MULTI INSURANCE COMPANY vs UNISECURITIES GH LTD. AND HODA HOLDINGS LTD. [2023]DLCA16182

Date	2023-07-27
Suit No.	CIVIL APPEAL NO: HI/118/2023
Citation No.	[2023]DLCA16182

SUURBAAREH J. A (PRESIDING)

BAAH J. A

BAIDEN C.E.E J.A

O. K. OSAFO-BUABENG ESQ.

OHENE AMANKWAH-GYAN ESQ.

[2023]DLCA16182
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													<main id="main" class="content" style="min-height: 60rem" >MULTI INSURANCE COMPANY<o:p></o:p>(PLAINTIFF/RESPONDENT)<o:p></o:p>vs<o:p></o:p>UNISECURITIES GH LTD. AND HODA HOLDINGS LTD (DEFENDANTS/APPELLANTS)<o:p></o:p>[COURT OF APPEAL, KUMASI]<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;">

CIVIL APPEAL NO:
HI/118/2023&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: 27 JULY 2023<o:p></o:p>

</div>COUNSEL:<o:p></o:p>O. K. OSAFO-BUABENG ESQ. FOR APPELLANTS.<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;">

</div>CORAM:<o:p></o:p>SUURBAAREH J.
A (PRESIDING)<o:p></o:p>BAAH J. A<o:p></o:p>BAIDEN C.E.E
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;">

<p class="MsoNormal" align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;
text-align:center;line-height:normal;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><o:p>&nbsp;</o:p>BAAH,
J.A:<o:p></o:p><o:p>&nbsp;</o:p>BACKGROUND<o:p></o:p>This
appeal challenges the decision of the High Court, Kumasi, dated 20 July 2022, coram: Charles Bentum J, which upheld
both the reliefs and alternative reliefs of the respondent. By the endorsement
on the writ of summons of the respondent dated 23rd July 2020, but
amended on 13 June 2022, the reliefs and alternative reliefs sought by the
respondent and granted by the trial court, and which are relevant to this
appeal, are the following:<o:p></o:p>a.<span style="font-style: normal; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
An order for&nbsp; recovery from the defendants jointly and
severally the total sum of GHC5, 774, 757.21 being the outstanding balance of
the investment undertaken by plaintiff with the 1st defendant and
guaranteed by the 2nd defendant and which investments have matured
as at June 2019 but defendants have failed to honour due payment after a bail
out of an amount of GHC5,966,364.07 by way of government support from the
Securities and Exchange Commission (SEC) out of the sum GHC11,741,121.28 on 19th&nbsp; May 2022.<o:p></o:p>b.<span style="font-style: normal; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;Interest on the said sum of GHC11,741,121.28
at the prevailing bank rate from June 2019 until the date of final payment of
the total sum by the defendants.<o:p></o:p>c.<span style="font-style: normal; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Cost including solicitor’s
fees and other cost occasioned by the instant suit.<o:p></o:p>d.<span style="font-style: normal; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any other reliefs that the
court may seem fit.<o:p></o:p>OR
IN THE ALTERNATIVE<o:p></o:p><a name="_Hlk141258578">e.<span style="font-style: normal; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; font-size: 7pt; lin</main>