Court orders AMRC to pay D38 million to interest bearing account in ECOBANK

Wednesday, May 15, 2019

Justice Ebrima Jaiteh of the High Court in Banjul has ordered Asset Management and Recovery Corporation (AMRC) to pay the sum of D38 million (thirty–eight million dalasis) paid by the plaintiff into the ECOBANK Account interest bearing account.

Justice Ebrima Jaiteh made this order in a ruling delivered recently in a civil suit involving Narendra Gidwani, a businessman and the plaintiff and Asset Management Recovery Corporation (AMRC) and the Ministry of Finance and Economic Affairs as 1st and 2nd defendants.

It could be recalled that the plaintiff; Narendra Gidwani filed an application for the payment of the said sum of D38 million into an interest bearing account at ECOBANK so that neither parties would gain advantage or be prejudiced whilst the substantive matter is being litigated.

The 1st respondent (AMRC) vehemently opposed the application and raised the issue as to when payment can be made into interest bearing account or when the court can preserve the funds pending the outcome of litigation.

Justice Jaiteh disclosed that in this jurisdiction there is no specific rule that deals with preservation of funds and cited Section 3 (1) of the Courts Act Cap 6:01, Volume 2, laws of The Gambia, saying by virtue of Section 3 (1) of the Courts Act, the High Court is vested with power and authorities to apply where a matter arises for which no provision is made to apply all the jurisdiction, power and authorities, according to Civil Proceedings.

He asserted that after perusing the affidavits filed, he observed that there was no dispute that the plaintiff paid the sum of D38 million to the AMRC (1st respondent).

He further asserted that the application before the court is that the plaintiff is not seeking for a refund but the preservation of the funds so that no party will gain advantage or suffer prejudice pending determination of the suit.

Justice Jaiteh disclosed that he wondered why the 1st respondent denies the preservation of the said sum of money when it was made in good faith in consideration of the substantial amount of funds involved in this litigation.

He stated that the application was necessary to prevent either party to the suit from taking undue advantage of the bona fide subject matter of the suit by frustrating the proceedings.

Justice Jaiteh further stated that after a careful perusal of the supporting affidavit of the applicant, he was satisfied that the applicant disclosed sufficient grounds or a strong prima facie case to warrant the court to exercise its discretion and grant the application.

Justice Ebrima Jaiteh accordingly ordered that the sum of D38 Million (thirty-eight million dalasis) be paid into the ECOBANK Account.

Author: Bruce Asemota