KOFI ANANE KYEREMEH vs PRIME GUARANTY FSL MICROFINANCE LIMITED
July 11, 2019
HIGH COURT
GHANA
CORAM
- HER LADYSHIP, JUSTICE GIFTY AGYEI ADDO, HIGH COURT JUDGE.
Areas of Law
- Contract Law
- Banking and Finance Law
- Civil Procedure
July 11, 2019
HIGH COURT
GHANA
CORAM
AI Generated Summary
Justice Gifty Agyei Addo of the High Court granted default judgment in favor of the Plaintiff in a dispute concerning a matured fixed deposit investment with the Defendant company. The Plaintiff invested GH217,452.05 on 10 September 2017 for 182 days at 30% per annum, maturing on 10 March 2018. Despite a demand letter dated 24 April 2018, the Defendant sent only a GH2,000 cheque on 16 May 2018 and cited difficulties, never making full payment. After personal service failed, the Court ordered substituted service, yet the Defendant did not enter appearance. On an ex parte motion supported by deposit advice, investment certificate, the demand notice, and the Defendants response, the Court entered final judgment under Order 10 Rule 1 of C.I. 47. The Court ordered payment of GH133,021.59 (less GH2,000), contractual interest at 30% on GH135,021.59 from 10 March to 16 May 2018, post-payment interest at the prevailing commercial bank lending rate, and costs of GH5,000; the Plaintiff abandoned declaratory and damages reliefs.
The Plaintiff on 28th June 2018, instituted the instant action against the Defendant for the following reliefs as endorsed on the writ of summons:
a. A declaration that the Defendant has breached the contract between the parties to invest the monies for a specified period and pay same plus the interest that had accrued thereon to the Plaintiff.
b. An order directed at the Defendant to pay to the Plaintiff an amount of GHs 133, 021. 59 being the principal sum and the interest that had accrued as at the 10th day of March 2018 less the payment of GHS2000. 00 that was made on the 16TH day of May 2018.
c. An order directed at the Defendant to pay to the Plaintiff interest on the sum of GHS135, 021. 59 being the accrued sum upon maturity of the investment from the 10th day of March 2018 till the 16th day of May 2018 when part payment was made to Plaintiff at the rate of 30% per annum
d. An order directed at the Defendant to pay to the Plaintiff interest on relief (b)above at the same agreed rate of 30% per annum from the 16th day of May 2018 until the day of final payment.
e. Damages for the emotional stress and trauma that the Plaintiff has been made to suffer by the Defendant as a result of the Defendant’s actions or inactions.
f. General damages g. Costs.
The gravamen of the Plaintiff’s claim is contained in paragraphs 3 to 9 of the Plaintiff’s statement of claim, filed on 28th June, 2018, a summation of which is as follows: According to the Plaintiff, on the 10th day of September 2017, he placed an investment of One Hundred and Seventeen Thousand Four Hundred and Fifty-Two Ghana Cedis and Five Ghana Pesewas (GH¢117, 452. 05) with the Defendant company to be invested over a period of One Hundred and Eighty-Two (182) days and at an interest rate of thirty percent interest per annum (30%). The Plaintiff says that per the certificate of purchase that was issued to him by the Defendant, the maturity date for the amount invested was the 10th day of March 2018, after expiration of the investment period.
The Plaintiff avers that the said maturity date has since elapsed as at the date of instituting this action, however the Defendant is yet to make good its obligations per the investment agreement.
It is the case of the Plaintiff that he has employed all diligent efforts to retrieve his money and the interest thereon from the Defendant but all his efforts have been futile.
That he caused his lawyers to write a demand notice to the Defendant on the 24th day