BIZSOL GHANA LIMITED & ANOR. VS YAW BOAKYE & 4 ORS.

This matter has its genesis from the transfer of shares and purchase/sale of the 1st Plaintiff’s company Property.

It is a piece of Government Land situate and lying at Cantonments, Accra which the 5th Defendant leased to the 1st Plaintiff Company.

The 2nd Plaintiff is the sole shareholder of the 1st Plaintiff Company.

By some complex dealings between the parties herein, details of which will unfold in this judgment, the 2nd Plaintiff’s 100% shares in the 1st Plaintiff Company were allegedly transferred to the 3rd Defendant through an arrangement between the 1st and 3rd Defendants.

It is alleged that the 3rd Defendant subsequently assigned his interest in the subject property to the 2nd Defendant who is the wife of the 1st Defendant, without paying the full consideration under the share transfer agreement.

It is also the case of the Plaintiffs that the transfer of shares which led to the taking over of the 1st Plaintiff Company and the subject Property by the 3rd Defendant, was tainted with fraud.

Thus, by their Writ of Summons and Statement of Claim filed on 16th March, 2018, the Plaintiffs prayed for the following reliefs: a. Recovery from 1st and 3rd Defendants of the sum of US$451, 824. 58 representing the difference between the contract sum of US$2, 362, 204. 72 and the total sum paid to date by the Defendants of US$1, 910, 380. 76 together with interest from October 2014, till date of final judgment.

OR in the Alternative b. A declaration that the unauthorized registration of 2nd Plaintiff’s Deed of Transfer of Shares by Defendants was wrongful and without effect.

c. An order directed at the 4th Defendant to expunge the said registration from its record as being wrongful and of no effect.

d. An order directed at Defendants to reverse the 2nd Plaintiff’s fraudulent registered shares into the name of the 2nd Plaintiff.

e. A declaration that the assignment of 1st Plaintiff’s lease to 2nd Defendant by the unlawfully appointed Managing Director was wrongful and without effect f. An order directed at the 5th Defendant to expunge the assignment of 1st Plaintiff’s lease to 2nd Defendant from its records.

g. An order directed at 5th Defendant to reissue the lease in the name of 1st Plaintiff.

h. Damages for trespassing on the property.

i. Damages arising out of Defendant’s conduct in the wrongful and fraudulent acquisition of Plaintiffs shares.

j. Interest on the said amount from September, 2014 to the date of final payment.

k. An order of inju