DONEWELL LIFE COMPANY LIMITED v. EM CAPITAL PARTNERS LIMITED
2018
HIGH COURT
GHANA
CORAM
- Justice Kweku T. Ackaah-Boafo
Areas of Law
- Contract Law
2018
HIGH COURT
GHANA
CORAM
AI Generated Summary
Donewell Life Company Limited v. E.M. Capital Partners Limited revolved around the repayment of an investment sum by the defendant, claiming a third party default. The plaintiff sought relief for GH¢ 1,826,426.26 with interest. The court found a contractual relationship existed and held that the plaintiff did not agree to wait for repayment from a third party, awarding GH¢ 1,425,310.68 with interest from the maturity date and costs.
JUDGEMENT
i. Introduction
[1]The focus of this trial was on the claim by Donewell Life Company Limited, the Plaintiff, for payment of GH¢1,826,426.26 being the proceeds of an investment made with the Defendant, E.M. Capital Partners Limited together with interest at the rate of 32% from 24th January 2017 till the date of final payment. Principally, the Plaintiff accuses the Defendant of breach of contract.
[2] Other issues for trial were:
(i) whether or not an agreement was entered into between the parties that the Plaintiff’s investment be given to a third party as a loan during the investment period;
(ii) whether or not the parties agreed that the Plaintiff waives any action for the recovery of the Plaintiff’s investment until the Defendant recovers the amount from the third party; and
(iii) whether or not the Plaintiff is entitled to its reliefs as endorsed on its Writ of Summons and Statement of Claim.
ii. The Action
[3] Per a writ of summons sealed in this Registry on 30th day of January, 2017 the Plaintiff claims against the Defendant the following judicial reliefs set out here below:
The sum of GH¢1,826,426.26 being amount invested with the Defendant and an interest as at 23rd January 2017.
Interest on the sum of GH¢1,826,426.26 at the rate of 32% from 24th January, 2017 till date of final payment.
[4] After the service of the writ and its accompanying statement of claim on the Defendant, Appearance was entered by Messrs Mercer & Company Solicitors on February 15, 2017 and a statement of defence was filed on February 28, 2017 by the Defendant. At the close of pleadings the parties agreed on the afore-mentioned issues and the matter was set down for trial after the mandatory case management pursuant to The High Court (Civil Procedure) Rules, Amendment, C.I. 87.
iii. Brief facts of the case:
[5] According to the Plaintiff it charged the Defendant as an investment advisor, fund manager and broker, pursuant to an investment agreement to invest its money in a high yielding investment with the obvious desire to have high returns thereon. It is the case of the Plaintiff that upon the maturity of the investment, the Defendant has failed to pay back the investment with the agreed interest thereon because the Defendant contends that the third party company it invested the money with further to an agreement with the Plaintiff has not repaid same to the Defendant for onward payment to the Plaintiff.
[6] According to the Defendant it ha