MACOWAS FOREX BUREAU LTD vs JAMES ABORGAH & 2 ORS
2016
HIGH COURT
GHANA
CORAM
- HER LADYSHIP JUSTICE DOREEN G. BOAKYE-AGYEI, J (MRS.)
Areas of Law
- Contract Law
- Civil Procedure
- Banking and Finance Law
- Equity and Trusts
2016
HIGH COURT
GHANA
CORAM
AI Generated Summary
This case involved a forex bureau (Plaintiff) suing to recover funds given to the 1st Defendant for an international transfer that was not completed. The court found there was a contract between Plaintiff and 1st Defendant, and that 2nd and 3rd Defendants received the funds but failed to complete the transfer or return the money. The court held 2nd and 3rd Defendants jointly and severally liable to refund the money plus interest to Plaintiff, awarded damages against 1st Defendant for breach of contract, and costs against 2nd and 3rd Defendants. Key legal principles applied included third party enforcement of contracts, constructive trusts, and the court's power to join parties to ensure complete justice. The case demonstrates the application of contract law, civil procedure, banking law, and equitable principles to resolve a complex financial dispute.
By an Amended Writ of Summons and Statement of Claim Plaintiff claimed the following reliefs against the Defendants jointly and several: -
i. Refund of the sum of One Million Five Hundred and Eleven Thousand Thirty Three Ghana Cedis (GH¢1, 511, 033. 00)
ii. Interest on the said sum from 11th October, 2013 till date of final payment
iii. Damages for breach of contract against 1st Defendant
iv. Cost inclusive of legal and administrative cost
The brief facts of the case per the Pleadings of the parties were as follows: That Plaintiff is a Limited Liability Company incorporated under the Laws of the Republic of Ghana and licensed by Bank of Ghana to operate as a Forex Bureau.
Somewhere September 25, 2013, about twenty (20)traders from Makola Market and International business men and women in Accra came to Plaintiff’s Forex Bureau and requested to buyUSD$709, 405. 00 equivalent to GHC1, 511, 033. 00 for international trade and to pay their creditors in China.
The said traders instructed Plaintiff to transfer the said sum of USD$709, 405. 00 to their Creditors in China by way of Offshore Transfer/Swift Transfer.
Plaintiff was not able to get theUSD$709, 405. 00 for the traders so one of the officers of the Plaintiff byname Alhaji Inusah Salia contracted the 1st Defendant to help him undertake the exercise of getting the USD$709, 405. 00 and transferring same to China for and on behalf of the traders and 1st Defendant agreed.
That between September 25, 2013 to October, 11, 2013, the said Alhaji inusah Salia gave an amount of One Million Five Hundred and Eleven Thousand Thirty Three Ghana Cedis (GH¢1, 511, 033. 00) which is the Cedi equivalent of USD$709, 405. 00 to the 1st Defendant for same to be transferred through the bank by way of Offshore transfer/Swift transfer to creditors of the traders and International business men and women in China.
Subsequent to the Plaintiff giving the said sum of One Million Five Hundred and Eleven Thousand Thirty Three Ghana Cedis(Gh¢1, 511, 033. 00) to the 1st Defendant, 1st Defendant informed Plaintiff that he has used the money in buying USD$709, 405. 00 and has successfully transferred the said sum to China through UT Bank by way of Offshore transfer/swift transfer.
1st Defendant gave UT Bank Swift Transfer slips/Advice to Alhaji Inusah Salia to prove that he has successfully transferred the Sum of USD $709, 405. 00 to the creditors of the traders in China.
The traders later informed Alhaji Inusah Salia that their