DANIEL OFORI vs. ECOBANK GHANA LIMITED, SECURITIES AND EXCHANGE COMMISSION AND GHANA STOCK EXCHANGE [2020]DLSC9328

DANIEL OFORI vs. ECOBANK GHANA LIMITED, SECURITIES AND EXCHANGE COMMISSION AND... [2020]DLSC9328

Date	2020-06-17
Suit No.	CIVIL MOTION NO. J8/64/2019
Citation No.	[2020]DLSC9328

YEBOAH CJ (PRESIDING)

DOTSE JSC

BAFFOE-BONNIE JSC

APPAU JSC

PWAMANG JSC

AMA OPOKU AMPONSAH WITH EMMANUEL DARKO FOR THE 1ST DEFENDANT/RESPONDENT/RESPONDENT/APPLICANT

THADDEUS SORY WITH NANA BOAKYE MENSAH-BONSU FOR THE PLAINTIFF/APPELLANT/APPELLANT/RESPONDENT

[2020]DLSC9328
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													<main id="main" class="content" style="min-height: 60rem" >DANIEL OFORI<o:p></o:p>(PLAINTIFF/APPELLANT/APPELLANT/RESPONDENT)<o:p></o:p>vs.<o:p></o:p>ECOBANK GHANA LIMITED, SECURITIES
AND EXCHANGE COMMISSION AND GHANA STOCK EXCHANGE<o:p></o:p>(1ST
DEFENDANT/RESPONDENT/RESPONDENT/APPLICANT)<o:p></o:p><o:p>&nbsp;</o:p>[SUPREME COURT, ACCRA]<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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CIVIL MOTION
NO. J8/64/2019&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;DATE: 17TH JUNE, 2020<o:p></o:p>

THADDEUS SORY WITH NANA BOAKYE MENSAH-BONSU FOR THE PLAINTIFF/APPELLANT/APPELLANT/RESPONDENT. <o:p></o:p>

</div>CORAM: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<o:p></o:p>YEBOAH CJ (PRESIDING), DOTSE JSC, BAFFOE-BONNIE
JSC, APPAU JSC, PWAMANG JSC<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:0cm;margin-bottom:.0001pt;
text-align:center;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><o:p>&nbsp;</o:p>BAFFOE-BONNIE, JSC:-<o:p></o:p>This
ruling is in respect of an application by the 1st defendant/judgment
debtor for the court to determine the mode of calculating interest on the
judgment debt in this case. The background to this application is that on 2nd
June, 2008 the plaintiff was paid an amount of GHS13,762,240.00 by the 1st
defendant on behalf of the original 2nd defendant in this case. The
payment was for shares in Cal Bank Ltd 2nd defendant bought from the
plaintiff. On receiving the money plaintiff instructed the 1st
defendant to invest GHS6,160,240.00 in time deposits at an agreed interest of
30% per annum. The plaintiff made the 1st defendant to issue
banker’s drafts covering the remainder GHS7,600,00.00 payable to plaintiff’s
accounts with Zenith Bank and SSB Bank. On the next working day 1st
defendant cancelled the banker’s drafts on the ground that the trade in the
shares did not settle so plaintiff was not entitled to receive the money paid
to him. The issue ended up in litigation up to the Supreme Court where the
plaintiff prevailed.<o:p></o:p>By
the main judgment dated 25th July, 2018 the 1st defendant
was ordered to pay to plaintiff the total amount of GHS13,760,240.00. 1st
defendant was also ordered to pay interest on the amount which was broken down
into two parts; the invested amount of GHS6,160,240.00 was to attract interest
at the rate of 30% from 2nd June 2008 to the date of the High Court
judgment and thereafter the interest shall be calculated at the rate of
interest prevailing at the date of the High Court judgment till the date of
payment. The GHS7,600,000.00 was to attract interest at the rate prevailing at
the time of the High Court judgment from 2nd June, 2008 till final
payment.<o:p></o:p>On
an application for review the court changed the terms for calculating the
interest in main judgment to;<o:p></o:p>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The GHS6,162,240.00 was to attract interest at the
rate of 30% from 2nd June till date of the Supreme Court judgment (25/7/2018),
and thereafter at the statutory rate of interest prevailing at the time of the
main judgment (25/7/2018).<o:p></o:p>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The GHS7,600,000.00 was now to attract interest at
the statutory rate as at 25/7/2018 from 2nd June, 2008 till the date
of payment.<o:p></o:p>Following
upon the review judgment of the court the plaintiff filed a motion on notice
seeking to amend its entry of judgment filed on the basis of the main judgment.
In the attached proposed entry of judgment the plaintiff calculated the
interest rate on the investment amount of GHS6,162,240.00 on the basis of
compound interest. Secondly, he stated the statutory rate of interest as at
25/7/1018 as 22%. In its affidavit in answer, the 1st defendant
calculated the interest on the investment at simple interest and stated the prevailing
rate of interest as at 25/7/2018 as 13.34%. It is this difference between the
parties that the 1st defendant has prayed the court to resolve.<o:p></o:p>In
justification for calculating the interest on the investment at compound
interest the plaintiff exhibited a letter from the Bank of Ghana which in
answer to an</main>