Court dismisses Investcom's application

Accra, May 31, GNA, - The Commercial Division of the Accra Fast Track High Court on Thursday, refused to grant application on notice for an order of stay of proceedings pending arbitration, which was filed by Investcom Consortium Holding S.A.(now Investcom LLC), the first defendant/applicant, in the case in which Mr. Richmond Aggrey, a Ghanaian Businessman, is claiming 20 per cent shares in Scancom Limited, operators of Areeba mobile phone service. There was no order as to cost.

Investcom Consortium Holding SA was asking the court to stay proceedings, to allow parties involved in the dispute to settle the issue out of court at the London Court of International Arbitration (LCIA).

In his ruling, the trial Judge, Mr. Justice Henry A. Kwofie stated: "If stay, when granted, would affect second and third defendants, who would be heard in Ghana, while the other defendants would be heard in London".

Mr. Yonny Kulendi, is Counsel for Mr. Aggrey, the plaintiff/respondent; Mr. Felix Ntrikwah is representing Investcom Consortium Holding S.A., the first defendant/applicant; Mr. Benson Nutsukpui is appearing for Scancom Limited (Areeba), the second defendants; while Mr. Thadeus Sory is for Grandview Management Limited, third defendant.

Dismissing the application, the court noted: "Arbitration agreement does not bind persons, or who are not parties to it".

The court noted further that the defendants had denied the plaintiff, the payment of his true share of dividends declared in the 2000, 2001, 2002, 2003, 2004 and 2005 financial years, in a manner which was proportionate to his shareholdings, with interest at the commercial rate.

That, the plaintiff wanted Scancom Ltd. to include his name and restore him to his former position as a shareholder and director of the company.

Mr. Aggrey, in the substantive case, had sued Investcom Holdings, the majority shareholders, Scancom Limited and Grandview Management Limited, when Scancom decided to merger deal with South African giant, MTN Incorporated.

The deal was almost concluded for the transfer of all shares in Scancom Limited to the South African Company. 31 May 07