BEST POINT SAVINGS AND LOANS LTD vs. UNISECURITIES (GHANA) LTD [2019]DLHC9109

Date	2019-07-26
Suit No.	SUIT NO.CM/RPC/0014/19
Citation No.	[2019]DLHC9109

HER LADYSHIP JUSTICE JENNIFER ABENA DADZIE

MILLICENT ODOI ESQ. OF THE LEGAL DEPT. OF BEST POINT SAVINGS AND LOANS LTD. MILE 7 OFF ACHIMOT-OFANKOR ROAD ACCRA COUNSEL FOR PLAINTIFF.

DANIEL ADDO ASIEDU ESQ. OF ADDO ASIEDU & CO UNLIMITED ROOM 258 GNPA BUILDING BEHIND ATTC KOKOMLEMLE ACCRA COUNSEL FOR DEFENDANT.

[2019]DLHC9109
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													<main id="main" class="content" style="min-height: 60rem" >BEST POINT SAVINGS AND
LOANS LTD<o:p></o:p>(PLAINTIFF)<o:p></o:p>vs.<o:p></o:p>UNISECURITIES (GHANA) LTD<o:p></o:p>(DEFENDANT)<o:p></o:p>[HIGH COURT, 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;
padding:0cm 0cm 1.0pt 0cm">

</div>COUNSEL:<o:p></o:p>MILLICENT ODOI ESQ., OF THE LEGAL DEPT. OF BEST POINT
SAVINGS AND LOANS LTD., MILE 7, OFF ACHIMOT-OFANKOR ROAD, ACCRA, COUNSEL FOR
PLAINTIFF.<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">

<p class="MsoNormal" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:
justify;line-height:115%;border:none;mso-border-bottom-alt:solid windowtext 1.5pt;
padding:0cm;mso-padding-alt:0cm 0cm 1.0pt 0cm">DANIEL ADDO ASIEDU ESQ., OF ADDO ASIEDU
&amp; CO UNLIMITED, ROOM 258, GNPA BUILDING, BEHIND ATTC, KOKOMLEMLE, ACCRA, COUNSEL
FOR DEFENDANT.<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;
border-left:none;border-bottom:solid windowtext 1.5pt;border-right:none;
padding:1.0pt 0cm 1.0pt 0cm">

<p class="MsoListParagraphCxSpFirst" align="center" style="margin:0cm;margin-bottom:
.0001pt;mso-add-space:auto;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">JUDGMENT<o:p></o:p>

</div><o:p>&nbsp;</o:p>The
Plaintiff is a savings and loans company registered under the laws of Ghana. The
Defendant is a finance house dealing in fund management and other related
services as duly authorized under the laws of Ghana. <o:p></o:p>The
facts of this case as can be gleaned from the records reveal that the Plaintiff
made an investment in the sum of Five Million Ghana cedis (GH¢5,000,000.00) for
a period of Three Hundred and Sixty-five days (365) days at the rate of
thirty-three percent (33%) per annum. This was evidenced by an investment
management term sheet marked into evidence as Exhibit “A1”. Per the
terms of the investment, the maturity date was to be February 24, 2017 with the
expected maturity value to be in the sum of Six Million, Six Hundred and Fifty
Thousand Ghana cedis (GH¢6,650,000.00). <o:p></o:p>Upon
the maturity of the investment, it was averred that Defendant was unable to pay
the maturity value, for which reason the Plaintiff agreed to re-invest the sums
due for a further term of one hundred and eighty-two (182) days at the interest
rate of twenty-nine point five percent (29.5%) per annum. The terms of this
agreement were further evidenced by another investment management term sheet
marked into evidence as Exhibit “A2”. Per the terms of this agreement,
the expected maturity value was Seven Million, Six Hundred and Twenty-eight
Thousand, One Hundred and Twenty-eight Ghana cedis Sixty-seven pesewas (GH¢7,628,187.67)
set to mature on August 25, 2018. Plaintiff avers that it was agreed between
the parties that Defendant would provide a security in the form of proceeds
from their investments with another financial institution, which Defendant,
according to the claims of the Plaintiff, failed to do.<o:p></o:p>It
is the further case of Plaintiff that due to the failure of Defendant to
provide the security as agreed, it placed a request for the liquidation of the
investment on March 27, 2018 (see Exhibit “A3”). This request was duly
acknowledged by the Defendant on April 23, 2018 through a letter (see Exhibit
“A4”) by which the Defendant sought for time within which to realise the
investment and to make the payment. This was followed by a payment proposal letter
dated June 6, 2018 by which Defendant proposed to pay the funds in three (3)
monthly instalments, commencing June 30, 2018 (see Exhibit “A5”). <o:p></o:p>The
Defendant however failed to honour the terms of the proposal and rather sent a
letter stipulating the terms of another three- month payment proposal on August
17, 2018 (see Exhibit “A6”). The terms of the proposal stipulated that
the first payment will be made on September 30, 2018. So on September 26, 2018,
Plaintiff directed a letter (marked into evidence as Exhibit “A7”) to Defendant
reminding it of the agreed schedule for repayment and to make a formal demand for
the payment of the funds. Yet, Defendant failed to make good on the promise. <o:p></o:p>It
is Plaintiff’s contention that Defendant has continually failed to meet all the
promises they have made to it although Plaintiff had on numerous occasions been
lenient in that endeavour with a view to settling the matter amicably. <o:p></o:p>Plaintiff therefore caused a Writ of Summons
to be issued against the Defendant on October 26, 2018 for the following
reliefs:<o:p></o:p>“a.&nbsp;&nbsp;&nbsp; Recovery of the outstanding balance of GH¢7,821,675.24
being the total sum outstanding as at August 25, 2018<o:p</main>