JOHN OFORI vs. BANK OF GHANA, VISH ASHIAGBOR, ERIC NIPA AND GHANA COMMERCIAL BANK [2021]DLCA10820

JOHN OFORI vs. BANK OF GHANA, VISH ASHIAGBOR, ERIC NIPA AND GHANA COMMERCIAL BA... [2021]DLCA10820

Date	2021-03-25
Suit No.	SUITE NO. H1/18/2021
Citation No.	[2021]DLCA10820

MARGARET WELBOURNE JA (PRESIDING)

AMMA GAISIE JA

ARYENE JA

LILY NAA AYABA NTREH FOR PLAINTIFF/APPELLANT

SAMUEL OFORI ASAMOAH FOR DEFENDANTS/RESPONDENTS

[2021]DLCA10820
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													<main id="main" class="content" style="min-height: 60rem" >JOHN OFORI<o:p></o:p>(PLAINTIFF/RESPONDENT/APPELLANT)<o:p></o:p>vs.<o:p></o:p>BANK OF GHANA, VISH
ASHIAGBOR, ERIC NIPA AND GHANA COMMERCIAL BANK<o:p></o:p>(DEFENDANT/APPLICANT/RESPONDENT)<o:p></o:p><span style="font-size:10.0pt;line-height:115%;font-family:
&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:
&quot;Calibri Light&quot;;mso-bidi-theme-font:major-latin">[COURT OF APPEAL, ACCRA]<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;">

SUITE NO. H1/18/2021 &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DATE:
25TH MARCH, 2021<o:p></o:p>

</div>COUNSEL:<o:p></o:p>LILY
NAA AYABA NTREH FOR PLAINTIFF/APPELLANT<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;">

SAMUEL
OFORI ASAMOAH FOR DEFENDANTS/RESPONDENTS<o:p></o:p>

</div>CORAM:<o:p></o:p>MARGARET
WELBOURNE JA (PRESIDING), AMMA GAISIE JA, ARYENE JA<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;">

<p class="MsoNoSpacing" 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">JUDGMENT<o:p></o:p>

</div>&nbsp;ARYENE,
JA<o:p></o:p>&nbsp;This
is an appeal against the ruling of the High Court (Commercial Court Division) delivered
on 30th November 2017. The facts of this case are simple. Pursuant
to the Banks and Specialized Deposit-Taking Institutions Act of 2016, (Act
930), 1st Defendant revoked the banking license of UT Bank of which Plaintiff
is a shareholder. The Central Bank then entered into a Purchase and Assumption Agreement
with 4th Defendant by which the latter took over all deposits and
liabilities and selected assets of the UT Bank. 1st Defendant also appoint
2nd and 3rd Defendants as Receivers. <o:p></o:p>In
this judgment, Plaintiff/Appellant will be referred to as Plaintiff and the Defendants/Respondents
as Defendants. &nbsp;<o:p></o:p>Aggrieved
by the action of 1st Defendant, Plaintiff issued a Writ of Summons
against the Defendants seeking the following reliefs:<o:p></o:p>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A declaration that on a true and proper
interpretation of section 123 of the Banks and Specialized Deposit-Taking
Institutions Act of 2016, (Act 930), the 1st Defendant acted
unlawfully and in ultra vires its powers when it appointed two (2) persons as
Receivers when it should have appointed only a Receiver.<o:p></o:p>&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A declaration that the 1st Defendant
acted unlawfully and ultra vires its powers when it entered into a purchase and
assumption transaction with the 4th Defendant bank to have control
over the assets and liabilities of UT Bank in which the Plaintiff is a
shareholder.<o:p></o:p>&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A declaration that the unlawful entry into
the purchase and assumption agreement by the 1st Defendant with the
4th Defendant Bank amounted to expropriation of the assets of UT
bank which the Plaintiff is a shareholder.<o:p></o:p>&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
An order of injunction restraining the 2nd
and 3rd Defendants from holding themselves out as Receivers on the
basis of the ultra vires act of the 1st Defendant.<o:p></o:p>&nbsp;5.