FABIAN KOFI ADJAYE HEVI vs. ZENNITH BANK GHANA LTD, NAA DEDEI TAGOE, MANGEL KLICKS CO. LTD AND CHARLES KWAMENA ACKON [2018]DLHC10104

FABIAN KOFI ADJAYE HEVI vs. ZENNITH BANK GHANA LTD, NAA DEDEI TAGOE, MANGEL KLI... [2018]DLHC10104

Date	2018-07-31
Suit No.	SUIT NO. CM/0056/15
Citation No.	[2018]DLHC10104

JUSTICE GEORGE BUADI J.

KWADWO ADDEA SARFO ESQ. FOR PLAINTIFF PRESENT

AKUA NIMAKO BOATENG ESQ WITH AMINA ALI ISSAKA ESQ. FOR 1ST DEFENDANT PRESENT

MAXWELL KOLOG FOR 2ND DEFENDANT ESQ. PRESENT (HOLDING BRIEF OF QUARHIGAH ESQ. PRESENT.

[2018]DLHC10104
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													<main id="main" class="content" style="min-height: 60rem" >FABIAN KOFI ADJAYE HEVI<o:p></o:p>(PLAINTIFF)<o:p></o:p>vs.<o:p></o:p>ZENNITH BANK GHANA LTD, NAA DEDEI
TAGOE, MANGEL KLICKS CO. LTD AND CHARLES KWAMENA ACKON<o:p></o:p>(DEFENDANTS)<o:p></o:p>[HIGH COURT
(COMMERCIAL DIV. 5) ACCRA]<o:p></o:p><div style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom-width: 1.5pt; border-bottom-color: windowtext; padding: 0cm 0cm 1pt;">

</div>COUNSEL:&nbsp;&nbsp; <o:p></o:p>KWADWO ADDEA SARFO
ESQ. FOR PLAINTIFF PRESENT<o:p></o:p>AKUA NIMAKO
BOATENG ESQ, WITH AMINA ALI ISSAKA ESQ. FOR 1ST&nbsp; DEFENDANT PRESENT<o:p></o:p><div style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom-width: 1.5pt; border-bottom-color: windowtext; padding: 0cm 0cm 1pt;">

<p class="MsoNormal" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:
justify;line-height:115%;border:none;mso-border-bottom-alt:solid windowtext 1.5pt;
padding:0cm;mso-padding-alt:0cm 0cm 1.0pt 0cm">MAXWELL
KOLOG FOR 2ND&nbsp; DEFENDANT ESQ.
PRESENT (HOLDING BRIEF OF QUARHIGAH ESQ. PRESENT.<o:p></o:p>

<p class="MsoNormal" align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;
text-align:center;line-height:115%;border:none;mso-border-top-alt:solid windowtext 1.5pt;
mso-border-bottom-alt:solid windowtext 1.5pt;padding:0cm;mso-padding-alt:1.0pt 0cm 1.0pt 0cm">JUDGMENT<o:p></o:p>

</div>&nbsp;1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Introduction<o:p></o:p>1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The suit involves the legal implication
of financial or investment advice that plaintiff claims 2nd
defendant, who was then an employee of 1st defendant bank (the bank)
gave him. The plaintiff invites the court to indict 2nd defendant
for loss allegedly flowing from the investment advice. The plaintiff further
invites the court to declare that 2nd defendant or her employer, the
bank, or both owe him duty of care; indeed whether 1st defendant cannot
be held vicariously liable for loss, injury, damages arising from his investment
loss, and indeed the general conduct of 2nd defendant in relation
with the subject matter.<o:p></o:p>&nbsp;1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plaintiff is a customer of Spintex branch
of the bank. 2nd defendant used to be an employee of the bank. 4th
defendant is the managing director of 3rd defendant, a
pharmaceutical company in Accra. Plaintiff has been a customer of the bank for
over five years, at which period the bank accorded him a privileged status by assigning
2nd defendant to him as his platinum manager for premium operational
services on his accounts, and all his banking transactions and investments with
the bank.<o:p></o:p>&nbsp;2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements
of case<o:p></o:p>2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plaintiff’s case<o:p></o:p>Summary of plaintiff’s
case is that in October 2009, he fell for and thus accepted 2nd defendant
advice of higher investment earnings in 3rd defendant company. The
details are 4% monthly interest on principal investment amount; another 4%
interest on any interest re-invested, good will and repayment of the principal
and accrued interest after six months. Plaintiff claims to have fallen for this
investment advice of 2nd &nbsp;defendant, which made him to disinvest and to withdrew
his fixed deposit funds of GH¢170,000 at the bank and convert same into United
States dollars - US$120,000, and to reinvest same in 3rd defendant’s
company, owned and managed by 4th defendant.<o:p></o:p>&nbsp;Pursuant to the
advice, plaintiff, represented by 2nd defendant on 30 October 2009
signed an investment agreement with 3rd &nbsp;defendant, who was represented by 4th
defendant, by which 2nd &nbsp;defendant caused plaintiff’s fixed deposit
funds at the bank to be converted into dollars and paid to 3rd defendant
company as his investment with or in 3rd &nbsp;defendant. Plaintiff’s claim is that the money
was withdrawn from his current account at the bank by 2nd defendant who
was acting in the course of her employment with the bank. Plaintiff’s claim is
that 2nd defendant re-invested the funds in 3rd defendant’s
company, but that defendants have all failed to pay either the principal
amount, or the accrued interests and goodwill despite his persistent demands.<o:p></o:p>&nbsp;