DANIEL OFORI vs. ECOBANK GHANA LIMITED, SECURITIES AND EXCHANGE COMMISSION AND GHANA STOCK EXCHANGE [2021]DLSC10682

DANIEL OFORI vs. ECOBANK GHANA LIMITED, SECURITIES AND EXCHANGE COMMISSION AND... [2021]DLSC10682

Date	2021-03-24
Suit No.	CIVIL MOTION NO. J7/12/2020
Citation No.	[2021]DLSC10682

YEBOAH CJ (PRESIDING)

DOTSE JSC

BAFFOE-BONNIE JSC

APPAU JSC

PWAMANG JSC

TORKORNOO (MRS.)

HONYENUGA JSC

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

GOLDA DENYO WITH ABENA SARPONG LED BY ACE ANKOMAH FOR THE 1ST DEFENDANT/RESPONDENT/RESPONDENT/RESPONDENT

[2021]DLSC10682
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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>[SUPREME COURT, 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;">

<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">CIVIL
MOTION NO. J7/12/2020 &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;DATE:
24THMARCH, 2021<o:p></o:p>

</div>COUNSEL:<o:p></o:p>THADDEUS SORY WITH NANA BOAKYE MENSAH-BONSU FOR THE PLAINTIFF/APPELLANT/APPELLANT/APPLICANT. <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" 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">GOLDA DENYO WITH ABENA SARPONG LED BY ACE ANKOMAH
FOR THE 1ST DEFENDANT/RESPONDENT/RESPONDENT/RESPONDENT.<o:p></o:p>

</div>CORAM:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <o:p></o:p>YEBOAH CJ
(PRESIDING), DOTSE JSC, BAFFOE-BONNIE JSC, APPAU JSC, PWAMANG JSC, TORKORNOO
(MRS.), HONYENUGA JSC<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="MsoNormal" align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;
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>&nbsp;BAFFOE BONNIE JSC:-<o:p></o:p>This ruling is in respect of the application for Clarification
and Review filed by the Plaintiff/Judgment Creditor/Applicant. Following an
application for review of this court’s judgment, delivered on 25th
July, 2018, this court gave a final order as follows:<o:p></o:p>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The GH¢ 6,162,240
was to attract interest at the rate of 30% from 2nd June 2008 till
date of the Supreme Court judgment (25/7/18), and thereafter, at the statutory
rate of interest prevailing at the time of the main judgment.<o:p></o:p>&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The GH¢ 7,600,000
was to attract interest at the statutory rate as at 25/7/2018 from 2nd June,
2008 till date of payment.<o:p></o:p>Subsequent to the review ruling 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 GH¢
6,162,240.00 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 prayed the court to resolve that culminated in the ruling of this
court dated 17th June 2020.<o:p></o:p>Their grounds for their respective positions were
canvassed in exhaustive statements of case ordered by the court, together with
any oral submissions that counsel wanted to add. In a reasoned ruling filed in
the registry, the court held among other things as follows:<o:p></o:p>“the wording
of the statute is such that once there is a&nbsp;
dispute as to the prevailing bank rate, the treasury bill rate is
applicable. So the defendant shall pay interest at 13.34% on GH¢
7,600.000 at simple interest from 2/6/2008 to date of final payment<o:p></o:p>So our final orders will be<o:p></o:p>1.