NANA OSEI AKOTO vs . GOLD COAST FUND MANAGEMENT LTD. [2019]DLHC6852

Date	2019-07-02
Suit No.	SUIT NO. OCC/39/2019
Citation No.	[2019]DLHC6852

DR. RICHMOND OSEI-HWERE J

ALBERT GYAMFI FOR MARIAM AGYEMAN GYASI JAWHARRY (MRS) FOR THE PLAINTIFF/RESPONDENT

NICHOLAS LENIN ANANE AGYEI FOR FREDERICK BOAMAH FOR THE DEFENDANT/APPLICANT

[2019]DLHC6852
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													<main id="main" class="content" style="min-height: 60rem" >NANA OSEI AKOTO<o:p></o:p>(PLAINTIFF)<o:p></o:p>vs .<o:p></o:p>GOLD COAST FUND
MANAGEMENT LTD.<o:p></o:p>(DEFENDANT)<o:p></o:p>[HIGH
COURT, KUMASI]<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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</div>COUNSEL:<o:p></o:p>ALBERT
GYAMFI FOR MARIAM AGYEMAN GYASI JAWHARRY (MRS) FOR THE PLAINTIFF/RESPONDENT<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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NICHOLAS
LENIN ANANE AGYEI FOR FREDERICK BOAMAH FOR THE DEFENDANT/APPLICANT<o:p></o:p>

</div>CORAM:<o:p></o:p>DR. RICHMOND OSEI-HWERE, 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>On
15th April 2019, Counsel for the Defendant/Applicant (hereinafter
called the Applicant) filed a Motion on Notice to set aside the Writ of Summons
and Statement of Claim filed on 1st March 2019 or to transfer the
present matter to the High Court, Accra. Per the endorsement on the
Plaintiff’s/Respondent’s (hereinafter called the Respondent) Writ of Summons
and Statement of Claim the following reliefs were sought:<o:p></o:p>a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
An order for the payment of the sums of Six
Hundred and Ten Thousand Ghana Cedis (GHC610,000.00) and Five Hundred Thousand
Ghana Cedis (GHC500,000.00) which sums the Plaintiff invested with the
Defendant company on 18th August, 2017 and 19th February,
2018 and which investments matured on the 18th August, 2018 and 31st
October, 2018 respectively but which said sums the Defendant has failed to pay
despite repeated demands by the Plaintiff.<o:p></o:p>b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Interest on the said amounts at the
prevailing commercial bank lending rate from 1st November, 2018 till
the date of final payment.<o:p></o:p>c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Cost.<o:p></o:p>The
Applicant herein has filed this Application pursuant to a Conditional Appearance
filed by it on the 14th of March, 2019.<o:p></o:p>The Applicant’s Case<o:p></o:p>The
grounds of the Applicant’s caseas gathered from the affidavit in support of the
application and the applicant’s written submission filed on its behalf by
counsel are:<o:p></o:p>a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That
the present action falls within the scope of section 18 and 19 of the
Securities Industry Act, 2016 (Act 929) hence the Respondent ought to have made
a formal complaint to the Securities and Exchange Commission (“SEC”) before
commencing the present action.<o:p></o:p>b. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That
the Securities Industries Act stays the Court’s Jurisdiction until all such
complaints, disputes or violations have been submitted for resolution.<o:p></o:p>c. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That
the proper forum for commencing a suit against the Defendant is the High Court,
Accra where it has its registered office and carries on business.<o:p></o:p>In
his written submissions, Counsel for the applicant argued thatby virtue of the
structure, organization and operation of its business, the breach of any
contractual provision with a customer falls within the scope of section 19 of
Act 929 and the need to resort to SEC is backed by strong public policy
reasons. Counsel submitted that the present action constitutes a complaint,
dispute or violation within the meaning of section 19 of Act 929 and that the respondent
ought to follow the procedure set out under section 19. Counsel cited the case
of Boyefio v NTHC Properties Ltd [1997-98] 1 GLR 768 which amplifi</main>