EDC STOCK BROKERS LTD (PLAINTIFF) vs. CIG MICROFINANCE LTD & 7 ORS (DEFENDANTS) [2018]DLHC7197

Date	2018-06-08
Suit No.	SUIT NO. CM/0154/15
Citation No.	[2018]DLHC7197

HIS LORDSHIP GEORGE K. KOOMSON (J).

DANIEL ESSUMAN KOOMSON FOR DEFENDANTS

ASARE-DANQUAH FOR THE PLAINTIFF

[2018]DLHC7197
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													<main id="main" class="content" style="min-height: 60rem" >EDC STOCK
BROKERS LTD<o:p></o:p>(PLAINTIFF)<o:p></o:p>vs.<o:p></o:p>CIG
MICROFINANCE LTD &amp; 7 ORS<o:p></o:p>(DEFENDANTS)<o:p></o:p><o:p>&nbsp;</o:p>[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/0154/15&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; DATE: 8TH JUNE, 2018<o:p></o:p>

</div>COUNSEL: <o:p></o:p>DANIEL
ESSUMAN KOOMSON FOR DEFENDANTS<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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ASARE-DANQUAH
FOR THE PLAINTIFF<o:p></o:p>

</div>CORAM:<o:p></o:p>HIS
LORDSHIP GEORGE K. KOOMSON (J).<o:p></o:p><div style="mso-element:para-border-div;border-top: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-top-alt:solid windowtext 1.5pt;
mso-border-bottom-alt:solid windowtext 1.5pt;padding:0in;mso-padding-alt:1.0pt 0in 1.0pt 0in">RULING<o:p></o:p>

</div>Application for stay of execution is
hereby struck out as having been withdrawn by counsel for Defendants/Applicants.&nbsp; I make no order as to costs.<o:p></o:p>There is also an application for
reserve price.&nbsp; Counsel for
Plaintiff/Applicant moves motion by relying on the affidavit and all the
attachments.&nbsp; <o:p></o:p>Counsel for Defendants/Respondent
responds and says they are opposed to the application for reserve price.&nbsp; Counsel submits that the valuation placed on
the properties are far below the actual value as the property is in a prime
area in Accra and prays the court to appoint a government valuer to conduct the
valuation.<o:p></o:p>This
is an application for reserve price.&nbsp; I
have read the application and the affidavits filed by the parties for and in
opposition to the motion.&nbsp; I have also
considered the oral submissions made by both counsel in support of their
respective cases.&nbsp; Regard has also been
given to the principles governing matters of this nature.<o:p></o:p>It is to be noted that where a party
disputes a valuation done in respect of a property, it should be supported with
credible evidence.&nbsp; In the instant case,
the Defendants/Applicants filed their affidavit in opposition on the 24th
May, 2018.&nbsp; Although counsel for
Defendants/Respondent argues that the value put on the properties is far lower
than their real values, the Respondents did not say so in their affidavit in
opposition.&nbsp; Again, the Respondents
failed to indicate the values they think are appropriate in the circumstance. Until
a proper valuation is done by the Respondents.&nbsp;
I find the argument of counsel for the Respondents not tangible.&nbsp; Upon what basis did Respondents come to the conclusion
that the properties value more than what is contained in the valuation report
attached to the applicants motion.&nbsp; Arguing
that the properties values more than what is contained in the valuation report
is not enough.&nbsp; The Respondents ought to
have caused their own independent valuation as a means of letting the court
know the alternate values of these properties.&nbsp;
Short of any such evidence, it is my view that the valuation conducted
by the Applicant represent the values stated and certified in the said
report.&nbsp; <o:p></o:p>It is further to be noted that the
Respondents grounds of opposition found in their affidavit in opposition made
no reference to the values of these properties.&nbsp;
Rather the affidavit in opposition referenced negotiations, the
prematurity of the motion for reserve price and the filing of an application
for stay.&nbsp; Until terms of settlement,
post-judgment is filed, the court cannot prevent the
Plaintiff/Judgment/Creditor from pursuing its right to secure the payment of
the judgment debt.<o:p></o:p>Respondents counsel has requested that
the Court appoints a Government Valuer to value the property.&nbsp; I do not think I have to accede to this
request.&nbsp; The Respondents in their
affidavit has not shown any tangible reason for the Court to make such an
order.&nbsp; In the circumstance, I reject the
opposition to the application as it does not serve any useful purpose.&nbsp; I therefore grant the application.&nbsp; Let the forced sale values of the properties
under attachment be fixed as follows:<o:p></o:p><span lang="EN-GB" 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;">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Residential
properties at Oyibi-Greater Accra, is fixed at GH¢5,876,208.00<o:p></o:p><span lang="EN-GB" 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;">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span</main>