Ghana Supreme Court upturns $million NIB payment to Dominion Trustees

Ghana Supreme Court on Wednesday ruled that the National Investment Bank (NIB) should not pay the $60million judgment debt the High Court in Accra had earlier rule , it pay Dominion Corporate Trustees Limited in 2013.

NIB lost the appeal and proceeded to the Supreme Court.

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.

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

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