-pagination:none;tab-stops:28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;
mso-layout-grid-align:none;text-autospace:none">Consequently,
by an amended writ of summons, the Plaintiff/Respondent/Respondent, called the
Respondent, who claimed to be representing certain investors in the promissory
notes, issued a writ of summons at the High Court and sought these reliefs
against the Appellant:<o:p></o:p><p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-bottom:0in;
margin-left:.25in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in;
mso-pagination:none;mso-list:l1 level1 lfo2;tab-stops:28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;
mso-layout-grid-align:none;text-autospace:none">(i).&nbsp;&nbsp;
Recovery of the
sum of sixty million United States dollars ($60,000,000.00) being the unpaid guarantee
per Aval granted by 1st Defendant in respect of Promissory Notes
issued by Eland International Ghana Limited and discounted to beneficiaries of
the Plaintiff and which said Per Aval Guarantee the Defendant has failed and/or
refused to honour upon default by Eland International Ghana Limited despite
several and repeated demands made therefor.<o:p></o:p><p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-bottom:0in;
margin-left:.25in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in;
mso-pagination:none;mso-list:l1 level1 lfo2;tab-stops:28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;
mso-layout-grid-align:none;text-autospace:none">(ii).Interest on the said amount at the agreed rate of eleven percent (11%)
per annum from the 29th day of January 2009 till date of final
payment.<o:p></o:p><p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-bottom:0in;
margin-left:.25in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in;
mso-pagination:none;mso-list:l1 level1 lfo2;tab-stops:28.0pt 56.0pt 84.0pt 112.0pt 140.0pt 168.0pt 196.0pt 224.0pt 3.5in 280.0pt 308.0pt 336.0pt;
mso-layout-grid-align:none;text-autospace:none">