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DONEWELL LIFE COMPANY LIMITED v. EM CAPITAL PARTNERS LIMITED

2018

HIGH COURT

GHANA

CORAM

  • Justice Kweku T. Ackaah-Boafo

Areas of Law

  • Contract Law
  • Banking and Finance Law
  • Civil Procedure
  • Evidence Law
  • Commercial Law

AI Generated Summary

Donewell Life Company Limited sued E.M. Capital Partners Limited to recover its fixed income investment after E.M. failed to redeem at maturity. Donewell invested GH1,000,000 in December 2014 at 32% for 12 months; upon maturity it agreed to a 91 day rollover to March 8, 2016 for a value of GH1,425,310.68. E.M. resisted redemption, asserting the funds were placed with Ecosafe Ghana Limited and repayment was delayed, and claimed Donewell had agreed to a high risk placement and to waive suit until recovery from Ecosafe. Donewell denied any such collateral agreement. The court found a contractual relationship evidenced by investment advice slips, held E.M. produced no documentary proof of waiver or third party placement terms, and rejected the defences. Judgment was entered for GH1,425,310.68, with pre judgment interest at 32% from March 8, 2016 to judgment, post judgment interest at the bank rate, and costs of GH10,000.

JUDGEMENT