STEPHEN KOJO ADRAH vs. GOLD COAST FUND MANAGEMENT AND GOLD COAST ADVISORS COMPANY LTD [2021]DLCA10032

STEPHEN KOJO ADRAH vs. GOLD COAST FUND MANAGEMENT AND GOLD COAST ADVISORS COMPA... [2021]DLCA10032

Date	2021-02-26
Suit No.	SUIT NO H1/06/2020
Citation No.	[2021]DLCA10032

OFOE J.A

BARTELS-KODWO J.A

BERNASKO ESSAH J.A

[2021]DLCA10032
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													<main id="main" class="content" style="min-height: 60rem" >STEPHEN KOJO ADRAH<o:p></o:p>(PLAINTIFF/RESPONDENT)<o:p></o:p>vs.<o:p></o:p>GOLD COAST FUND MANAGEMENT AND GOLD COAST ADVISORS COMPANY LTD<o:p></o:p>(DEFENDANT/CLAIMANT/APPELLANT)<o:p></o:p>[COURT OF APPEAL, HO-VOLTA]<o:p></o:p><div style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom-width: 1.5pt; border-bottom-color: windowtext; padding: 0cm 0cm 1pt;">

<p class="MsoNormal" align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;
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border:none;mso-border-bottom-alt:solid windowtext 1.5pt;padding:0cm;
mso-padding-alt:0cm 0cm 1.0pt 0cm">SUIT NO H1/06/2020&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; DATE:
26th February,2021<o:p></o:p>

</div>CORAM <o:p></o:p>OFOE J.A, BARTELS-KODWO J.A, BERNASKO ESSAH J.A<o:p></o:p><div style="border-top-width: 1.5pt; border-top-color: windowtext; border-left: none; border-bottom-width: 1.5pt; border-bottom-color: windowtext; border-right: none; padding: 1pt 0cm;">

</div>&nbsp;OFOE,
J.A<o:p></o:p>The
issue in this appeal, which indeed was the issue before the trial High Court, is
whether the Claimant/Appellant, Gold Coast Advisors Company is the same as Gold
Coast Fund Management Ltd, the defendant who was before the trial High Court,
and for which reason it should be held liable for the debt of the defendant. The
trial High Court Judge gave Bench ruling on the issue but could not give the
promised detailed ruling before his unfortunate demise. But from his short
ruling he accepted the side of the plaintiff’s argument holding that the Gold Coast
Advisory Company Ltd, the Claimant/Appellant, was liable for the debt of the
defendant and proceeded to make a Decree Absolute in respect of the Bank
Accounts with the Zenith Bank in favour of the plaintiff. It is this finding
that has brought the parties before this court.<o:p></o:p>A
little background information on the case should suffice for understanding the
opinion we are about to deliver.<o:p></o:p>Plaintiff/Respondent,
who we will refer to as the plaintiff in this appeal, issued a writ against the
Gold Coast Fund Management Ltd, defendant in the suit, for recovery of an
amount of GHC3,722,822.26 being the principal amount he invested in the
defendant company for the period 14th February 2016 and 17th
August 2018. He sought also from the defendant company an amount of
GHC233,012.46 being interest accrual on the sum of GHC3,500,000.00 invested from
October 2018 to December 2018. On the 14th of January 2019 he had
default judgment for both claims. Entry of judgment was filed accordingly, and
the plaintiff proceeded into execution applying Ex Parte for Garnishee Nisi
against an account with the Zenith Bank which was granted in the following
terms:<o:p></o:p>“Application
granted. It is hereby ordered that Garnishee Nisi be issued against the General
Manager Zenith Bank to show cause why monies held by the Zenith Bank Ltd for
and on behalf of the Gold Coast Fund Ltd otherwise called Ghana Gold Coast Fund
Company and also Gold Coast Advisory Company be used to satisfy the judgment
debt ordered the applicant Stephen Kojo Adrah. The Account Number of the said
company is 0006010148243”.<o:p></o:p>No
doubt by this order, the trial judge believed the Gold Coast Fund Management Ltd,
the debtor, is the same as Ghana Gold Coast Fund Company and the same as Gold
Coast Advisory Company having the same account number 0006010148243.<o:p></o:p>It
was at this stage the Claimant, who is the appellant before us, came in with an
application to terminate continuation of the Garnishee proceedings against the
accounts with the Zenith Bank contending that the said account is not for the
defendant judgment debtor, Gold Coast Fund Management Ltd, but its own account.
After submissions before the trial court the appellant’s application was
dismissed. In fact, the court proceeded to grant not only the Garnishee Absolute
in respect of the judgment debt figure for which the application was brought
but added a Call Account to the Garnishee Order Absolute. The court ordered:<o:p></o:p>“I
hereby deny the application and order Garnishee absolute against the funds in
account number 0006010148243 at the Zenith Bank in the name of the
applicant/claimant herein.<o:p></o:p>The
reasons will be incorporated in the final judgment to be delivered in the
matter. The plaintiff has filed notice of further particulars indicating that
the original account number 0006010148243 has a call Account number 1060103176
at the Zenith Bank”.<o:p></o:p>It
is these orders that the appellant feels aggrieved and has appealed on the
following grounds:<o:p></o:p>“1.The ruling is against the weight of
evidence.<o:p></o:p>2.<span style="font-style: normal; font-variant-numeric: normal; font-variant-east-asian: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The judge erred when it
proceeded to order garnishee absolute immediately after refusing appellant’s
application to set aside garnishee order Nisi.<o:p></o:p>3.<span style="font-style: normal; font-variant-numeric: normal; font-variant-east-asian: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&</main>