In this action, the Plaintiff sued the Defendant for the following reliefs:
(a). Payment of USD50,000.00 or its cedi equivalent as funds advanced by the Plaintiff to the Defendant as an initial advance under a proposed Joint Venture Agreement which did not materialize.
(b). Interest on the said USD 50,000.00 from October, 2005 up to the date of final payment at current bank rate.
(c). Costs.
The Defendant has also in a counterclaim asked for the following reliefs:
1. General damages for breach of contract
2. Punitive damages for wilful misrepresentation and deceit
The case of the Plaintiff is that it entered into a Memorandum of Understanding (MOU) with the Defendant in October, 2005 by which the Plaintiff was to be offered 30% shares originally allocated to NTHC in a Joint Venture Company formed between the Defendant and NTHC Ltd in 2001. In consideration of the allotment of shares, the Plaintiff contended that it was to pay to the Defendant USD 348,000.00 or its cedi equivalent. The partieā¦