YOO MART LIMITED v. STANDARD CHARTERED BANK

OWUSU (MS.) JSC:-

On 14th of February, 2019, the Court of Appeal allowed the appeal of the Defendant/Appellant and set aside the Order of the High Court dated 10th November, 2017 awarding interest to the Plaintiff/Respondent in respect of the sum of USD1,550,000.00 paid as consideration for the property purchased as having been made in error of both law and facts.

Dissatisfied with the decision of the Court of Appeal, the Defendant/Appellant appealed to the Supreme Court on the following grounds:

I.The Judgment of the Court of Appeal is against the weight of evidence on record.

II.The Court of Appeal erred when they held that the Plaintiff /Respondent/Appellant was not entitled to interest on the sum of USD1,550,000.00 despite evidence of Defendant/ Appellant/Respondent’s failure to yield vacant possession to the Plaintiff/Respondent/Appellant

III.The Court of Appeal erred in treating a Court Auction Sale as a Private Treaty between the parties.

IV.The Court of Appeal misdirected itself on the issue of misrepresentation by the Defendant/Appellant/Respondent.

V.Further or other grounds of appeal to be filed on receipt of the Record of Appeal.

The relief sought from the Supreme Court;

An Order reversing the Judgment of the Court of Appeal.

At this stage it is noted for the record that no further or other grounds of appeal were filed.

Also in this appeal, the designations of the parties at the High Court would be maintained. Consequently, the Plaintiff/ Respondent/ Appellant will be referred to simply as Plaintiff and the Defendant/Appellant/Respondent as Defendant.

Before dealing with the arguments advanced in support and against this appeal, we will give the background of this case.

Per its writ of summons, the Plaintiff claims the following reliefs against the Defendant:

1.Compensatory Damages from the Defendant for failure to give Plaintiff vacant possession of the Odupongkpehe-Kasoa Warehouse originally belonging to Mass Projects Limited which Defendant put up for auction.

2.Mesne profits of USD 18,000.00 per month from 24th day of October, 2012 from the Defendant to the Plaintiff.

3.Interest on the mesne profit at the prevailing commercial bank rate from the 24th of October, 2012 to date of final payment.

In its amended Statement of Claim, the Plaintiff averred that, after the Defendant had obtained Judgment in an action at the High Court, it attached a “Warehouse Property” situate at Odupongkpehe-Kasoa belonging to Mass Projects Limite