MR. PAUL JACQUAYE (PLAINTIFF/RESPONDENT) vs. IDEAL FINANCIAL HOLDINGS LTD. (DEFENDANT/APPELLANT) [2019]DLCA7724

MR. PAUL JACQUAYE (PLAINTIFF/RESPONDENT) vs. IDEAL FINANCIAL HOLDINGS LTD. (DEFE... [2019]DLCA7724

Date	2019-11-14
Suit No.	SUIT NO.: H1/01/2019
Citation No.	[2019]DLCA7724

LOVELACE-JOHNSON J.A. (PRESIDING)

TORKORNOO J. A.

POKU-ACHEAMPONG J.A.

PRISCILLA AGUDDEY WITH YAA ASAMOAH AND VICTORIA APPIAH OWUSU FOR DEFENDANT/APPELLANT

ROBERT ALLOH FOR PLAINTIFF/RESPONDENT

[2019]DLCA7724
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													<main id="main" class="content" style="min-height: 60rem" >MR. PAUL
JACQUAYE<o:p></o:p>(PLAINTIFF/RESPONDENT)<o:p></o:p><span lang="EN-US" style="font-size:12.0pt;
line-height:115%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;
mso-bidi-font-family:&quot;Book Antiqua&quot;;color:#00B0F0">vs.<o:p></o:p>IDEAL
FINANCIAL HOLDINGS LTD.<o:p></o:p>(DEFENDANT/APPELLANT)<o:p></o:p><o:p>&nbsp;</o:p>[COURT
OF APPEAL, ACCRA]<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0cm 0cm 1.0pt 0cm">

SUIT
NO.: H1/01/2019&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &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 NOVEMBER, 2019<o:p></o:p>

</div>COUNSEL:<o:p></o:p>PRISCILLA
AGUDDEY WITH YAA ASAMOAH AND VICTORIA APPIAH OWUSU FOR DEFENDANT/APPELLANT<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0cm 0cm 1.0pt 0cm">

ROBERT
ALLOH FOR PLAINTIFF/RESPONDENT<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;
padding:0cm 0cm 1.0pt 0cm">

LOVELACE-JOHNSON
J.A. (PRESIDING), TORKORNOO J. A., POKU-ACHEAMPONG J.A.<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;
padding:0cm 0cm 1.0pt 0cm">

</div>TORKORNOO, J. A:<o:p></o:p>This
is an appeal against a judgment from the Commercial Division of the High Court,
Accra. The undisputed facts agreed by the parties are that the Plaintiff/Respondent
held 70% shares in a finance house called Ezi Savings &amp; Loans Ltd (hereinafter
referred to as Ezi). He offered them for sale at the price of 5 million Ghȼ
to the Defendant Appellant. The parties to this dispute and the company, Ezi,
signed a Memorandum of Understanding (MOU) on 24th May 2014 over the
sale and transfer of shares, and the Appellant paid a deposit of 1 million Ghȼ
on the share sale price. <o:p></o:p><o:p>&nbsp;</o:p>By
the terms of the MOU, the Appellant was to pay a further 2 million Ghȼ
following the completion of an audit of the company’s finances and the
remaining 2 million Ghȼ sixty days thereafter. At
all times, the Appellant was represented by one Dr Nii Kotei Dzani. It was also
the understanding of the parties expressed in the MOU that the parties would
execute a Share Purchase Agreement (SPA) over the sale of the shares. The
parties signed the SPA on June 19 2014 with a contract completion date of May
27th 2014. The Appellant took full control of Ezi and changed the
name of Ezi to First Trust Savings and Loans Ltd (Firs Trust).<o:p></o:p><o:p>&nbsp;</o:p>After
waiting for months without payment of the balance of the share price, the Respondent
sued the Appellant in January 2015, for payment of the outstanding share price.
These were the reliefs he sought:<o:p></o:p><o:p>&nbsp;</o:p>1. Claim <o:p></o:p>a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
An order for the payment of
the sum of four (4) million Ghana cedis.<o:p></o:p><o:p>&nbsp;</o:p>b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Interest on the said sum at
the prevailing rate of interest for July and September 2014 respectively until
the date of final payment.<o:p></o:p><o:p>&nbsp;</o:p>