NANA AMANING NYANTEH VS BROOKS ASSETS MANAGEMENT LIMITED & ANOR

What appeared as a routine application for an amendment of an Entry of Judgment was fiercely resisted by the Securities and Exchange Commission (SEC) acting as Amicus Curiae.

The Plaintiff Applicant on the 18th February, 2025 filed a Motion on Notice to Amend an Entry of Judgment dated 12th August, 2018.

In the Affidavit in support of the Motion, the Plaintiff deposed that upon obtaining Judgment against the Defendants, 1st Defendant collapsed and was taken over by Price Water House Coopers and the Securities and Exchange Commission.

In further depositions, the Plaintiff alleged that the two institutions had refused to pay what was due him and the debt had accumulated, the reason for his prayer to amend the Entry of Judgment to reflect its true state.

The Securities and Exchange Commission applied to be allowed to act as Amicus Curiae as the Regulator of the securities Industry.

It submitted that as a result of its special standing, it was privy to exclusive information and documents which were not available to the Court, to enable the Court make an informed determination.

The application was allowed by the Court and the Commission argued the application as an Amicus Curiae.

The Amicus Curiae denied that it had taken over the 1st Defendant Company. It had appointed Price Water House Coopers to secure the offices of the 1st Defendant, pending the appointment of a liquidator. When the Registrar of Companies as the Official Liquidator obtained a winding up Order, it published a Notice to all Creditors to lodge their claims or proof of debt to receive payments.

There were however delays in obtaining the Liquidation orders and on Humanitarian grounds, and on an appeal from the SEC to consider a bailout program for some suffering investors, the Government at the time decided to offer creditors a partial bailout of Fifty Thousand Ghana Cedis (GH¢50,000.00).

All who opted for the program were required to surrender their claims on the revoked Fund Management Licensees to Government under the bailout Agreement.

The investors were required to assign all claims to a fund known as the AM Fund PLC which was going to pay the validated amount in Two (2) tiers.

The first tier was for the Fifty Thousand Ghana Cedis (GH¢50,000.00) payment with the second tier to be redeemed between One (1) to Three (3) years from the date of 1st payment.

SEC claims that the Plaintiff submitted his claim, being the Judgment he obtained with ID BAM 100007 and he has accep