GOLDEN PETROLEUM LIMITED vs SWAP COMPANY LIMITED ACCRA & ANOTHER
December 21, 2022
HIGH COURT
GHANA
CORAM
- HER LADYSHIP JUSTICE AFI AGBANU KUDOMOR (MRS.)
Areas of Law
- Civil Procedure
- Contract Law
- Corporate Law
- Tax Law
December 21, 2022
HIGH COURT
GHANA
CORAM
AI Generated Summary
This Ghana High Court matter arose from commercial arrangements between the plaintiff and two defendants tied to a memorandum of understanding dated 10 July 2018 and the defendants’ use of the plaintiff’s trading licence to lift petroleum products. After the plaintiff sought declarations, orders (including lifting the first defendant’s corporate veil to impose liability on the second defendant), recovery of assessed fees, damages and costs, the defendants filed a defence. The parties then chose an amicable settlement, executing detailed Terms of Settlement that acknowledged total liabilities of GH¢10,400,000 (GH¢9.6 million principal plus GH¢800,000 interest from 10 July 2018), set a 17‑month payment schedule with a GH¢1,000,000 lump sum split into three installments and a GH¢9,400,000 balance payable in equal installments of GH¢587,500 over 16 months from 1 March 2023, provided for the plaintiff’s solicitor’s fees of GH¢520,000, and made no order as to costs. With counsel Christopher Kwame Meenu for the plaintiff and Andrews Appiah‑Danquah for the defendants, Justice Afi Agbanu Kudomor adopted the agreement as a consent judgment, including an interest‑on‑default and execution clause.
Whereas by a Writ of Summons and Statement of Claim issued at the Registry of the High Court Accra, on 14th December, 2021, the Plaintiff claim against the Defendants. The recovery of the following reliefs:
i) A declaration that the MOU dated 10th day of July, 2018 and entered by both parties is valid and binding on both parties.
ii) An Order directed at the Defendants to discharge the tax liabilities arising from the use of Plaintiff’s trading licence to lift petroleum products which taxes the Defendants have refused to settle.
iii) An Order lifting the corporate veil of the 1st Defendant and treating 2nd Defendant as being the same as the 1st Defendant and being jointly and several liable for the liabilities of the 1st Defendant.
iv) An Order for the recovery of the assessed sum of outstanding fees owed by the Defendants for the use of the Plaintiff’s licence to lift petroleum products from 10th day of July, 2018 until the final determination of this suit.
v) Damages of loss of income.
vi) Damages for breach of contract, deceit and fraud.
vii) Cost including Lawyer’s fees assessed according to the Ghana Bar Association scale of fees.
viii) Any further Orders as this Honourable Court may deem meet.
2. The Defendant on 23rd February, 2022 filed a Statement of Defence in response to the Plaintiff’s Statement of Claim.
3. However, the Plaintiff and the Defendants being desirous of settling this suit have agreed to amicable settlement of all matters in dispute between them.
NOW THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:
4 a) It is hereby resolved that the Defendants pay the sum of Nine Million, Six Hundred Thousand Ghana Cedis Only (GH¢9,600,000.00) being the principal sum of liabilities the Defendants owed to the Plaintiff and an interest sum of Eight Hundred Thousand Ghana Cedis (GH¢800,000.00) from the 10th day of July, 2018 till date; thereby bringing the total sum of liabilities to Ten Million, Four Hundred Thousand Ghana Cedis (GH¢10,400.00).
b) Accordingly, the above –mentioned sum shall be paid within the period of seventeen (17) months from the date of execution of this Terms of Settlement.
c) The Defendants have further agreed to make a lump sum payment of One Million Ghana Cedis (GH¢1,000,000.00) on/or before 28th February, 2023.
d) The lump sum payment shall be paid in three (3) instalments with the first part of the payment on/or before 31st December, 2022 in the sum of Fifty Thousand Ghana Cedis (GH¢50,000.00), the second paymen