Ofori Vrs Ecobank Ghana Ltd and Others [2018] GHASC 49 (25 July 2018)

Ofori Vrs Ecobank Ghana Ltd and Others [2018] GHASC 49 (25 July 2018)

The trade in Cal Bank shares was settled in accordance with Exchange rules; delivery versus payment was achieved; payment after 11am on T+3 was valid under Rule 52; ownership passed to buyer upon registration; Bank of Ghana's intervention did not frustrate contract; plaintiff entitled to payment and damages.

Citation
[2018] GHASC 49
Parties
Plaintiff/appellant/appellant: Daniel Ofori; 1st Defendant/respondent/respondent: Ecobank Ghana Ltd; 4th Defendant/respondent/respondent: Securities and Exchange Commission; 5th Defendant/respondent/respondent: Ghana Stock Exchange
Court
Supreme Court
Jurisdiction
Ghana
Judgment Date
25 July 2018
Procedural Posture
Civil Appeal / Final Appeal Judgment
Outcome
appeal allowed
Legal Topics
Securities Trading, Share Transfer, Settlement Rules, Banker Customer Relationship, Contract Frustration, Nemo Dat Principle, Damages, Interest Awards
Source Language
English
Commercial Law Banking Law Company Law Securities Trading Share Transfer Settlement Rules Banker Customer Relationship Contract Frustration +3 more

Case Brief

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Parties

Daniel Ofori

Plaintiff/appellant/appellant

Ecobank Ghana Ltd

1st Defendant/respondent/respondent

Securities and Exchange Commission

4th Defendant/respondent/respondent

Ghana Stock Exchange

5th Defendant/respondent/respondent

Procedural Posture

Civil Appeal / Final Appeal Judgment

Legal Issues

  1. 1 Whether the share trade was settled in accordance with Ghana Stock Exchange rules
  2. 2 Whether payment after 11am on T+3 invalidated the trade
  3. 3 Whether delivery versus payment was achieved

Ratio Decidendi

The trade in Cal Bank shares was settled in accordance with Exchange rules; delivery versus payment was achieved; payment after 11am on T+3 was valid under Rule 52; ownership passed to buyer upon registration; Bank of Ghana's intervention did not frustrate contract; plaintiff entitled to payment and damages.

Court Disposition

appeal allowed

Orders

  • Plaintiff's reliefs (a), (b), (c), (f), (g) granted
  • 1st defendant to pay plaintiff GHS13,762,240.00