DR ARCHIBALD FREDERICK MCKENZIE BADOE vs. GOLD COAST FUND MANAGEMENT LTD [2019]DLHC6886

Date	2019-06-07
Suit No.	SUIT NO: OCC 25/2019
Citation No.	[2019]DLHC6886

HIS LORDSHIP JUSTICE DR. RICHMOND OSEI-HWERE

MANSUWA KPENTEY DONGOTEY FOR MARIAM AGYEMAN GYASI JAWHARY FOR THE PLAINTIFF

EMMANUEL AMOAH FOR THE DEFENDANT/JUDGMENT DEBTOR

[2019]DLHC6886
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													<main id="main" class="content" style="min-height: 60rem" >DR ARCHIBALD
FREDERICK MCKENZIE BADOE<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 (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
NO: OCC 25/2019&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; &nbsp; &nbsp;DATE: 7TH JUNE, 2019<o:p></o:p>

</div>COUNSEL:
<o:p></o:p>MANSUWA
KPENTEY DONGOTEY FOR MARIAM AGYEMAN GYASI JAWHARY FOR THE PLAINTIFF. <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">

EMMANUEL
AMOAH FOR THE DEFENDANT/JUDGMENT DEBTOR. <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;
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<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
115%;mso-outline-level:1;border:none;mso-border-bottom-alt:solid windowtext 1.5pt;
padding:0in;mso-padding-alt:0in 0in 1.0pt 0in">HIS LORDSHIP JUSTICE DR.
RICHMOND OSEI-HWERE<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;
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</div>This
ruling is in respect of a garnishee proceeding commenced in this court on the
14th February, 2019.<o:p></o:p>On
22nd October, 2018, the Plaintiff filed a writ against the defendant for the
following reliefs:<o:p></o:p>a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An
order for the payment of the total sums GHC328,127.43 (Three Hundred and
Twenty-Eight Thousand, One Hundred and twenty-seven Ghana Cedis, forty-three
pesewas) being the principal sum placed by the Plaintiff with the Defendant as
a structured finance investment and which investment matured on 5th September
2018 and ought to have been paid to him at the said date of 6th September 2018
but which sum the Defendant has failed to pay despite repeated demand since
10th September 2018.<o:p></o:p>b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An
order for the payment of all sums due the Plaintiff from the Defendant on the
sum of GHC328,127.43 (Three Hundred and Twenty-Eight Thousand, One Hundred and
twenty-seven Ghana Cedis, forty-three pesewas) stated I relief (a) supra since
6th September 2018.<o:p></o:p>c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An
order for the payment of the sum of GH50,000.00 (Fifty Thousand Ghana Cedis)
and accrued interest thereon invested by the Plaintiff with the Defendant on
24th August 2018 till date of final judgment.<o:p></o:p>d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An
order for the payment of interest on the principal sum of GHC328,127.43 (Three
Hundred and Twenty-Eight Thousand, One Hundred and twenty-seven Ghana Cedis,
forty-three pesewas) at the prevailing commercial bank lending rate at the date
of the judgment or in the alternative at the rate of 27% being the rate of
interest the Defendant was paying to the Plaintiff on his structured investment
with the Defendant.<o:p></o:p>e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost including legal fees.<o:p></o:p>On
13th December, 2018 final judgment was entered in favour of the
plaintiff/applicant in respect of reliefs (a) to (d) of the claim. Costs of GHc
40,000.00 was awarded against the Defendant.<o:p></o:p>The
plaintiff/judgment creditor/applicant herein went into execution of the
judgment and on 6th February, 2019 the court, upon an application by
the applicant herein granted a Garnishee Nissi order against the Managing
Director or any designated officer of GN Savings and Loans (formerly GN Bank)
to appear before the court on 14th February, 2019 to show cause why
monies held by them in the account and to the credit of Gold Coast Fund
Management Limited, the Defendant/Judgment Debtor herein shall not be used to
satisfy the judgment debt entered by the court on 13th December,
2018 in favour of the applicant herein.<o:p></o:p>When
the representative of the garnishee bank, Seyram Komla Kpokpo testified, he
told the court that the judgment debtor herein has an account with the
garnishee bank and that as at 6th February, 2019 the balance on the
account was GHC 29,984.24. He also told the court that the garnishee order was
served on his bank on 8th February, 2019. When he was asked by the
court to show cause why this amount cannot be used to settle part of the debt
of judgment debtor owed the judgment creditor, he responded as follows:<o:p></o:p>“Gold Coast is in the process of
paying all clients whatever is due them. However, there have been delays due to
debt owed by the Government of Ghana and other debtors.”<o:p></o:p>