DR ARCHIBALD FREDERICK MCKENZIE BADOE v. GOLD COAST FUND MANAGEMENT LTD
2019
HIGH COURT
GHANA
CORAM
- HIS LORDSHIP JUSTICE DR. RICHMOND OSEI-HWERE
Areas of Law
- Civil Procedure
- Banking and Finance Law
2019
HIGH COURT
GHANA
CORAM
AI Generated Summary
This case involves a garnishee proceeding following a judgment in favor of the plaintiff for a structured finance investment debt. The court had to determine whether the garnishee (GN Savings and Loans) could be ordered to pay the full judgment debt from the judgment debtor's (Gold Coast Fund Management Limited) account. The court found that the garnishee held GHC20,545.19 belonging to the judgment debtor when the Garnishee Nissi order was served. The court ruled that it would be unfair to order the garnishee to pay more than it held for the judgment debtor, as the garnishee and judgment debtor are separate entities. The court made the Garnishee Nissi order absolute and ordered the garnishee to pay GHC20,545.19 to the judgment creditor, emphasizing that a garnishee can only be required to pay money it actually holds for the judgment debtor.
RULING
This ruling is in respect of a garnishee proceeding commenced in this court on the 14th February, 2019.
On 22nd October, 2018, the Plaintiff filed a writ against the defendant for the following reliefs:
a. An order for the payment of the total sums GHC328, 127.43 (Three Hundred and Twenty-Eight Thousand, One Hundred and twenty-seven Ghana Cedis, forty-three pesewas) being the principal sum placed by the Plaintiff with the Defendant as a structured finance investment and which investment matured on 5th September 2018 and ought to have been paid to him at the said date of 6th September 2018 but which sum the Defendant has failed to pay despite repeated demand since 10th September 2018.
b. An order for the payment of all sums due the Plaintiff from the Defendant on the sum of GHC328,127.43 (Three Hundred and Twenty-Eight Thousand, One Hundred and twenty-seven Ghana Cedis, forty-three pesewas) stated I relief (a) supra since 6th September 2018.
c. An order for the payment of the sum of GH50,000.00 (Fifty Thousand Ghana Cedis) and accrued interest thereon invested by the Plaintiff with the Defendant on 24th August 2018 till date of final judgment.
d. / Hundred and Twenty-Eight Thousand, One Hundred and twenty-seven Ghana Cedis, forty-three pesewas) at the prevailing commercial bank lending rate at the date of the judgment or in the alternative at the rate of 27% being the rate of interest the Defendant was paying to the Plaintiff on his structured investment with the Defendant.
e. Cost including legal fees.
On 13th December, 2018 final judgment was entered in favour of the plaintiff/applicant in respect of reliefs (a) to (d) of the claim. Costs of GHc 40,000.00 was awarded against the Defendant.
The plaintiff/judgment creditor/applicant herein went into execution of the judgment and on 6th February, 2019 the court, upon an application by the applicant herein granted a Garnishee Nissi order against the Managing Director or any designated officer of GN Savings and Loans (formerly GN Bank) to appear before the court on 14th February, 2019 to show cause why monies held by them in the account and to the credit of Gold Coast Fund Management Limited, the Defendant/Judgment Debtor herein shall not be used to satisfy the judgment debt entered by the court on 13th December, 2018 in favour of the applicant herein.
When the representative of the garnishee bank, Seyram Komla Kpokpo testified, he told the court that the judgment debtor herein has an account