COMMUNITY DEVELOPMENT ALLIANCE - (PLAINTIFF) vs. GOLD COAST FUND MANAGEMENT (DEFENDANT) [2019]DLHC7254

COMMUNITY DEVELOPMENT ALLIANCE - (PLAINTIFF) vs. GOLD COAST FUND MANAGEMENT (DEF... [2019]DLHC7254

Date	2019-07-04
Suit No.	SUIT NO. CM/RPC/0086/2019
Citation No.	[2019]DLHC7254

HIS LORDSHIP GEORGE K. KOOMSON (J).

KADIRI SIBIRI EDMUND FOR PLAINTIFF/APPLICANT

CECIL ADASI FOR DEFENDANT/RESPONDENT

[2019]DLHC7254
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													<main id="main" class="content" style="min-height: 60rem" >COMMUNITY DEVELOPMENT ALLIANCE -<o:p></o:p>(PLAINTIFF)<o:p></o:p>vs.<o:p></o:p>GOLD COAST FUND MANAGEMENT<o:p></o:p>(DEFENDANT)<o:p></o:p>[HIGH COURT (GENERAL JURISDICTION ‘2’), 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. CM/RPC/0086/2019&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: 4TH JULY, 2019<o:p></o:p>

</div>COUNSEL: <o:p></o:p>KADIRI SIBIRI EDMUND FOR 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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CECIL ADASI FOR DEFENDANT/RESPONDENT<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;
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mso-border-bottom-alt:solid windowtext 1.5pt;padding:0in;mso-padding-alt:1.0pt 0in 1.0pt 0in">SUMMARY JUDGMENT<o:p></o:p>

</div>The Plaintiff,
on the 17th October, 2016, made an investment with the Defendant
Company known as “Structured Financial Investment in the sum of GH¢18,000.00.
By the terms of the agreement, parties agreed that the principal sum and all
accrued interest were to be re-invested at the end of each period of investment
subject to Plaintiff’s right to determine the investment at any time and redeem
the investment and accrued interest with at least 3 days prior notice to the
Defendant.&nbsp; The Plaintiff on the 11th
November, 2016 made another investment with the Defendant under the same terms
and conditions. By a letter dated 20th November, 2017 the Plaintiff
requested the Defendant to merge the two investments.&nbsp; The Defendant accordingly merged the two
investments.&nbsp; Then on the 23rd
June, 2018, the Plaintiff made a further investment in the sum of GH¢150,000.00
for a period of 12 months at an interest rate of 27%. At maturity, the
Plaintiff was to be entitled to the sum of GH¢190,490.00.<o:p></o:p>The plaintiff,
in September, 2018 required its money and therefore notified the Defendant to
that effect. The Plaintiff followed its request with a letter dated 24th
October, 2018 requesting the Defendant to pay up the total investment made by
Plaintiff with all accrued interest thereon.&nbsp;
The failure of the Defendant to pay to the Plaintiff the investment made
and accrued interest caused Plaintiff to issue the instant Writ of Summons
claiming:<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;;
mso-ansi-language:EN-GB">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A declaration
that Defendant breached its contractual obligations to the Plaintiff when it
failed to pay to Plaintiff the amounts invested and the accrued interest upon
demand by Plaintiff.<o:p></o:p><o:p>&nbsp;</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;;
mso-ansi-language:EN-GB">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An order
directed at Defendant to pay to Plaintiff the Three Hundred and Forty-Four
Thousand, Two Hundred and Ninety-Six Ghana Cedi Sixty-Six pesewas (GH¢344,296.66) resulting from Plaintiff’s
investments in Defendant and the accrued interest.<o:p></o:p><o:p>&nbsp;</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;;
mso-ansi-language:EN-GB">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on the
amount ordered in paragraph 19 (ii) and supra at the prevailing bank rate from
the 24th October, 2018 to date of final payment.<o:p></o:p><o:p>&nbsp;</o:p>