The Supreme Court will on March 14, 2018 rule on an application for review filed by Standard Bank Offshore Company (substituted by Dominion Corporate Trustees Limited) against the National Investment Bank (NIB).
The review is praying the Supreme Court to set aside its decision to dismiss a $60 million judgement debt entered against NIB.
A Commercial Division of the Accra high court in February 2013 ordered NIB to pay the money to Standard Bank Offshore Company; and the decision was upheld by the Court of Appeal in October 2013, following an appeal from NIB.
Not satisfied with the court’s ruling, NIB took the matter to the Supreme Court asking it to quash the decisions of the two lower courts.
In a unanimous decision on June 21, 2017, the five-member panel of the Supreme Court, presided over by the Chief Justice, Sophia Akuffo, held that both Standard Bank Offshore Company Limited and Dominion Corporate Trustees Limited had no capacity to initiate the action which resulted in the $60 million judgement debt.
The court, therefore, nullified all proceedings in relation to the case that took place at the high court and the Court of Appeal, as well as the judgements given by the two courts.
It further granted cost of GH¢500,000 against Dominion Corporate Trustees Limited.
Review
Tsatsu Tsikata, who successfully overturned the Appeal Court ruling as counsel for NIB, has been replaced by Benson Nutsukpui due to disagreements over legal fees.
At the last sitting on January 18, 2018 when the case was called, Mr. Tsikata announced himself as counsel for NIB but he was interrupted by the Deputy Managing Director of NIB, Alfred Thompson, who told the court that the bank’s Board had taken a decision to replace Mr. Tsikata and that he no longer represents the bank.
The court subsequently adjourned the case and urged both Mr. Tsikakta and the bank to settle the matter amicably.
The court’s advice appeared to have gone done well with both parties as Mr Butsukpui, who is the President of the Ghana Bar Association, announced himself as counsel for NIB when the case was called on Tuesday, January 23, 2018.
Standard Bank Offshore Company Limited, which was not satisfied with the decision of the apex court, filed for a review application praying the court to overturn its decision.
A seven-member panel presided over by Chief Justice Sophia Akuffo, with Justices William Atuguba, Julius Ansah, Sophia Adinyira, Jones Dotse, K. Anin Yeboah and A.A. Benin assisting, has been constituted to sit on the case.
Lawyer for the applicants, Nene Amegatcher, former President of the GBA, moving the application, indicated that his clients did nothing wrong when they did not provide their names, especially when NIB did not raise any issues of capacity.
He said the court ought to do substantial justice in the matter, laying emphasis on the amount involved which he claimed the respondents (NIB) had not denied.
Mr Benson Nutsukpui, said he relied on all the processes filed in the case.
Source: Daily Guide
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WANING::!!!Every refugee receives passport given by United Nations. Never on this earth refugee receive the passport of that country except Ghana. Do our parlimantarians know law regarding refugees? Even refugee have to stay a while at least 5 years before he/she can apply for that country's nationality. If accepted then he/she can apply for travel documents such as passport. Therefore the whole thing concern these Guantanamo 2 is wrong and fault. They have to apply their refugee status from Ministry of Interior and if granted, 5 years later ask for citizenship. It will be totally wrong if the government fail to follow this refugee or international law. Ghanaians are watching oo. We live in Europe and this is what we go through or the process we follow.How can Ghana be so loose and cheap because of few money. Look what happened to our fellow brothers in Libya and Arab countries like Quatar etc.
