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.
Tsatsu Tsikata, who successfully overturned the Appeal Court ruling as counsel for NIB, has been replaced by Benson Nutsukpui due to disagreements over legal fees.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 Tsikata and that he no longer represents the bank.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.