WEALTH MANAGEMENT COMPANY LTD. vs. SIC FINANCIAL SERVICES LTD. [2018]DLCA4856

Date	2018-03-01
Suit No.	CIVIL APPEAL NO. H1/7/2018
Citation No.	[2018]DLCA4856

F. KUSI-APPIAH JA (PRESIDING)

E. K. AYEBI JA

SIMON G. SUUREBAAREH JA

LAMBERT KERIBA FOR DEFENDANT/APPELLANT

NAOMI N. LARTEY FOR PLAINTIFF/RESPONDENT

[2018]DLCA4856
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													<main id="main" class="content" style="min-height: 60rem" >WEALTH MANAGEMENT COMPANY LTD.<o:p></o:p>(DEF/APPELLANT)<o:p></o:p>vs.<o:p></o:p>SIC FINANCIAL SERVICES LTD.<o:p></o:p>(PLAINTIFF/RESPONDENT)<o:p></o:p>[COURT OF APPEAL, ACCRA]<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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CIVIL
APPEAL NO.&nbsp; H1/7/2018&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; THURSDAY,
1ST MARCH 2018<o:p></o:p>

</div>COUNSEL:<o:p></o:p>LAMBERT KERIBA FOR
DEFENDANT/APPELLANT<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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<p class="MsoNormalCxSpMiddle" style="margin-left:.5in;mso-add-space:auto;
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mso-padding-alt:0in 0in 1.0pt 0in">NAOMI
N. LARTEY FOR PLAINTIFF/RESPONDENT<o:p></o:p>

</div>CORAM:<o:p></o:p>F.
KUSI-APPIAH JA (PRESIDING), E. K. AYEBI JA, SIMON G. SUUREBAAREH JA<o:p></o:p><div style="mso-element:para-border-div;border-top:solid windowtext 1.5pt;
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<p class="MsoNormal" align="center" style="text-align:center;line-height:115%;
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solid windowtext 1.5pt;padding:0in;mso-padding-alt:1.0pt 0in 1.0pt 0in">JUDGMENT<o:p></o:p>

</div>AYEBI,
JA<o:p></o:p>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This
is an appeal against the ruling of an Accra High Court which set aside the
defendant/appellant’s statement of defence because in the said statement of
defence, defendant/appellant in addition to the plaintiff/respondent, without
leave of the court, counter-claimed against two other persons who were not
parties to the suit originally. The issue to be resolved in the appeal
therefore is when and how Order 12 rule 5 on counter-claim against additional
parties vis-à-vis Order 4 rule 5(2) on Joinder of Parties in the High Court
(Civil Procedure) Rules, 2004 (C.I. 47) should be invoked.<o:p></o:p>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The
plaintiff averred that she is in the business of investment banking.&nbsp; By separate investment agreements, she placed
various sums of money for investment with the defendant.&nbsp; Although the investments have since matured,
the defendant has failed to pay the principal and the agreed interest thereon
despite repeated demands.&nbsp; Per the writ
of summons, plaintiff claimed against the defendant:<o:p></o:p><p class="MsoListParagraphCxSpMiddle" style="margin-top:0in;margin-right:0in;
margin-bottom:10.0pt;margin-left:1.5in;mso-add-space:auto;text-align:justify;
text-indent:-.5in;line-height:115%;mso-list:l0 level1 lfo2">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Recovery of the sum of Five million,
Seven hundred and Forty-nine thousand, Six hundred and Seventy-eight Ghana
Cedis, Thirty-three pesewas (GH¢5,749,978.33) being the total value of
investments placed with the defendant by the plaintiff.<o:p></o:p><p class="MsoListParagraphCxSpMiddle" style="margin-top:0in;margin-right:0in;
margin-bottom:10.0pt;margin-left:1.5in;mso-add-space:auto;text-align:justify;
text-indent:-.5in;line-height:115%;mso-list:l0 level1 lfo2">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Interest on the sum (a) above at the
agreed interest rate on the various investments from the time it became due to
date of final payment.<o:p></o:p><p class="MsoListParagraphCxSpMiddle" style="margin-top:0in;margin-right:0in;
margin-bottom:10.0pt;margin-left:1.5in;mso-add-space:auto;text-align:justify;
text-indent:-.5in;line-height:115%;mso-list:l0 level1 lfo2">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Penal interest on the amounts due at
the rate of 7% a month on the various investments from the time it became due
to the date of final payment.<o:p></o:p><p class="MsoListParagraphCxSpMiddle" style="margin-top:0in;margin-right:0in;
margin-bottom:10.0pt;margin-left:1.5in;mso-add-space:auto;text-align:justify;
text-indent:-.5in;line-height:115%;mso-list:l0 level1 lfo2">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Cost including legal fees.<o:p></o:p>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The
defendant denied the claim of the plaintiff and charged the plaintiff and two
non-parties with fraud perpetrated on her.&nbsp;
According to the defendant, she discovered that one Kingsley
Awuah-Darko, board chairman of the plaintiff was the founder of both Money
Systems International Ltd. and PT Holdings Ltd</main>