MRS. COMFORT ANIAGYEI VS NATIONAL TRUST HOLDING CO. LTD. (NTHC)
2024
HIGH COURT
GHANA
CORAM
- HER LADYSHIP JUSTICE PATRICIA QUANSAH
Areas of Law
- Contract Law
- Evidence Law
- Civil Procedure
2024
HIGH COURT
GHANA
CORAM
AI Generated Summary
The Plaintiff, having invested in the Defendant company since April 2014 and facing obstacles withdrawing funds, sought legal relief. The Defendant denied the investment but admitted to corresponding with the Plaintiff. The court found in favor of the Plaintiff, determining that the Defendant was indeed holding the Plaintiff's investments and failed to provide access. The court awarded the Plaintiff her investments, interest, damages for breach of contract, and costs.
NEVER DEPEND ON A SINGLE INCOME.
MAKE AN INVESTMENT TO CREATE A SECOND SOURCE.
Warren Buffet American Businessman & Investor
1. INTRODUCTION[i] The above is one of the famous quotations on money and investment by the legendary Warren Buffet, and it appears to me to be the reason why the Plaintiff has had to come to Court over her money, that she is said to have invested in the Defendant company. [ii] The Plaintiff describes herself as the Chief Executive Officer of Free Minds Communication Limited in her statement of claim; whilst the Defendant, in its defence confirmed that it is a Trust Holding Company with its head offices located in Accra.
2. FACTS OF THE PLAINTIFF’S CASE[iii] According to the Plaintiff, sometime in April 2014, she invested in fixed deposits with the Defendant company with account number N-IMA/00103626 on a 91-day maturity basis.
The Plaintiff added that she instructed the Defendants to roll over the interest accruing thereon upon maturity, together with the principal, unless she otherwise directed.
The investment thus progressed steadily until about two years ago (to the time of filing this suit)when the Plaintiff contended that she attempted to withdraw some funds from her investment. [iv] In that regard, it appears that the Plaintiff made applications to withdraw part of her investment with the Defendant but to no avail.
The Plaintiff thus stated that on or about the 21st of June 2021 she wrote to the Defendant company and complained formally about her difficulties in accessing her invested funds. [v] After the formal complaint, the Plaintiff averred that the Defendant, through its representative and the accountant of the Defendant known to the Plaintiff as Mr. Basit, informed the Plaintiff that the Defendant was expecting some funds from the Ministry of Finance and that she could access her funds thereafter.
Nonetheless, subsequent correspondence with the Defendant did not yield any fruit because the Defendant refused and/or neglected to respond to the Plaintiff’s queries.
The Plaintiff was thus compelled to write to the Securities and Exchange Commission, the body which regulates the operations of the Defendant, but the Commission could not be of any help, the Plaintiff continued. [vi] As at the 26th of February 2021 and per the records from the Defendant’s own treasury, the Plaintiff stated that her investment portfolio with the Defendant stood at about GH¢2, 205, 599. 81; and which said investment had incr