IN THE SUPERIOR COURT OF JUDICATURE
IN THE SUPREME COURT
ACCRA – A.D. 2026
CORAM: LOVELACE-JOHNSON (MS) JSC (PRESIDING)
GAEWU JSC
ADJEI-FRIMPONG JSC
ADJEI JSC
AMALEBOBA JSC
CIVIL APPEAL NO. J4/01/2026
18TH MARCH, 2026
MERVILLE ENTERPRISE S. A. …….. PLAINTIFF/APPLICANT/
RESPONDENT/APPELLANT
VRS
1. THE 10,000 METRIC TONNES OF CARGO OF CRUDE OIL LADEN ON BOARD DEFENDANTS
MOTOR TANKER “OLYMPIC FAITH”
2. LUSHANN INTERNATIONAL ENERGY LIMITED
3. BBLS GMBH
AND
GCB BANK LIMITED …….. RESPONDENT/APPELLANT/
RESPONDENT
JUDGMENT
ADJEI-FRIMPONG JSC:
By a notice of appeal filed on 23rd June 2023, the Appellant seeks the reversal of the decision of the Court of Appeal dated 30th March 2023. The decision of the Court of Appeal set aside the decision of the High Court which ordered GCB Limited, the Respondent to this appeal to pay the sum of USD 7,428,456 with interest to the Appellant. This appeal in effect seeks the reinstatement of the order of the High Court dated 7th February, 2020. The following are the grounds of appeal:
1. The judgment is against the weight of evidence
2. The Court of Appeal erred in law by holding that the High Court, Commercial Division, Accra has no jurisdiction to embark on a proceeding that involved a bank whose license has been revoked under the provisions of Banks and Specialized Deposit-Taking Institution Act, 2016 [Act 930].
Particulars of Error of Law
[i] The proceedings at the High Court, Commercial Division, Accra was not proceedings against UT Bank as a party but against the Cargo in the Vessel “Olympic Faith” and its hirer who defaulted in paying the hire for the vessel
[ii] UT Bank participated in the suit before the High Court without leave
of the Court as provided under Order 62 r l4 of C.I 47 for interveners in maritime action md can therefore not be a necessary party.
3. The Court of Appeal erred in law when it followed the ruling of the Supreme Court dated 17th July, 2028 on application for Judicial Review by the Joint Receivers of UT Bank on the basis of Article l 29(3) of the Constitution.
Particulars of Error of Law
[i] The Supreme Court in its ruling did not state the ratio decidendi for its conclusion that the rules of natural justice and the provision of Section 128(c) of Act 930 are applicable to the execution process deployed under Order 43 r 9(2) of CI 47 by the Plaintiff/ Applicant/Respondent at the High Court, Accra to hold the Respondent/Appellant liable for the payment of the US$ 7 million deposited in the name of the Registrar at UT Bank prior to the revocation of its licence having assumed the account per Purchase and Assumption Agreement.
[ii] The execution process under Order 43 r 9(2) of CI 47 does not require service of notice on the joint Receivers in the application as the rule provides for proceeding against a non-party to a suit whom obedience to any judgment or order may be enforced and the judgment in this case was about the Registrar’s account of US$ 7 million which had been assumed under a Purchase and Assumption Agreement with GCB Bank Ltd (Respondent/ Appellant).
4. The Court of Appeal erred in law when it held that there was proceeding against UT Bank and by Section 128(c) and (d) of Act 930 all proceedings against it shall be stayed and any exercise of right over its assets shall be deemed suspended.
Particulars of Error of Law.
[i] Order 46 of CI 47 gave the High Court the power to examine persons liable to satisfy judgment when difficulties arise in connection with the enforcement of the judgment and Act 930 did not the out the jurisdiction of the High Court in that regard.
[ii] The process of execution under Order 46 was pursuant to the publication of Bank of Ghana dated 14th April, 2017 following the revocation of the license of UT Bank which indicated that all deposit customers shall have access to their funds under a Purchase arid Assumption Agreement with the GCB bank Ltd.
iii] The Registrar of the High Court, Commercial Division, Accra had at all material times an account with UT Bank prior to the cancellation of its licence by the Bank of Ghana and it is legally entitled to trace and recover the sum in its account at UT Bank under on appraisement and sale order of the High Court, Accra dated 27th January, 2O14 which said account was assumed by necessary implication by the GCB Bank Ltd.
Upon our examination of the arguments contained in the respective statements of case of the parties, we come to the decision, subject to the order hereinafter made, that the appeal ought to succeed.
We are however of the opinion that there was no sufficient evidence to support the High Court order against the GCB Limited to pay the sum of US$ 7 million to the Plaintiff/ Respondent/Appe1lant on the basis of its finding that GCB Limited actually assumed the liability under the Purchase and Assumption Agreement.
On our review of the record, we think there is the need for a further inquiry for purposes of tracing the sum of US$ 7 million deposit and/or determining where the liability to pay same must fall. This inquiry must target Bank of Ghana, GCB Limited and the Receivers of UT Bank.
We appoint the firm DELLOITE GHANA to conduct the inquiry and submit a report to this Court within two months. The fee to be charged by DELLOITTE GHANA shall be borne equally by Bank of Ghana, PCB Limited and the Receivers of UT Bank. We order Bank of Ghana, the GCB Limited and Receivers of UT Bank to submit all relevant documents/ records concerning the transaction to DELLOITE GHANA not later than seven days upon service of this order on them.
The full judgment and reasons of this Court in this appeal shall be delivered upon the receipt of the report from DELLOITTE GHANA.
(SGD.) R. ADJEI-FRIMPONG
(JUSTICE OF THE SUPREME COURT)
(SGD.) A. LOVELACE-JOHNSON
(JUSTICE OF THE SUPREME COURT)
(SGD.) E. Y. GAEWU
(JUSTICE OF THE SUPREME COURT)
(SGD.) D. DOMINIC ADJEI
(JUSTICE OF THE SUPREME COURT)
(SGD.) H. AMALEBOBA
(JUSTICE OF THE SUPREME COURT)
COUNSEL
MOHAMMED SAHNOON ESQ. WITH SASHA SAHNOON ESQ. FOR THE PLAINTIFF/APPLICANT/RESPONDENT/APPELLANT.
NUTIFAFA NUTSUKPUI ESQ. FOR THE 3RD RESPONDENT/APPELLANT/
RESPONDENT.
