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JUDGMENT
JUDGMENT
FACTS:
On 20th June 2020, the Plaintiff/Judgment Creditor herein instituted an
action against the Defendant/Judgment Debtor for the following reliefs:
i. An order for the recovery of the sum of GHC35,561,465.78 being the
principal sum and accrued interest on the fixed deposit
investments as at 6th April, 2018.
ii. Interest on the sum of GHC35,561,465.78 at the agreed rate of 28%
pa from 7th April 2018 to the date of final payment.
iii. Cost on full indemnity basis.
The Defendant/Judgment Debtor failed to enter appearance and upon an
application filed before this Court on 7th July 2020, the Plaintiff/Judgment
Creditor was granted judgment in default of appearance on 30th July 2020
for the reliefs endorsed on the Writ of Summons as well as costs of
GHC50,000.00. The total judgment debt therefore stood at
GHC48,057,978.70 with a post judgment interest rate of 28% per annum
from 31st July 2020 to date of final payment.
After judgment was obtained by the Plaintiff/Judgment Creditor against
the Defendant/Judgment Debtor, execution processes were triggered by
garnishing the accounts of the Defendant/Judgment Debtor per Garnishee
Nisi order dated 8/09/20 directed at Mr. Eric Nipah and Vish Ashiagbor in
their capacities as the Receivers to attend Court on 23/09/2020 to show
cause why any affected funds in their custody should not be released to
the Plaintiff/Judgment Creditor in satisfaction of the Judgment debt.
During the hearing of the application, the representative of the Garnishee
(Receiver), Mr. Harvard Otoo, stated on oath that the Receiver had no
money in its custody standing to the Credit of the Defendant/Judgment
Debtor since a portion of the claim that had earlier been filed by the
Defendant/Judgment Debtor with the Receiver in respect of monies owed
to them by some of the institutions under receivership had been paid to
the Defendant/Judgment Debtor through two accounts created in the
Defendant/Judgment Debtor’s favour at Consolidated Bank Ghana (CBG)
Ltd; as per the practice of the Receiver.
The Court then discharged the Garnishee (i.e. the Receiver) as having no
funds in its custody for the benefit of the Defendant/Judgment Debtor on
the basis that, the funds had been transferred to Consolidated Bank Ghana
(CBG) Ltd.
The Plaintiff/Judgment Creditor later obtained a Garnishee Order Nisi and
subsequently a Garnishee Order Absolute against CBG Ltd on 13th October
2020 which ordered CBG Ltd to release the f