EMMANUEL NANA DABO VS McOTTLEY CAPITAL LIMITED
2019
HIGH COURT
GHANA
CORAM
- HER LADYSHIP, JUSTICE GIFTY AGYEI ADDO
Areas of Law
- Contract Law
- Civil Procedure
- Banking and Finance Law
2019
HIGH COURT
GHANA
CORAM
AI Generated Summary
The Plaintiff invested in a fixed deposit with the Defendant, prematurely terminated the investment, and sought the return of the principal and interest. The Defendant did not respond adequately, and the Plaintiff won a summary judgment for the principal amount plus interest, with adjustments made for the prevailing bank rates due to early termination. The court awarded costs to the Plaintiff.
On 25th August 2018, the Plaintiff instituted this action against the Defendant for the following reliefs as endorsed on the Writ of Summons and Statement of Claim: a. Recovery for an amount of Three Hundred and Eighty Thousand, Five Hundred and Eighty- Two Ghana Cedis and Sixty Pesewas (GH₵ 380, 582. 60) as at February 2nd, 2018. b. Recovery of interest on the sum of Three Hundred and Eighty Thousand, Five Hundred and Eighty-Two Ghana Cedis and Sixty Pesewas (GH₵ 380, 582. 60) from February 3rd, 2018 at the contractual rate of 32% per annum till date of final payment.
c. Costs.
The gravamen of the Plaintiff’s claim is contained in paragraphs 3 to 9 of the Plaintiff’s Statement of Claim, a summation of which is as follows: According to the Plaintiff, on the 2nd of February, 2018, he invested an amount of Three Hundred and Eighty Thousand, Five Hundred and Eighty- Two Ghana Cedis and Sixty Pesewas (GH₵ 380, 582. 60) in a 365-day fixed deposit facility with the Defendant, a financial assets management company.
That the said investment was due to mature on the 2nd of February, 2019, at an agreed interest rate of 32% per annum.
The Plaintiff further avers that per the terms of the agreement, he reserved the right to disinvest his investment before maturity and demand for repayment.
That on 7th of March, 2018, he wrote to the Defendant requesting that his investment and the interest accrued thereon be liquidated.
The Plaintiff continues that subsequent requests to the Defendant, through its Managing Director, for the full repayment of the monies owed him were not heeded to.
That the Defendant later put up a proposal to pay the amount owed in monthly installments of Sixty-Five Thousand Ghana Cedis (GH₵65, 000) from June, 2018, which he (the Plaintiff) rejected but proposed a demand of an initial payment of One Hundred Thousand Ghana Cedis (GH₵ 100, 000) in May 2018, to be followed by a payment of the outstanding amount in three (3) monthly installments.
The Plaintiff concludes that subsequent demands for the repayment of the investment amount with interest accrued yielded no results, giving rise to the instant action.
The Writ of Summons and the Statement of Claim, per the Court records, were served on the Defendant through its Secretary on the 26th of July 2018. The Defendant entered appearance on 20th September, 2018, through its Solicitor.
The Defendant has to date failed to file a defence to the Plaintiff’s claim.
On 21st January, 2019, the Plaint