APEX CAPITAL PARTNERS LTD vs SECURITIES AND EXCHANGE COMMISSION

Counsel on behalf of the 1st Defendant/Applicant in this matter filed a motion on 22nd September, 2022 to strike out the Plaintiff’s Statement of Claim and dismiss the suit against 1st Defendant because it discloses no reasonable cause of action, is frivolous and otherwise an abuse of the process of the Court.

The antecedents of this case is in an action that the Plaintiff commenced on 26th August 2022, against the Defendants for the following reliefs seeking:

a. A declaration that Defendant’s revocation of Plaintiff’s operating licence was arbitrary, contrary to due process, wrongful in law and negligent.

b. A declaration that the grounds stated for the revocation of Plaintiff’s licence were not supported by the evidence on record and same were negligently or deliberately stated to justify the unlawful act of Defendant.

c. A declaration that Defendant’s negligence had occasioned Plaintiff deep and irreparable financial loss, both pecuniary as well as irreparable damage to Plaintiff’s commercial reputation and reputational damages to its directors and other subsidiaries.

d. An order directed at Defendant to restore the operating licence of Plaintiff.

e. An order directed at Defendant to pay to Plaintiff, the sum of Thirty-Five Million United States Dollars (US$35,000,000.00) or its cedi equivalent as compensation for the wrongful revocation of Plaintiff’s operating licence leading to reputational damage suffered by Plaintiff which damage has prevented Plaintiff from forever participating in any local or international investment market.

f. An order directed at Defendant to pay to Plaintiff, the sum of Ten Million United States Dollars (US$10,000,000.00) or its Cedi equivalent being the loss of income suffered by Plaintiff due Defendant’s wrongful revocation of Plaintiff’s licence which led to the cancellation of Plaintiff’s licence and registration as a Pension Fund Manager by the National Pensions and regulatory Authority (NPRA).

g. An order directed at Defendant to pay to Plaintiff, the sum of Ten Million United States Dollars (US$10,000,000.00) or its cedi equivalent being the consequential loss of future profits of Plaintiff and the businesses of its subsidiaries arising directly out of the wrongful revocation of Plaintiff’s operating licence and the unlawful seizure of the assets and offices of Plaintiff denying Plaintiff of all business opportunities from November 2019 to date.

h. A declaration that the request by Defendant to Plaintiff requi