PROGRESS SAVINGS AND LOANS LTD AND APEX CAPITAL PARTNERS LTD vs. JISLAH FINANCIAL SERVICES LIMITED [2019]DLHC8951

PROGRESS SAVINGS AND LOANS LTD AND APEX CAPITAL PARTNERS LTD vs. JISLAH FINANCIA... [2019]DLHC8951

Date	2019-12-20
Suit No.	SUIT NO.CM/BFS/0109/2020
Citation No.	[2019]DLHC8951

HER LADYSHIP JUSTICE JENNIFER ABENA DADZIE

FRANK AGYARE ESQ. OF OAK & WUUDS LAW FIRM SHIASHIE ACCRA COUNSEL FOR PLAINTIFFS/APPLICANTS

EDDIE YAO HARVEY ESQ. OF LORD & LORDS LEGAL PRACTICE KOKOMLEMLE ACCRA COUNSEL FOR DEFENDANT/RESPONDENT

A.A. ACKUAKU ESQ. COUNSEL FOR ERIC NIPAH AND VISH ASHIAGBOR

JOINT RECEIVERS OF CAPITAL BANK GHANA LIMITED AND ERIC NIPAH AS

RECEIVER OF SOME SAVINGS & LOANS AND MICROFINANCE INSTITUTIONS (UNNAMED IN THE APPLICATION)

GODWIN TEPREY ESQ. COUNSEL FOR NII AMANOR DODOO RECEIVER OF THE ERSTWHILE UNIBANK

BEIGE BANK ROYAL BANK SOVEREIGN BANK AND CONSTRUCTION BANK

[2019]DLHC8951
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													<main id="main" class="content" style="min-height: 60rem" >PROGRESS SAVINGS AND LOANS LTD AND APEX
CAPITAL PARTNERS LTD<o:p></o:p>(PLAINTIFFS/APPLICANTS)<o:p></o:p>vs.<o:p></o:p>JISLAH FINANCIAL SERVICES LIMITED<o:p></o:p>(DEFENDANT/RESPONDENT)<o:p></o:p>[HIGH
COURT (COMMERCIAL DIVISION), ACCRA]<o:p></o:p><o:p>&nbsp;</o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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<p class="MsoNormal" align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;
text-align:center;line-height:115%;border:none;mso-border-bottom-alt:solid windowtext 1.5pt;
padding:0cm;mso-padding-alt:0cm 0cm 1.0pt 0cm">SUIT NO.CM/BFS/0109/2020&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: 20TH DECEMBER, 2019<o:p></o:p>

</div>COUNSEL:<o:p></o:p>FRANK
AGYARE, ESQ., OF OAK &amp; WUUDS LAW FIRM, SHIASHIE, ACCRA, COUNSEL FOR
PLAINTIFFS/APPLICANTS<o:p></o:p>EDDIE
YAO HARVEY, ESQ., OF LORD &amp; LORDS LEGAL PRACTICE, KOKOMLEMLE, ACCRA,
COUNSEL FOR DEFENDANT/RESPONDENT<o:p></o:p>A.A. ACKUAKU, ESQ., COUNSEL FOR ERIC NIPAH AND VISH
ASHIAGBOR, JOINT RECEIVERS OF CAPITAL BANK
GHANA LIMITED AND ERIC NIPAH AS RECEIVER OF SOME SAVINGS &amp; LOANS AND
MICROFINANCE INSTITUTIONS (UNNAMED IN THE APPLICATION)<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">

GODWIN TEPREY, ESQ., COUNSEL FOR NII AMANOR DODOO,
RECEIVER OF THE ERSTWHILE UNIBANK, BEIGE BANK, ROYAL BANK, SOVEREIGN BANK AND
CONSTRUCTION BANK <o:p></o:p>

</div>CORAM:<o:p></o:p>HER LADYSHIP JUSTICE JENNIFER ABENA DADZIE<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="text-align:center;line-height:115%;
border:none;mso-border-top-alt:solid windowtext 1.5pt;mso-border-bottom-alt:
solid windowtext 1.5pt;padding:0cm;mso-padding-alt:1.0pt 0cm 1.0pt 0cm">RULING<o:p></o:p>

</div>In this application filed on November 28, 2019, the
Plaintiffs/Applicants (hereafter called “the Applicants”) invoked the inherent
jurisdiction of this Court and are praying for an order of interim preservation
of funds they allege to be currently in the possession of the Consolidated Bank
Ghana Ltd and the Receivers, Nii Amanor Dodoo and Eric Nana Nipa, who are not
parties to this suit.<s><o:p></o:p></s>Briefly, the material facts that give rise to this
application are that the Applicants as a financial institution and fund
managers/investment advisors respectively had invested sums of monies with the
Defendant/Respondent (hereafter referred to as “Respondent”) at various times
for certain periods. Applicants believe that the Respondent further invested
these funds with the now defunct Unibank Ghana Ltd, Capital Bank Ghana Ltd,
Beige Capital and other defunct savings and loans banks as well as some of the
defunct micro finance companies, all of which are currently under receivership.
It is the submission of the Applicants that when the maturity of the funds fell
due, they made demands on the Respondent for the full repayment of the
investments including the accrued expected interests. However, all these
demands, the Applicants allege, have only resulted in part payments and
thereafter, Respondent has refused, and/or failed to honour the demand
requests. <o:p></o:p>According to the Applicants, as at August, 2019, the
total indebtedness of the Respondent towards the Applicants stood at Three
hundred and Seventy-five Thousand, Eight hundred and Fifty-five Ghana cedis and
Ninety-Three pesewas (GH¢378,855.93) and Five Hundred and Twenty-Seven
Thousand, Nine Hundred and Nine Ghana cedis, Seventy-one pesewas
(GH¢527,909.71)and interest of One Hundred and Seventy-Two Thousand, Four
Hundred and Sixty-Three Ghana cedis and Fifty-One pesewas (GH¢172,463.51)
respectively. <o:p></o:p>For
these reasons Applicants caused their lawyers to issue against the Respondent a
Writ of Summons and the accompanying Statement of Claim claiming the following
reliefs:<o:p></o:p><span 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;;mso-ansi-language:EN-US;mso-bidi-font-style:
italic">i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A declaration of breach of agreement by the Defendant in respect if the
agreement entered into between it and 1st Plaintiff and that between
it and 2nd Plaintiff evidenced by the respective term sheets issued
by the Defendant to both Plaintiffs.<o:p></o:p><span 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;;mso-ansi-language:EN-US;mso-bidi-font-style:
italic">ii.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;