REGINALD SACKEY-ADDO VS SIC LIFE SAVINGS AND LOANS
2024
COURT OF APPEAL
GHANA
CORAM
- JENNIFER DODOO JA (PRESIDING)
- GIFTY AGYEI ADDO JA
- DR. ERNEST OWUSU DAPAA JA
Areas of Law
- Civil Procedure
- Contract Law
- Banking and Finance Law
2024
COURT OF APPEAL
GHANA
CORAM
AI Generated Summary
This case revolves around the Plaintiff's appeal against the High Court's decision to dismiss his application for preserving the Defendant’s funds. The Plaintiff had invested sizeable sums with SIC Life Savings and Loans and sought recovery of these investments along with interest. The Plaintiff also sought to include several banks in the lawsuit for fund preservation, which led to an interim court order. However, he failed to amend certain reliefs properly. The Court of Appeal reviewed the evidence and legal principles and found the Plaintiff's arguments unconvincing, leading to the appeal's dismissal. The concurring opinion reinforced the decision, highlighting procedural missteps by the Plaintiff in prematurely seeking garnishee orders without establishing a legitimate cause of action.
GIFTY AGYEI ADDO JA
INTRODUCTION
My Lords, we are confronted with an appeal over the ruling of the High Court (General Jurisdiction 5) arising from the dismissal of the Plaintiff/Appellant’s application for preservation of the Defendant/ Respondent’s funds.
My Lords, I hasten to find the appeal a non-starter. The facts as found in the record form the basis for concluding as such, that the appeal is a non-starter. For ease of reference, the designation of the parties in the court below, the Plaintiff and the Defendant, shall be maintained.
BACKGROUND/FACTS
My Lords, it is instructive to find that the party against whom the Plaintiff sought his original reliefs is the Defendant SIC Life Savings and Loans. See pages 1 to 6 of the Record of Appeal for the original Writ of Summons and Statement of Claim filed on 20th January 2023. The reliefs sought against the Defendant are as follows:
a. An order for the recovery of the sum of Three Hundred and Thirty-Four Thousand, Two Hundred and Five Cedis, Fifty-Five pesewas (Gh¢334,205.55) on the 1st investment being sums due the Plaintiff as at 8th December, 2022 from the Defendant for investments placed with the Defendant company.
b. Interest on the said Three Hundred and Thirty-Four Thousand, Two Hundred and Five Cedis, Fifty-Five pesewas (Gh¢334,205.55) at the prevailing commercial rate of 28% per annum from 8th December, 2022 till the date of final payment.
c. An order for the recovery of the sum of Three Hundred and Fifty-one Thousand, and Fifty-Six Cedis, Twenty-Five pesewas (Gh¢351, 056.25) on the 2nd investiment being sums due the Plaintiff from the Defendant by 16th February, 2023 for investment placed with the Defendant company.
d. Interest on the said Three Hundred and Fifty-One Thousand and Fifty-Six Cedis, Twenty-Five pesewas (GH¢351,056.25) at the prevailing commercial rate of 28% per annum from 16th February, 2023 till the date of final payment.
e. An order for the recovery of the sum of One Hundred and Eighteen Thousand Cedis, Five Hundred Ghana Cedis (Gh¢118,500.00) on the 3rd investment being sums due the Plaintiff by 19th April 2023 from the Defendant for investments placed with the Defendant Company.
f. Interest on the said sum of One Hundred and Eighteen Thousand cedis, Five Hundred Ghana Cedis (Gh¢118,500) at the prevailing commercial rate of 28% per annum from 16th April, 2023 till date of final payment.
g. An order for the recovery of the sum of One Hundred and Forty Thousand, Four Hu