DANIEL OFORI vs. ECOBANK GHANA LIMITED, SECURITIES AND EXCHANGE COMMISSION AND GHANA STOCK EXCHANGE [2020]DLSC8740

DANIEL OFORI vs. ECOBANK GHANA LIMITED, SECURITIES AND EXCHANGE COMMISSION AND G... [2020]DLSC8740

Date	2020-03-11
Suit No.	CIVIL MOTION NO. J8/64/2019
Citation No.	[2020]DLSC8740

YEBOAH CJ (PRESIDING)

DOTSE JSC

BAFFOE-BONNIE JSC

APPAU JSC

PWAMANG JSC

THADDEUS SORY FOR THE PLAINTIFF/APPELLANT/APPELLANT/APPLICANT

AMA OPOKU AMPONSAH FOR THE 1ST DEFENDANT/RESPONDENT/RESPONDENT/APPLICANT

[2020]DLSC8740
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													<main id="main" class="content" style="min-height: 60rem" >DANIEL OFORI<o:p></o:p>(APPLICANT)<o:p></o:p>vs.<o:p></o:p>ECOBANK GHANA LIMITED, SECURITIES
AND EXCHANGE COMMISSION AND GHANA STOCK EXCHANGE<o:p></o:p>(RESPONDENT)<o:p></o:p>[SUPREME COURT, ACCRA]<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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CIVIL
MOTION NO. J8/64/2019&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;DATE: 11TH
MARCH, 2020<o:p></o:p>

</div>COUNSEL:<o:p></o:p>&nbsp;&nbsp;&nbsp; THADDEUS SORY FOR THE
PLAINTIFF/APPELLANT/APPELLANT/APPLICANT.<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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<p class="MsoNormal" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:
justify;line-height:115%;border:none;mso-border-bottom-alt:solid windowtext 1.5pt;
padding:0cm;mso-padding-alt:0cm 0cm 1.0pt 0cm">AMA OPOKU AMPONSAH FOR
THE 1ST DEFENDANT/RESPONDENT/RESPONDENT/APPLICANT.<o:p></o:p>

</div>CORAM: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<o:p></o:p>YEBOAH CJ (PRESIDING), DOTSE
JSC, BAFFOE-BONNIE JSC, APPAU JSC, PWAMANG JSC<o:p></o:p><div style="mso-element:para-border-div;border-top:solid windowtext 1.5pt;
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<p class="MsoNoSpacing" align="center" style="margin-bottom:6.0pt;text-align:center;
line-height:115%;border:none;mso-border-top-alt:solid windowtext 1.5pt;
mso-border-bottom-alt:solid windowtext 1.5pt;padding:0cm;mso-padding-alt:1.0pt 0cm 1.0pt 0cm">RULING<o:p></o:p>

</div>DOTSE
JSC:-<o:p></o:p>On the 10th of July 2019, the Supreme
Court, made an order appointing the Director of Finance of the Judicial Service
to assist the parties herein in the following terms:-<o:p></o:p>“BY COURT<o:p></o:p>By consent, the parties
through their respective counsel, Thaddeus Sory for the Applicant and Ama Opoku
Amponsah for the Respondent have consented to the Director of Finance of the
Judicial Service being appointed to assist the parties herein resolve the
differences arising from interest rate charges from the review decision of this
court dated 27th February 2019. Adjourned sine-die.”<o:p></o:p>Before I proceed any further, it is useful to
state the background to the said order.<o:p></o:p>FACTS
UNDERLYING THE ORDER<o:p></o:p>This court on the 25th day of July
2018, delivered a unanimous judgment in favour of the Respondent herein, Daniel
Ofori, therein Plaintiff/Appellant/Appellant which overturned the judgment of
the Court of Appeal dated 6th June 2013, which was in favour of the
Applicants herein, therein, 1st Defendants/Respondents/Respondents,
Ecobank Ghana Limited.<o:p></o:p>The ordinary Bench of this Court specifically
ordered the Applicants to pay the amounts due the Respondent at interest rates
calculated as at the date of the High Court Judgment.<o:p></o:p>The Respondent herein, however successfully
applied for a review of the judgment of the ordinary Bench, and on the 27th
day of February 2019, the Review panel stated in clear terms as follows:<o:p></o:p>“Accordingly, we review our decision of 25th
July, 2018 on this point as follows:-<o:p></o:p>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
That
the 1st Respondents pay interest to the Applicant herein on the sum
of GH¢6,162,240.00 out of the sum of GH¢13,762,240.00 at the agreed interest
rate of 30% from the 2nd day of June 2008 up until the date of the
Supreme Court judgment to wit the 25th day of July 2018.<o:p></o:p>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The
1st Respondents are to pay to the Applicant interest on the sum of
GH¢6,161,240.00 out of the sum of GH¢13,762,240.00 at the statutory interest
rate from the date of judgment of this court (which is 25th July
2018 up to date of final payment).<o:p></o:p>