DORDZIE (MRS.), JSC
FACTS
In a suit numbered BFS/217/13, between Zenith Bank Ghana Limited (the interested party herein) and Balkan Energy Ghana Limited and Reality Advisors Incorporated in the High Court, Zenith Bank, on the 12th of March 2014 obtained judgment in the sum of USD44, 155,258.39 against Balkan Energy Ghana Ltd.
Balkan Energy on the other hand was given an arbitral award of about USD 13.3 million against the Republic of Ghana. This came about as a result of breach of a power purchase agreement between Balkan Energy Ltd and the Republic of Ghana. In accordance with an arbitration clause in the said agreement, Balkan Energy Ghana Ltd commenced arbitration against the Republic of Ghana at the Permanent Court of Arbitration in The Hague, Netherland. On the 1st of April 2014 the arbitration awarded a total of about USD13.3million in favour of Balkan Energy Ghana Ltd.
Zenith Bank in enforcing the judgment against Balkan Energy Ghana Ltd. obtained garnishee order absolute against t…