MRS FANNY EGALA vs. G – LIFE MICROFINANCE LTD AND OTHERS [2018]DLHC3488

Date	2018-01-14
Suit No.	SUIT NO.CM/0207/15
Citation No.	[2018]DLHC3488

HIS LORDSHIP ERIC KYEI BAFFOUR JUSTICE OF THE HIGH COURT

[2018]DLHC3488
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													<main id="main" class="content" style="min-height: 60rem" ><a name="OLE_LINK1">MRS FANNY EGALA<o:p></o:p></a>vs.<o:p></o:p>G – LIFE MICROFINANCE LTD AND OTHERS<o:p></o:p>&nbsp;[HIGH COURT (COMMERCIAL
DIVISION), 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">

SUIT
NO.CM/0207/15&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; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;DATE: 14TH JANUARY, 2018<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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HIS LORDSHIP ERIC KYEI BAFFOUR JUSTICE OF THE HIGH COURT<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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JUDGEMENT<o:p></o:p>

</div>Plaintiff
claims the following endorsement on its writ issued against the Defendants
jointly and severally <o:p></o:p><span style="font-size:12.0pt;
line-height:115%;font-family:&quot;Book Antiqua&quot;,&quot;serif&quot;;mso-fareast-font-family:
&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;;mso-ansi-language:EN-US">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Gh¢200,000.00 being
the principal amount Plaintiff invested in the 1st Defendant company<o:p></o:p><span style="font-size:12.0pt;
line-height:115%;font-family:&quot;Book Antiqua&quot;,&quot;serif&quot;;mso-fareast-font-family:
&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;;mso-ansi-language:EN-US">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Gh¢31,912.33 being
the agreed return on the investment or interest up to August 29, 2015<o:p></o:p><span style="font-size:12.0pt;
line-height:115%;font-family:&quot;Book Antiqua&quot;,&quot;serif&quot;;mso-fareast-font-family:
&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;;mso-ansi-language:EN-US">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Interest on
Gh¢200,000.00 from August 30th 2015 till date of final payment at
32% per annum.<o:p></o:p><span style="font-size:12.0pt;
line-height:115%;font-family:&quot;Book Antiqua&quot;,&quot;serif&quot;;mso-fareast-font-family:
&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;;mso-ansi-language:EN-US">d.&nbsp;&nbsp;&nbsp;&nbsp;
Interest on
Gh¢31,912.33 from 30th August 2015 till date of final payment at 32%
per annum.<o:p></o:p><span style="font-size:12.0pt;
line-height:115%;font-family:&quot;Book Antiqua&quot;,&quot;serif&quot;;mso-fareast-font-family:
&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;;mso-ansi-language:EN-US">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Cost inclusive of
legal fees.<o:p></o:p>The plaintiff provides the basis of her claim to the
reliefs she seeks in the amended statement of claim that accompanied the writ.
Plaintiff who styles herself as a business executive and a lawyer by profession
describes 1st Defendant as a company with 2nd to 4th
Defendants being the directors of the 1st Defendant. That by virtue
of an investment agreement on the 28th of February, 2015 between
herself and the 1st Defendant, she invested an amount of Gh¢200,000.00
into the 1st Defendant company with a tenure of 182 days subject to
renewal upon expiration with an interest rate of 32% per annum. Plaintiff
states that it was agreed between the parties that an amount of Gh¢31,912.33
was to be the total interest with the maturity date being August, 29, 2015.
That on due date 1st Defendant failed to pay the interest and
neither was her principal amount refunded to her. She claim that 2nd
Defendant pleaded for more time to pay the monies by the 30th of
November, 2015 but has failed to do same. <o:p></o:p><o:p>&nbsp;</o:p>With the persistent failure of the Defendants to
refund her monies, she asseverates that she was compelled to conduct searches
at the Registrar General’s on 1st Defendant Company and also
notified Bank of Ghana of the failure of Defendants to refund her investment to
her. To Plaintiff the response of the Registrar General showed that the 1st
Defendant was incorporated on 2nd April, 2014 but had not been
issued with a commencement certificate with its stated capital being Gh¢1,000,000.00.
Plaintiff avers that 2nd, 3rd and 4th
Defendants knowingly used 1st Defendant to transact business when
they knew that it had not been issued with a certificate to commence business.<o:p></o:p><o:p>&nbsp;</o:p>