HOPKUS LTD & ANOR & ANOTHER vs THOP JOINT VENTURES LIMITED & ORS
January 16, 2023
HIGH COURT
GHANA
CORAM
- HER LADYSHIP JUSTICE AFI AGBANU KUDOMOR
Areas of Law
- Corporate Law
- Banking and Finance Law
January 16, 2023
HIGH COURT
GHANA
CORAM
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WHEREAS:
A. Plaintiffs by an Amended Writ of Summons and accompanying statement of claim dated 14th December, 2016 commenced the instant action against Defendants herein claiming the following reliefs:
i) An order that the 2nd Plaintiff recover from the 1st Defendant the sum of Four Hundred and Seventy-Five Thousand, Four Hundred and Three United States Dollars, Twenty Three Cents. (US$475,403.23) per annum being the agreed compensation due 2nd Plaintiff from the 1st Defendant for the use of his Peduase House as collateral for the issuance of a Performance Guarantee and Advance Payment Guarantee by the Intercontinental Bank on 1st Defendant’s behalf from the 7th of October, 2010 to the 30th of August, 2013 (less Forty-One Thousand, Five Hundred Ghana Cedis (GH¢41,500.00) paid on account to the 2nd Plaintiff) with interest at 1% per month from the 7th day of October, 2010 till the date of final payment.
ii) An order that the 2nd Plaintiff recovers from the 1st Plaintiff the sum of Forty One Thousand United States Dollars (US$41,000.00) being the compensation due him for the use of 2nd Plaintiff’s vehicle for the 1st Defendant’s business together with interest at 1% per month from the 12th day of October, 2011 when the 2nd Plaintiff was provided with official vehicle till the date of final payment.
iii) An order that the 2nd Plaintiff’s recovers from the 1st Defendant the sum of Two Thousand, Five Hundred United States Dollars (US$2,500.00) per month from the 28th day of October, 2010 to the 31st day of October, 2013 being salary arrears due to the 2nd Plaintiff for his work as Project Manager together with interest at 1% per month from due date to the date of final payment.
iv) An order directed at the 2nd defendant to produce evidence of the due remittance of the sum of Fourteen Thousand United States Dollars (US$14,000.00) allegedly wired to Mr. Richard Lloyds or in the alternative an order directed at the 2nd Defendant to refund the sum of Fourteen Thousand United States Dollars (US$14,000.00) to the 1st Defendant Company’s chest.
v) An order for a true, proper and all necessary accounts, audit and inquiries from the 2nd Defendant for his stewardship of the management of the 1st Defendant Company from incorporation to date with particular emphasis on the matters pleaded in paragraph 19 and 20 of this pleading.
vi) An order that the 2nd and 3rd Defendants pay back to the 1st Defendants Company any monies found due to the 1st Defendant from the acco
AI Generated Summary
The High Court in Accra, per Her Ladyship Justice Afi Agbanu Kudomor (Relieving Judge), adopted as a consent judgment comprehensive Terms of Settlement between the plaintiffs, Hopekus Ltd and Hopeson Kumassah, Terrascon Engineering Ltd (3rd Defendant), and the corporate first defendant, with Access Bank Ghana Limited implementing specified payments. The original suit sought substantial monetary awards, declarations of fiduciary breaches, injunctive orders, accounts and audit, and corporate governance reliefs. The settlement requires Access Bank to pay GH¢80,000 to Terrascon on behalf of the plaintiffs from the first defendant’s cedi account, and mandates equal distribution of funds remaining in the cedi, USD, and offshore accounts. The cedi and USD balances are expressly quantified and split fifty-fifty. The parties will recover vehicles and Terrascon will deliver a tractor set to the plaintiffs, while Access Bank will issue statements within seven days. The settlement is expressly full and final, adopted as consent judgment, with no order as to costs.