ACCENT FINANCIAL SERVICES vs. EM CAPITAL PARTNERS LTD. [2018]DLHC10709

Date	2018-06-20
Suit No.	SUIT NO: GJ/1880/17
Citation No.	[2018]DLHC10709

HIS LORDSHIP JUSTICE E K. MENSAH

ABENA NYANTAKYIWAA AGYEMANG FOR THE PLAINTIFF/APPLICANT

KWABENA GYAMFI NIMAKO FOR THE DEFENDANT/RESPONDENT

[2018]DLHC10709
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													<main id="main" class="content" style="min-height: 60rem" >ACCENT FINANCIAL SERVICES<o:p></o:p>(PLAINTIFF)<o:p></o:p>vs.<o:p></o:p>EM CAPITAL PARTNERS LTD.<o:p></o:p>(DEFNDANTS)<o:p></o:p>[HIGH COURT,
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:<o:p></o:p>ABENA NYANTAKYIWAA AGYEMANG FOR THE
PLAINTIFF/APPLICANT<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:
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solid windowtext 1.5pt;padding:0cm;mso-padding-alt:0cm 0cm 1.0pt 0cm">KWABENA GYAMFI NIMAKO FOR THE DEFENDANT/RESPONDENT<o:p></o:p>

</div>CORAM:<o:p></o:p>HIS LORDSHIP JUSTICE E K. MENSAH<o:p></o:p><div style="border-top-width: 1.5pt; border-top-color: windowtext; border-left: none; border-bottom-width: 1.5pt; border-bottom-color: windowtext; border-right: none; padding: 1pt 0cm;">

<p class="MsoNormal" align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;
text-align:center;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">RULING
<o:p></o:p>

</div>&nbsp;&nbsp;The
Plaintiff/Applicant’s prayer in the instant suit is for an order of the<o:p></o:p>Court
to enter judgment for him on admission. A twelve paragraphed affidavit filed on
the 16th April, 2018, supports the application. It is the case of
the Applicant that on or about 8th May, 2015, it placed an amount of
Four Million Ghana Cedis (GH¢4,000,000.00) in a fixed income investment with
the Defendant Company.<o:p></o:p>&nbsp;Further
that, the said investment was for a tenure of 91 days and same was expected to
yield an interest on the amount of GH¢3,368,986.30) at the agreed interest rate
of 37% per annum. Further that, the Defendant by a statement of defence filed
on the 15th January, 2018, admitted that it was indebted to the
Plaintiff and further that the indebtedness arose as a result of an investment
made by Plaintiff which matured on 7th August, 2015. That the
Defendant again admitted that upon the maturity of the investment, it paid to
the Plaintiff cash, the sum of GH¢500,000.00 leaving an outstanding balance of
GH¢3,868,986.30 which the Defendant is yet to pay to the Plaintiff. It is also
the Applicant’s case that the Defendant admitted that the parties have agreed
on an interest rate of 37% per annum; and further that the admission made by
the Defendant can be gleaned from paragraphs 5, 14, 15 and 17 of the statement
of defence. It was therefore prayed that the application be granted.<o:p></o:p>&nbsp;Responding to the
affidavit in opposition, it is the case of the Applicant per Counsel that the
Defendant shall pay the Plaintiff from the proceeds of the sale of the assets
of a judgment of debtor to the Defendant herein by September, 2017. That we are
in 2018 and yet the Defendants have not made any other payment to them except
the GH¢500,000.00 that was paid earlier. That the Defendant cannot hide behind
the agreement, (Exhibit EM1) to deny the Plaintiff the investment it has made
in the Defendant. It was therefore prayed that the application be granted.<o:p></o:p>&nbsp;Responding to the
submissions of Counsel for the Applicant per Counsel, it is the case of the
Respondent that even though they have taken the Plaintiff’s money, the
Defendant from its statement of defence set out series of facts to show that
the Applicants are at this moment in time not entitled to the money. That they
say this because the Plaintiff chose a risk with higher returns portfolio. That
the parties understood that if the Defendant is unable to repay the Plaintiffs
investment because a 3rd party to whom the Defendant has invested
the Plaintiff’s worth has failed to repay the investment for same to be given
to the Plaintiff, the Plaintiff will waive its right to any judicial
proceedings to recover the amount until the Defendant was in receipt of the
investment from the 3rd party but will not give same to the
Plaintiff. That it was on the basis of this understanding that the parties got
the Securities and Exchange Commission involve. It is the case of the Defendant
Respondent that it is taking steps to recover the money from the 3rd
party for Judicial sale and the Plaintiff has to wait till the sale is
completed and take the proceeds of the sale in satisfaction of the debt. It was
submitted that the full effect of the whole paymen</main>