2015
COURT OF APPEAL
GHANA
CORAM
AI Generated Summary
The Applicant, a Businessman, had his accounts frozen by the Financial Intelligence Centre (F.I.C) due to alleged suspicious transactions. Despite filing for the de-freezing of his accounts, the High Court denied his request and confirmed the freezing. The Applicant then appealed, seeking a stay of execution pending the appeal. The High Court initially granted this stay but subsequently vacated it. Upon review, the court dismissed the application for a stay, stating that justice would be better served if the accounts remained frozen during ongoing investigations by the Bureau of National Investigations (BNI). The appeal did not demonstrate substantial grounds or a likelihood of success, leading to the application being dismissed.
IRENE C. LARBI J.A
(1) This is a repeat application on notice for an order of stay of execution pending appeal on Account Numbers Euro 9301543284300 and Gh₵0100143284300 belonging to the Applicant to enable him access and operate same.
(2) The brief facts of the case are that the 1st Respondent Financial Intelligence Centre (F.I.C) on 21st October 2014 froze all the accounts of the Applicant herein with Standard Chartered Bank, Ghana, the 2nd Respondent pursuant to Section 47 of the Anti-Money Laundering Act, 2008 (Act 749) as amended. On 28th October 2014, the High Court confirmed the freezing of the said accounts.
(3) The Applicant’s case per his affidavit in support is that he is a Businessman and Real Estate agent who operate three (3) Accounts all with Standard Chartered Bank namely Euro 9301543284300, USD 9301543284300, and GH₵0100143284300. The Applicant says that in the normal course of his business errands, he visited his bank to undertake some transactions with the Relationship Manager who informed him that there was a recall on one of the transactions in his Dollar Account of which his consent was needed to return the funds. Even though, he requested to be furnished with further and better particulars of same, his Account Manager did not do so until he was arrested by some Bureau of National Investigations (BNI) Officers at the Bank premises.
(4) The Applicant deposed that he had since 17th October, 2014 been denied access to his accounts without reasonable explanation. The Applicant deposed further that although the freezing directive by the F.I.C was issued on 21st October, 2014, same was not communicated to him until 24th October, 2014 after over 72 hours had elapsed contrary to the requirement of Section 47(3) of Act 749.
(5) The Applicant stated that although the supposed recall was only in respect of his USD Accounts, F.I.C in an Ex-parte application filed on 24th October, 2014 prayed the High Court to confirm frozen all the accounts of the Applicant with Standard Chartered Bank. The application was granted by the High Court on 28th October, 2014.
Subsequently, the Applicant applied to the High Court on 13th November, 2014 for a De-freeze of his accounts and release of funds save the re-called funds of USD 5,675.00 since that transaction was the subject of the Suspicious Transaction Report filed by Standard Chartered Bank to the F.I.C. The said application was refused on 1st December, 2014 by the High Court on the ground that it was