MR. ISAAC KWADWO GYASI vs. MR. KWAKU NNURO & ORS [2018]DLHC3988

Date	2018-10-16
Suit No.	SUIT NO.P/RPC 90/2015
Citation No.	[2018]DLHC3988

DR. RICHMOND OSEI-HWERE JUSTICE OF THE HIGH COURT

KOFI EDUSEI FOR E. K. G. HAIZEL FOR THE PLAINTIFF

KWEKU PAINTSIL FOR THE DEFENDANT

[2018]DLHC3988
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													<main id="main" class="content" style="min-height: 60rem" >MR. ISAAC KWADWO GYASI<o:p></o:p>vs.<o:p></o:p>MR. KWAKU NNURO &amp; ORS<o:p></o:p>&nbsp;[HIGH
COURT (COMMERCIAL DIVISION), KUMASI]<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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SUIT&nbsp;NO.P/RPC 90/2015&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:
16TH
OCTOBER, 2018<o:p></o:p>

</div>COUNSEL
<o:p></o:p>KOFI EDUSEI FOR E. K. G.
HAIZEL FOR THE PLAINTIFF<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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</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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</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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<p class="MsoNormal" align="center" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:center;line-height:115%;border:none;mso-border-bottom-alt:solid windowtext 1.5pt;
padding:0in;mso-padding-alt:0in 0in 1.0pt 0in">JUDGMENT<o:p></o:p>

</div>By
a Writ of Summons and Statement of Claim filed on April 24, 2015, the Plaintiff
brought this action to this Honourable Court seeking reliefs contained in the
Writ of Summon as follows:<o:p></o:p>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A recovery of an amount of SEVENTY-FOUR
THOUSAND UNITED STATES DOLLARS($74,000.00) or its equivalent in Ghana Cedi
being refundable amount the Plaintiff paid to the Defendants. <o:p></o:p>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest at the current commercial bank
rate on the sum claimed in relief (a)from December 7,2014 till date of final
payment.<o:p></o:p>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recovery of the sum of NINETEEN
THOUSAND, SIX HUNDRED AND FIFTEEN GHANA CEDIS(GH₡19,615)
being the Plaintiff's total share of declared profits from February 2014 to
November 2014. <o:p></o:p>D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on the declared profits in
relief (c) from November 2014 till date of final payment.<o:p></o:p>The Plaintiff’s Case<o:p></o:p>The
gravamen of the plaintiff’s case is that he entered into a refundable working
capital agreement with the defendant for the importation of goods from China,
and that the said agreement was reduced into writing per Exhibit A. <o:p></o:p>In
furtherance of the agreement, it is the plaintiff’s case that he advanced an
amount of seventy-four thousand United States Dollars (<a name="_Hlk526930210">US$</a>74,000)
to the Defendant. It is also the plaintiff’s case that per the agreement the
parties were supposed to share the profit from the sale of the imported goods
and that if a party intends to withdraw from the business a four-month notice
must be served on the other party in lieu of the payment of the total working
capital. According to the Plaintiff the Defendants were not transparent in the
conduct of the business and on 7th August, 2012 he served the four months
mandatory notice for a refund of his Seventy-four thousand United States Dollars
in accordance with the agreement. The plaintiff stated that the first Defendant
subsequently made a written undertaking to pay the said amount as well as his
(plaintiff’s) share of the declared profit by instalment but the same was not
fulfilled.<o:p></o:p>The Defendant’s Case<o:p></o:p>The
1st defendant denied liability to the plaintiff’s claim. He stated
that the plaintiff initially contributed <a name="_Hlk526930299">US$</a>45,000.00
into the business and made another payment of <a name="_Hlk526930358">US$</a>29,000.00
bringing the total to <a name="_Hlk526974227"></a><a name="_Hlk526930687">US$</a>74,000.00. He stated that in spite of the fluctuation in
exchange rate which affected the import business he has advanced about GHC
120,000.00 to the plaintiff as his share of profit. It is also the 1st
defendant’s case that at the time the plaintiff invested in the business the US
Dollars to Ghana Cedis exchange rate hovered around US$ 1 to GHC 1.5, it would
therefore be unfair for him to pay the plaintiff in Ghana cedis.<o:p></o:p><o:p>&nbsp;</o:p>Issues for Determination<o:p></o:p>Settlement
broke down at the pre-trial settlement stage and the following issues were set
down for trial:<o:p></o:p>1.Whether
the $74,000 is refundable.<o:p></o:p>