Court orders sale of school, other properties to pay crypto victims

A Commercial Court in Koforidua has ordered the sale of immovable commercial properties including a School – Perfect Love Montessori School – belonging to Kwaku Damete Kumi , the embattled Chief Executive Officer of Global Coin Community Help, a defunct Crypto currency firm at Nsawam in the Eastern Region.

The order was made by the Court in a judgment in favor of some swindled customers who filed a suite praying the court to retrieve their locked up investments with the company.

The valuated properties to be auctioned on May 27, 2019 are 3-storey office Complex with open market value of GH¢3,307,200.00 however with forced sale value of GH¢2,315,000.

Again, a 3-storey block with open market value of GH¢651,400. is being sold at GH¢455,900.

A Two Office space facility is also being auctioned for GH¢32,700.instead of its market value of GH¢46,700.

Meanwhile, the Perfect Love Montessori School located at Nsawam-Gyankrom is being auctioned for GH¢488,500.00 as against open market value of GH¢697,800.

Already, Leaders of total of 831 victims of the crypto currency investment scam have called on President Akufo-Addo and the Chief Justice, Sophia Akuffo to call the Economic and Organized Crime Office (EOCO) to order for frustrating their efforts to retrieve some GH¢3.7 million from the account of the defunct financial company – Global Coin Community Help (GCCH) lodged at the Ghana Commercial Bank in a judgement delivered in their favour by a Koforidua High Court.

The amount is in garnisheed account of GCCH at the Ghana Commercial Bank (GCB).

The amount represents just a minute fraction of over GH¢15 million the plaintiffs prayed the Koforidua Court to recoup from the company to pay for their lost deposits at GCCH.

The victims include personnel in the security services, nurses, business women, traders among others.

Chronology of events and EOCO legal drama

In September, 2018 Global Coin Community Help (GCCH) abruptly closed down its offices in Accra, Koforidua and Nsawam without any notice to its over hundred -thousand customers.

A panic action which was taken after the Bank of Ghana issued strong warning to unlicensed deposit taking institutions to stop operating. Customers of the crypto currency firm sensing danger of their lost investments, dashed in groups to petition EOCO to assist them retrieve their locked up investments.

The victims were advised by EOCO to take legal action against the company upon which separate civil suits were filed at the Koforidua High Court against the GCCH company and its CEO, Kweku Damete Kumi on the 20th and 23rd November, 2018.

On December, 2018 and January, 2019 the plaintiffs secured two separate judgements in absentia as defendant failed to make appearance in court.

Before the judgement, the Court granted the victims an Interlocutory Injunction order on the account of the company at GCB Bank on the 10th of December, 2018.

Ten days to the expiration of the freezing order, the court granted an additional freezing order which preserved the account till determination of the matter.

On 19th January, 2019 EOCO also went to secure a freezing order on the same account at the Accra High Court.

The Koforidua High Court on 21st January, 2019 ordered GCB Bank to pay the customers an amount of Gh¢2.9 million which the bank accepted to comply.

However on February 4, 2019, GCB Bank returned to court through a motion to inform the court about their challenge in complying with the payment order and asked for further directions from the court due to the fact that the Bank had also received another injunction from Accra High Court by EOCO to keep the same account frozen.

After the court heard both counsels for plaintiff and the GCB Bank, the final ruling from the Koforidua High Court Judge was an order to GCB Bank to release the funds within seven days.

In addition, the judge concluded that, due to the indolent conduct of EOCO, they were not to benefit from the said account.

“The Plaintiffs, I find, have been proactive and brought their complaint before the court as advised by EOCO. EOCO on the other hand has been very indolent and should not benefit from their indolence at the expense of the diligent plaintiffs in the instant case,” excerpt of the ruling stated.

Despite this ruling, GCB Bank refused to release the money.

After a month of follow ups by the plaintiffs on GCB Bank to pay which proved futile, a contempt application was filed against GCB Bank on 11th of March, 2019.

Just before the commencement of the hearing of the contempt application against GCB Bank, EOCO rushed to the court to file for a joinder to be part of the contempt hearing.

EOCO was thrown out of court for their refusal to appear to move the motion they have filed.

But EOCO returned to the court to get their motion relisted a week later and filed another motion for joinder. For the second time, EOCO was thrown out of court again for their absence in court to move the motion which a cost of GH¢1,000 was slapped on EOCO.

On April 23,2019 EOCO returned to court again to file for the re-enlistment of their motion for joinder for the third time just when the judge has asked Counsel of the plaintiffs to file her hearing application for the contempt.

The Koforidua Circuit Court “B” has already issued a bench warrant on the 10th April, 2019 for the arrest of the Directors of the Company – Kwaku Damete Kumi and two others but EOCO on the 29th April, 2019 reportedly blocked Police Personnel from the Eastern Regional Police Headquarters from arresting them.

On May 8, 2019 EOCO failed to appear in Court to move its own motion filed as Joinder to the contempt against GCB Bank.

The judge ordered that EOCO be served with the hearing notice for them to appear on May 20, 2019 .The court again awarded a cost of GH¢500 against EOCO.

Meanwhile the Court has fixed 5th July for the final ruling on the contempt case against GCB Bank.

On May 13, 2019 the Commercial Division of the Koforidua High Court struck out a motion by GCB praying the Court to make the plaintiffs stay of execution pending an Appeal which it has filed challenging an early ruling of the court ordering the release of GH¢3.7million from the account of GCCH at GCB Bank in seven days.

The court awarded cost of GH¢4000 against the GCB Bank and on same day, the Koforidua High Court 4 adjourned a similar hearing to May 29, 2019 upon request by Counsel for GCB Bank to respond to legal argument of counsel of the Plaintiffs.

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Ellis Ferdinand
Ellis Ferdinand is a Journalist, Blogger and Founder of Ellis Multimedia, a parent company of, an Online Education News Blog, and Ellis Ferdinand is a Graduate of Accra College of Education and the University of Cape Coast, where he obtained a Diploma In Basic Education and a Bachelor of Education in Accounting. He is currently Reading his Master of Philosophy in Curriculum and Pedagogic Studies at the University of Education, Winneba in Ghana. Ellis Ferdinand won Blogger of the Year at the 2018 National Students’ Awards and was also adjudged 14th Best Ghanain Blogger in 2018 among the Top 50 Ghanaian Bloggers of 2018. He introduced the Concept of Education Blogging in Ghana in 2014 with his famous blog now His Blog won Best Media Promoting Education in 2017, 2018 and 2019 respectively, an Award organized by Neogenics Education Consult. In 2019, He adjudged the Most Promising West African Blogger of the Year in Nigeria. He won Writer of the Year at the 2021 EDUCOM AWARDS

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