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JUDGMENT
JUDGEMENT
The Plaintiff instituted this action against the Defendant on 16th August 2022
praying the court for the following reliefs
a. Recovery of the cedi equivalent of the sum of USS20,436.96 (Twenty
Thousand Four Hundred and Thirty Six United States of American Dollars
Ninety Six Cents) being the principal sum under the Investment.
b. Interest on the aforementioned sum from 6th December 2019 till date of
final payment.
c. Cost of the suit as well as Counsel's fees which is assessed at 10% (Ten)
percent of the claim.
Summary of Plaintiff’s case per the statement of claim is that sometime in
September 2019, Defendant introduced himself to him as a person engaged in
the business of trading in digital currency. He avers that Defendant offered an
investment plan and persuaded him to enroll in December 2019 and invest a
total amount of US$20,436.96 into Defendant’s digital platform. According to
Plaintiff, interest was to accrue on monthly basis and to be shared in the ratio
of 50:50 basis. He averred further that the interest was usually rolled over
unless contrary instruction was issued and he was at liberty to withdraw the investment at anytime he desired. He stated that in December 2021, he
notified Defendant of his intention not to roll over his interest and principal
again but withdraw same on 1st January 2022 to attend to an urgent matter.
On 26th December, 2021, Defendant informed him he had accrued losses on
the investment and needed two weeks to retrieve Plaintiff’s funds for him.
Defendant on 29th of March 2022 notified him that he had been able to retrieve
98% of Plaintiff’s money and subsequently confessed to him that he had
retrieved all the money but used same to pay his creditors. Defendant had till
date failed to refund his money to him despite several demands he has made
on him. Defendant upon receipt of a demand letter from Plaintiff’s counsel
intimated through his lawyer to come up with a payment plan but later paid
only $1000. Plaintiff contends that as at 1st December 2021, his investment plus
the interest accrued stood at US$63,201.53. Plaintiff therefore prays the court
per his reliefs supra.
Defendant entered an Appearance and subsequently filed his Statement of
Defence on 12th October 2022. He stated that he had been in the digital
trading enterprise since late 2017 and had chalked successes earning him an
enviable reputation as a shrewd trader of digital currency. As a result of
which many people