@MUSA SAPIENTO IT LOOKS LIKE YOU HAVE AN INSIGHT INTO THE CASE. IT SEEMS TO ME THAT IT WAS A CASE OF LIFTING THE CORPORATE VEIL. ANY GOOD COURT WILL NOT USE LEGALITIES TO AID FRAUD. IT SEEMS THE SUPREME COURT LOOKED AT THE PROCESSES OF RAISING THE MONEY AND ITS DISTRIBUTION AND USE EQUITY PRINCIPLES TO STOP THE FRAUDULENT GAIN OF INDIVIDUALS AND WHAT CORPORATIONS CAN GAIN THROUGH THE VEIL OF INCORPORATION. I BELIEVE DOMINION WILL FAIL BECAUSE EQUITY IS A "SACRED" PRINCIPLE THAT MANY JUDGES WILL NOT GO AGAINST IN PARTICULAR IF IT WILL BE AIDING WRONG DOING. NOW NIB SHOULD BE READY TO PAY TSATSU HEAVILY OR ELSE HE WILL MOP THE FLOOR WITH THEM.
I don't understand how this case has gone for a review if it was a unanimous decision of five Justices. For the review to be successful, at least, two of the original five justices must change their mind and the new two justice must also vote in favour of the review. That is almost impossible unless the original decision was fundamentally flawed in law.
The Supreme Court has asked the National Investment Bank (NIB) not to pay the $60million judgment debt the High Court in Accra asked it to pay Dominion Corporate Trustees Limited in 2013. The Commercial Division of the High Court, presided over by Mr Justice Amadu Tanko, on February 21, 2013, gave judgement against NIB in favour of Dominion Corporate Trustees Limited of Channel Islands, UK, for the recovery of the sum of US$60 million, plus interest, with effect from January 29, 2009, to the date of final payment. The Court of Appeal, on July 4, 2013, stayed the execution of the judgement of the Commercial Court pending the outcome of an appeal filed by the NIB. The bank, whose debt had doubled with a daily interest of $20,000), asked the Court of Appeal to quash the Commercial Court’s decision because it was defective. NIB lost the appeal and proceeded to the Supreme Court. In its ruling Wednesday morning, the Supreme Court said Dominion Trustees had no capacity to have initiated the action and that the writ Dominion Trustees filed at the High Court did not indicate they were the real investors, reports Graphic Online’s court reporter, Emmanuel Ebo Hawkson. Consequently, the Supreme Court ordered a cost of Ghc500,000 against Dominion Trustees which was represented by Mr Kwame Pianim, as its investment consultant. Mr Tsatsu Tsikata represented the NIB as the bank’s counsel. The suit was commenced against the NIB by Standard Bank Offshore Trust Company, which was later substituted by Dominion Corporate Trustees Limited, on behalf of investors who had purchased promissory notes issued by Eland Ghana Limited and guaranteed by NIB. Under the terms of the transaction, the investors had to pay a discounted total sum of US$45 million in May 2007, and upon maturity of the promissory notes on January 29, 2009, reap US$60 million, thus earning US$15 million in profit. During the trial, Mabel Aku Baneseh reported that, the NIB led evidence to show that its Managing Director at the time, Mr Daniel Charles Gyimah, signed the guarantee without any authorisation from the board. The bank also led evidence to show that the US$45 million was not utilised for the advertised purpose but was rather distributed by Mr Gyimah to Eland Ghana Limited and companies connected to it. Other beneficiaries were Iroko Securities Limited, London, as well as private individuals, including Mr Gyimah’s son, Stephen. The largest beneficiary was Sphynx Limited, USA, which was given US$24 million. It also emerged that Sphynx Limited was a fully owned subsidiary of Iroko Securities Limited. In the counterclaim, the bank joined Mr Gyimah, who according to the NIB did not have the mandate to authorise the promissory note. Also joined to the counterclaim was Eland International Ghana Limited. But the court, in its February 21, 2013 judgement, held a contrary view and declared NIB liable and ordered it to pay the $60 million, with 11 percent interest, with effect from January 2009 until the day of final payment.
sites.eveyo.com/news/261871-supreme-court-quashes-judgement-against-nib.html
NPP and Agyekum Kufour created this mess. Remember Charles Gyimah of NIB and UDS in the north?
This is simple. The conditions that validated the annulment of the judgement by the Supreme Court have not been invalidated.So I can confidently predict that the annulment will stand, come 3/14/2018.