LA REAL ESTATE LTD vs. EAST DADEKOTOPONG CEVT. TRUST [2018]DLHC3678

Date	2018-05-14
Suit No.	SUIT NO. RPC/345/10
Citation No.	[2018]DLHC3678

GEORGE K. KOOMSON JUSTICE OF THE HIGH COURT

JOSEPH OPOKU BOATENG FOR PLAINTIFF

L.S.N. AKUETTEH FOR DEFENDANT

[2018]DLHC3678
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													<main id="main" class="content" style="min-height: 60rem" >LA REAL ESTATE LTD<o:p></o:p>vs.<o:p></o:p>EAST DADEKOTOPONG CEVT.
TRUST<o:p></o:p>[HIGH COURT (COMMERCIAL
DIVISION), ACCRA]<o:p></o:p>SUIT NO. RPC/345/10&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; &nbsp; 14TH MAY, 2018<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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<o:p>&nbsp;</o:p>

</div>COUNSEL:<o:p></o:p>JOSEPH OPOKU BOATENG FOR PLAINTIFF <o:p></o:p>L.S.N. AKUETTEH FOR DEFENDANT <o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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<o:p>&nbsp;</o:p>

</div>CORAM:<o:p></o:p>GEORGE K. KOOMSON JUSTICE OF THE HIGH COURT <o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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</div>JUDGMENT<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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</div>In this action, the Plaintiff sued the Defendant for the following
reliefs: <o:p></o:p><p class="MsoListParagraphCxSpFirst" style="text-align:justify;text-indent:-.25in;
mso-pagination:none;mso-list:l1 level1 lfo1;border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;
mso-border-shadow:yes">(a). Payment of USD50,000.00 or its cedi equivalent as funds advanced
by the Plaintiff to the Defendant as an initial advance under a proposed Joint
Venture Agreement which did not materialize. <o:p></o:p><p class="MsoListParagraphCxSpMiddle" style="text-align:justify;text-indent:-.25in;
mso-pagination:none;mso-list:l1 level1 lfo1;border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;
mso-border-shadow:yes">(b). Interest on the said USD 50,000.00 from October, 2005 up to the date
of final payment at current bank rate. <o:p></o:p><p class="MsoListParagraphCxSpLast" style="text-align:justify;text-indent:-.25in;
mso-pagination:none;mso-list:l1 level1 lfo1;border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;
mso-border-shadow:yes">(c).&nbsp; Costs. <o:p></o:p>The Defendant has also in a counterclaim asked for the following
reliefs: <o:p></o:p>1. General damages for breach of contract <o:p></o:p>2. Punitive damages for wilful misrepresentation and deceit <o:p></o:p><o:p>&nbsp;</o:p>The case of the Plaintiff is that it entered into a Memorandum of
Understanding <o:p></o:p>(MOU) with the Defendant in October, 2005 by which the Plaintiff
was to be offered <o:p></o:p>30% shares originally allocated to NTHC in a Joint Venture Company
formed between the Defendant and NTHC Ltd in 2001. In consideration of the
allotment of shares, the Plaintiff contended that it was to pay to the
Defendant USD 348,000.00 or its cedi equivalent. The parties were to form a
Joint Venture Company with the object of developing portions of the land owned
by the Defendant in Accra and parcel out portions thereof for outright sale. <o:p></o:p><o:p>&nbsp;</o:p>It is the case of the Plaintiff that, following the execution of
the MOU and before the incorporation of the Joint Venture Company, the
Defendant requested for and obtained from the Plaintiff an advance of USD
50,000.00 to cover Defendant’s administrative and operational expenses. The
Plaintiff further stated th</main>