KENNETH NANKARA & 3 ORS. v. NOBLE DREAM MICRO FINANCE LIMITED
2016
HIGH COURT
GHANA
CORAM
- ANGELINA MENSAH-HOMIAH (MRS.) JUSTICE OF THE HIGH COURT
Areas of Law
- Contract Law
- Commercial Law
- Civil Procedure
- Evidence Law
2016
HIGH COURT
GHANA
CORAM
AI Generated Summary
Four plaintiffs invested varied sums of money in a microfinance company, totaling GH¢19,426.50. Defendant failed to repay after investment maturities, also absenting themselves from court. Plaintiffs proved their case; court awarded the sums claimed plus interest and costs, applying prevailing bank rates for pre- and post-judgment interest.
JUDGMENT
The Four Plaintiffs herein who described themselves as mechanics at Asafo, Kumasi have sued the Defendant Micro Finance Company in respect of unpaid investments made in the Defendant Company. Cumulatively, they are claiming the sum of Nineteen Thousand, Four Hundred and Twenty-Six Ghana Cedis, Fifty Pesewas (GH¢19, 426.50), interest thereon and any further order(s) this Honourable Court may deem fit.
In their statement of claim filed on 30/03/15 together with the writ of summons, each Plaintiff indicated the amount he invested and the agreed interest as well as the maturity date. They further averred that the Defendant has failed to repay their respective monies and the accrued interest after the maturity dates.
On 17/10/2015, Counsel for the Defendant was served with a hearing notice to attend court on 07/10/2015 for directions to be given. He however failed to come to court and no reason(s) were given for his absence. Accordingly, the court proceeded to give directions as to the filing of witness statements on 07/10/2015.
The case was adjourned to 20/11/2015 for a case management conference and on 14/10/2015, a hearing notice was duly served on Plaintiff's lawyer in Accra. Subsequent to that, the witness statements of the Plaintiffs were served on him.
Since the Defendant was not minded to file its witness statement and would also not come to court, the defence was duly struck out on 16/02/2016. After a series of adjournments, the court ordered a hearing notice to be served on Counsel for the Defendant for hearing to commence on 14/03/2016. Counsel was duly served on 08/03/2014 but again, there was a no show so the Plaintiffs were allowed to prove their case. Each of the Plaintiffs relied on his witness statement filed on 02/11/2015 when they mounted the witness box.
According to the 1st Plaintiff, he invested an amount GH¢4, 808.40 for a period of 91 days and was entitled to be paid interest of 25.10% on the amount invested. He further testified that upon maturity, he was to be paid GH¢ 5, 110.13. He tendered exhibit A as an investment certificate evidencing this transaction.
The 1st Plaintiff's exhibit A actually confirms his oral testimony that he invested an amount of GH¢4,808.40 on 27/05/2014 and the interest rate indicated thereon is 25.10% per annum; interest per tenure was GH¢301.73 and the total payable on the due date of 28/08/2014 stood at GH¢ 5,110.13.
Similarly, the 2nd Plaintiff who indicated in his evidence-in-chief that h