SAMUEL YAO KAMASSAH & 13 ORS. v. FINE FORT CAPITAL LTD & ANOR.
February 27, 2023
HIGH COURT
GHANA
CORAM
- HER LADYSHIP JUSTICE AKUA SARPOMAA AMOAH (MRS
Areas of Law
- Contract Law
- Evidence Law
February 27, 2023
HIGH COURT
GHANA
CORAM
Try asking the following...
the Portfolio and Unity Diamond as follows:
1. 1st Plaintiff in March 2018, invested an amount of Forty-Three
Thousand Ghana Cedis (GH¢ 43,000.00.) in Portfolio and Thirty-Six
Thousand Ghana Cedis (GH¢ 36, 000.00) in Unity Diamond in
August 2018.
2. 2nd Plaintiff invested in June 2018 an amount of Seventy-Five
Thousand Ghana Cedis (GH¢ 75,000.00)
3. 3rd Plaintiff in May, 2018 invested an amount of Twenty-Six
Thousand Five Hundred Ghana Cedis (GH¢ 26,500) in Portfolio.
4. 4th Plaintiff invested Ten Thousand Ghana (GH¢ 10,000.00) in
September, 2018
5. 5th Plaintiff invested Fifteen Thousand Ghana Cedis (GH¢ 15,000.00)
in Portfolio in September 2018
6. 6th Plaintiff invested Thirty-Five Thousand Ghana Cedis (GH¢
35,000.00) in Unity Diamond with the 1st Defendant in September
7. 7th Plaintiff invested the sum of Thirty-Five Thousand Ghana Cedis
(GH¢ 35,000.00) in August 2018 and another Thirty-Five Thousand
Ghana Cedis (GH¢ 35,000.00) in Unity Diamond with 1st Defendant
in October 2018.
8. 8th Plaintiff in September 2018 invested Forty-Six Thousand Ghana
Cedis (GH¢ 46,000.00) in Unity Diamond.
9. The 9th Plaintiff invested Thirty-One Thousand Ghana Cedis (GH¢
31,000.00) and Forty Thousand Ghana Cedis (GH¢ 40,000.00)
respectively in Unity Diamond in August 2018.
10. 10th Plaintiff invested an amount of Twenty Thousand Ghana Cedis
(GH¢ 20,000.00) in Portfolio and Thirty-One Thousand Ghana Cedis
(GH¢ 31, 000.00) in Unity Diamond
11. 11th Plaintiff in July, 2018 invested Forty Thousand Ghana Cedis
(GH¢ 40,000.00) in Unity Diamond and another Forty Thousand
Ghana Cedis (GH¢ 40,000.00) in Portfolio in July, 2018.
12. 12th Plaintiff invested Fifteen Thousand Ghana Cedis (GH¢
15,000.00) in Portfolio in August, 2018.
13. 13th Plaintiff invested Thirty-One Thousand Ghana Cedis (GH¢
31,000.00) in Unity Diamond with 1st Defendant in September, 2018
14. The 14th Plaintiff invested Twenty-Five Thousand Ghana Cedis (GH¢
25, 000.00) in Portfolio and Forty Thousand Ghana Cedis (GH¢ 40,
000.00) in Unity Diamond in April, 2018 and June, 2018 respectively.
Plaintiffs aver that by the Agreement between the parties the interest
payable on Unity Diamond was 25% and for Portfolio also about 25% per
month.
They say that the amount due them collectively from the Defendants as at
the end of February, 2019 was One Million Six Hundred and Thirty-One
Thousand Nine Hundred and Forty-Nine Ghana Cedis Thirty-Seven
Pesewas (GH¢ 1, 631,94
AI Generated Summary
Fourteen investors sued the 1st Defendant company over e2 80 9cPortfolio e2 80 9d and e2 80 9cUnity Diamond e2 80 9d investments, alleging unpaid returns and principals totaling GH a0 1,631,949.37 as at February 2019, under agreements promising around 25% monthly interest. The 2nd Defendant, the CEO, testified that Plaintiffs had made withdrawals and received interest, and pointed to contractual risk disclosures. The court held the 1st Plaintiff could represent the group under Order 4 Rule 3 CI 47, and, applying the Evidence Act burden-shifting rules, found Defendants offered no documentary proof of payments, rendering bare assertions inadequate. Exercising Order 28 Rule 2 CI 47, the court appointed a referee who reconciled the accounts and reported the 1st Defendant e2 80 99s indebtedness at GH a01,619,235.94, which the court adopted. The court dismissed the claim against the CEO, entered judgment for Plaintiffs against the company with interest from 1 March 2019, and awarded costs of GH a020,000.