MELVILLE ENTERPRISES S.A. (PLAINTIFF/APPLICANT) vs. THE 10, 000 METRIC TONNES CARGO OF CRUDE OIL LADEN ON BOARD THE MOTOR TANKER “OLYMPIC FAITH” AND ALL INTERESTED PERSONS IN IT, LUSHANN INT. ENERGY LTD AND BBLS GMBH (DEFENDANTS) GHANA COMMERCIAL BANK (RESPONDENT) [2018]DLHC7334

MELVILLE ENTERPRISES S.A. (PLAINTIFF/APPLICANT) vs. THE 10, 000 METRIC TONNES CA... [2018]DLHC7334

Date	2018-03-02
Suit No.	SUIT NO.: GGS/01/14
Citation No.	[2018]DLHC7334

HIS LORDSHIP SAMUEL K. A. ASIEDU J.

M. B. SAHNOON ESQ. FOR THE PLAINTIFF/APPLICANT.

NUTSUKPUI ESQ. FOR DEFENDANT/RESPONDENT WITH HIM AKWELEY GARBOR ESQ.

[2018]DLHC7334
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													<main id="main" class="content" style="min-height: 60rem" >MELVILLE ENTERPRISES
S.A.<o:p></o:p>(PLAINTIFF/APPLICANT)<o:p></o:p>vs.<o:p></o:p>THE 10, 000 METRIC
TONNES CARGO OF CRUDE OIL LADEN ON BOARD THE MOTOR TANKER “OLYMPIC FAITH” AND
ALL INTERESTED PERSONS IN IT,&nbsp;&nbsp; LUSHANN
INT. ENERGY LTD AND BBLS GMBH<o:p></o:p>(DEFENDANTS)<o:p></o:p>GHANA COMMERCIAL BANK<o:p></o:p>(RESPONDENT)<o:p></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;
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SUIT
NO.: GGS/01/14&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &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:
2ND MARCH, 2018<o:p></o:p>

</div>COUNSEL: <o:p></o:p>M. B. SAHNOON ESQ., FOR
THE PLAINTIFF/APPLICANT.<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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NUTSUKPUI
ESQ., FOR DEFENDANT/RESPONDENT WITH HIM AKWELEY GARBOR ESQ.<o:p></o:p>

</div>CORAM:<o:p></o:p>HIS LORDSHIP SAMUEL K. A.
ASIEDU, 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;
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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>The
instant motion, filed on the 14th December 2017, seeks an order of
the court directed at GCB Bank Ltd to pay to the Registrar of the court the sum
of $7, 428,456 being deposit as at 21st February 2017 held in the
name of the Registrar of this court together with accrued interest to date
pursuant to an order of the court dated 27th January 2014. The
motion is supported by an affidavit. The respondent, GCB Bank Ltd, is opposed
to the application as shown by its affidavit in opposition.<o:p></o:p>The
facts leading to the application are not difficult to appreciate and are, to a
large extent, reproduced, as far as is relevant to the instant application, in
the affidavit in support. The plaintiff company sued the 1st and the
2nd defendants in this matter, upon a time charter, for the recovery
of unpaid hire after the 2nd defendant had failed to pay the
plaintiff company for the chartering of its vessel, the Mt. Olympic Faith. The
suit was both an action in rem and in personam as shown by the writ of summons.
The plaintiff exercised a right of a lien, under the time charter, in respect
of a cargo of oil then on board the Mt. Olympic Faith and, for that reason,
refused to discharge the oil cargo till the outstanding hire was paid. <o:p></o:p>As
a result of the stalemate, the plaintiff applied for the appraisement and sale
of the cargo on board the vessel in respect of which the lien had been
exercised. The court, on the 27th January 2014, therefore, ordered
the Registrar of the court to cause the cargo of oil to be sold and also
ordered that an amount of $7,000,000.00 out of the proceeds from the sale of
the oil be deposited in an interest yielding account pending the determination
of the matter.<o:p></o:p>The
account was opened at UT Bank Ltd and the amount of $7,000,000.00 was deposited
therein at an interest rate of 2% per annum. Statements of account were
periodically submitted to the Registrar as shown by exhibits 6, 7 and 8
attached to the affidavit in support herein. The last statement of account,
exhibit 8 herein, shows that interest had accrued on the deposit bringing the
total amount to $7,423,456.00.<o:p></o:p>After
the hearing of the case, the court entered judgment in favour of the plaintiff
and ordered, among others, that the said amount be withdrawn and used to
satisfy the judgment debt together with interest and costs awarded. <o:p></o:p>In
the meantime, according to the respondent, the Bank of Ghana had announced the
revocation of the banking license of UT Bank Ltd on the 14th August
2017. Indeed, in an affidavit in opposition to an application for contempt
against the manager of the respondent, the said manager deposed and swore at
paragraphs 7, 8 and 9 thereof as follows: <o:p></o:p>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That
the Bank of Ghana on 14th August, 2017 revoked the banking licence
of UT Bank Limited (See “Exhibit GCB A” attached).<o:p></o:p>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That
the Bank of Ghana on the 14th August, 2017 approved a Purchase and
Assumption Transaction for GCB Bank Limited (GCB) to take over deposits and some selected assets and
liabilities of the erstwhile UT Bank (See “Exhibit GCB A” attached).<o:p></o:p>9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That
the Bank of Ghana on the 14th August, 2017 appointed Messrs. Vish
Ashiagbor and Eric Nana Nipah of Price Water House Coopers (PWC) as joint
Receivers of the erstwhile UT Bank (See “Exhibit GCB B” attached).<o:p></o:p>The
above depositions are not too different from the depositions in paragraphs 4, 7
and 8 of the affidavit in opposition herein in which the respondent says that:<o:p></o:p>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That
the Bank of Ghana pursuant to the provisions of the Banks and Specialized
Depos</main>