DATABANK ASSET MANAGEMENT SERVICE LTD vs. ACORN PROPERTIES LTD [2022]DLHC17036

Date	2022-12-12
Suit No.	SUIT NO: CM/RPC/0850/2021
Citation No.	[2022]DLHC17036

HIS LORDSHIP JUSTICE JUSTIN KOFI DORGU

AARON GOLIGHTLY

RODNEY

HEWARD MILLS

[2022]DLHC17036
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													<main id="main" class="content" style="min-height: 60rem" ><a name="_Hlk152146143"><span style="font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:115%;font-family:
&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:
&quot;Book Antiqua&quot;;color:#00B0F0">DATABANK ASSET MANAGEMENT SERVICE LTD <o:p></o:p></a><span style="font-size:10.0pt;mso-bidi-font-size:11.0pt;line-height:
115%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;
mso-bidi-font-family:&quot;Book Antiqua&quot;">(PLAINTIFFS)<o:p></o:p><span style="font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:
115%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;
mso-bidi-font-family:&quot;Book Antiqua&quot;;color:#00B0F0">vs.<o:p></o:p><span style="font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:
115%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;
mso-bidi-font-family:&quot;Book Antiqua&quot;;color:#00B0F0">ACORN PROPERTIES LTD <o:p></o:p><span style="font-size:10.0pt;mso-bidi-font-size:11.0pt;line-height:
115%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;
mso-bidi-font-family:&quot;Book Antiqua&quot;">(DEFENDANT)<o:p></o:p><span style="font-size:10.0pt;mso-bidi-font-size:11.0pt;line-height:115%;font-family:
&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:
&quot;Book Antiqua&quot;">[HIGH COURT, ACCRA]<o:p></o:p><span style="font-size:10.0pt;mso-bidi-font-size:
11.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:
&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;">&nbsp;<div style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom-width: 1.5pt; border-bottom-color: black; padding: 0cm 0cm 1pt;">

<a name="_heading=h.gjdgxs"></a><span style="font-size:10.0pt;mso-bidi-font-size:
11.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:
&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;">SUIT NO: CM/RPC/0850/2021&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; DATE: 12TH DECEMBER 2022<span style="font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:115%;font-family:
&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:
&quot;Book Antiqua&quot;"><o:p></o:p>

<span style="font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Book Antiqua&quot;,serif;
mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;;
mso-bidi-font-weight:bold">AARON GOLIGHTLY HOLDING BRIEF FOR RODNEY<o:p></o:p>

<span style="font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Book Antiqua&quot;,serif;
mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;;
mso-bidi-font-weight:bold">HEWARD MILLS FOR THE DEFENDANT/APPLICANT <o:p></o:p>

</div><span style="font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:115%;font-family:
&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:
&quot;Book Antiqua&quot;">CORAM <o:p></o:p>HIS LORDSHIP
JUSTICE JUSTIN KOFI DORGU<span style="font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:115%;font-family:
&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:
&quot;Book Antiqua&quot;;mso-bidi-font-weight:bold"><o:p></o:p><div style="border-top-width: 1.5pt; border-top-color: black; border-left: none; border-bottom-width: 1.5pt; border-bottom-color: black; border-right: none; padding: 1pt 0cm;">

<p class="MsoNormal" align="center" style="text-align:center;line-height:115%;
tab-stops:4.5pt;border:none;mso-border-top-alt:solid black 1.5pt;mso-border-bottom-alt:
solid black 1.5pt;padding:0cm;mso-padding-alt:1.0pt 0cm 1.0pt 0cm"><span style="font-size:12.0pt;mso-bidi-font-size:
11.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:
&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;">RULING<o:p></o:p>

</div>To me, the contract engaged in by both
Parties is to deal in real estate development and market. This is not illegal
activities as strongly submitted by Counsel for the Defendant/Applicant. This
type of contract ought to be distinguished from contracts founded on illegal
acts such as drug supply, prostitution, smuggling, cybercrime or any other crime. It may well be true that the Parties have contravened Section
3 of the Foreign Exchange Act, 2006 (Act 723) particularly Section 3
(4) (b) which deals with the “receipt or payment of foreign currency”. But as stated
earlier on, the contract was not the selling or buying of foreign
exchange. The statement of defence of the Defendant who is the Applicant herein
throws more light on the nature of the transactions per their paragraphs 4 and
5 thus;-<o:p></o:p>&nbsp;“4.&nbsp;&nbsp;&nbsp; In answer to paragraphs 3 to 5 of the Statement of Claim whilst
admitting paragraph 4 of the Statement,
the Defendant says that the investments by the<o:p></o:p>Plaintiff were for a period of 9th July, 2010 t0 30th September, 2011 and were equity
investments and consequently were not subject to interest neither were
they time limited for 5 years as averred at all<o:p></o:p>&nbsp;5. Further, the value of the investments was varied,
dependent upon the performance of the Defendant financially; which was, inter
alia, subject to property market forces”.<o:p></o:p><span</main>