Databank Asset Management Service Ltd Vrs Acorn Properties Ltd [2022] GHAHC 58 (12 December 2022)
The contract was not illegal as its basis was equity investment in real estate, not the sale or purchase of foreign exchange, and any illegality regarding currency does not void the contract; thus, the suit should not be dismissed.
- Citation
- [2022] GHAHC 58
- Parties
- Plaintiff: Databank Asset Management Service Ltd; Defendant: Acorn Properties Ltd
- Court
- High Court
- Jurisdiction
- Ghana
- Judgment Date
- 12 December 2022
- Procedural Posture
- Commercial / Ruling on Motion to Dismiss Suit for Alleged Illegality
- Outcome
- Motion to dismiss suit dismissed
- Legal Topics
- Illegality of Contract, Foreign Currency Transactions, Equity, Unjust Enrichment
- Source Language
- English
Case Brief
Summary, issues, holding and outcome
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Parties
Databank Asset Management Service Ltd
Plaintiff
Acorn Properties Ltd
Defendant
Procedural Posture
Commercial / Ruling on Motion to Dismiss Suit for Alleged Illegality
Legal Issues
- 1 Whether the contract between the parties is illegal and unenforceable due to foreign currency involvement
- 2 Whether the suit should be dismissed on grounds of illegality
Ratio Decidendi
The contract was not illegal as its basis was equity investment in real estate, not the sale or purchase of foreign exchange, and any illegality regarding currency does not void the contract; thus, the suit should not be dismissed.
Court Disposition
Motion to dismiss suit dismissed
Orders
- Suit to remain in court for possible settlement through ADR
- Contract deemed valid and legal
Full Case Text
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