MILLENIUM INSURANCE COMPANY LTD v. NDK FINANCIAL SERVICES LTD
November 28, 2022
HIGH COURT
GHANA
CORAM
- HIS LORDSHIP JUSTICE JUSTIN KOFI DORGU
Areas of Law
- Civil Procedure
- Contract Law
- Commercial Law
- Banking and Finance Law
November 28, 2022
HIGH COURT
GHANA
CORAM
AI Generated Summary
Millennium Insurance Company Ltd instituted proceedings through its lawful attorney, Questions + Answers Ltd, to recover investment funds and accrued interest from a finance company. After pleadings and failed pretrial settlement, three issues were framed. The Plaintiff moved for summary judgment under Order 14 (C.I. 47). The Defendant contested capacity, arguing that Exhibit KA1 Power of Attorney lacked a signature under Act 549, and claimed internal redemption procedures had not been completed. The Court held Exhibit KA1 was duly executed and witnessed per Act 549 and that signature includes marks indicating intent. The Defendants admission of indebtedness, citing sector liquidity challenges, was deemed non-equivocal. Applying Order 14 and authorities (Atlantic Timber; Sanunu v. Salifu), the Court found no triable defence and that a trial would waste judicial time. Summary judgment was entered for the Plaintiff: GH15,025,674.55, interest at the Commercial Bank Lending (GCB PLC) rate from 29 May 2021, and GH500,000 costs.
JUDGMENT
On or about the 28th May, 2021, the Plaintiffs herein, a limited liability company
incorporated under the Laws of Ghana and engaged in the business of insurance
instituted this action per its Lawful Attorney, Questions + Answers against the
Defendants, also a limited liability company engaged in the business of granting loans,
undertaking investments and offering business solutions to its clients for the following
reliefs;-
(a) Recovery of the total sum of GH¢15, 025, 674.55 from Defendant being
principal sum and interest on investment made by the Plaintiff with the Defendant
Company which said sums Defendant has refused and or neglected to pay to the
Plaintiff
(b) Interest on the total sum of GH¢15, 025, 674.55 at the prevailing bank lending
rate from the 28th May, 2021 till date of final payment
(c) Cost including Lawyers’ fees
At the close of pleadings and after the case failed settlement at the pretrial stage, the
following were set down as the issues for the determination by the Court. They are;-
(1) Whether or not the Plaintiff made various financial investments with the
Defendants Company
(2) Whether or not the Defendant is indebted to the Plaintiff to the tune of
GH¢15, 025, 674.55 as at May 28th 2021
(3) Whether or not Defendant has paid to Plaintiff its investment amount
together with accrued interest totaling the of GH¢15, 025, 674.55”
Whilst the case was proceeding, the Plaintiff on the 22nd March, 2022 filed an application
under Order 14 rule of the C.I 47 for summary judgment against the Defendant in terms
of the reliefs endorsed on the Writ and as recounted above. The Plaintiff supported their
application with a 17 paragraph Affidavit in Support with Exhibits attached. For
purposes of emphasis, I will reproduce only two of the paragraphs for consideration in
the application.
Paragraph 2
“2. The Plaintiff engaged the services of Questions + Answers Ltd, a debt
Recovery Company with its registered office at Kokomlemle as its Lawful Attorney
to recover the debt owed the Plaintiff by Defendant, the subject matter of the
above entitled action with a copy of the Power of Attorney authorizing Questions +
Answers Ltd on the matter deposed therein exhibited hereto and marked as Exhibit
K.A1
“12. That as at 10th May, 2021, Plaintiff’s total principal sum value for six (6)
separate investments with Defendant stood at GH¢13, 444, 829.79 with interest
amount of GH¢1, 893, 834.53 bringing the total sum owed to