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General News
Court stops sales of Kasapa shares 8/23/2007
Accra, Aug. 22, GNA - An Accra Fast Track High Court on Wednesday restrained Hutchison Telecommunication International Limited (HTIL) and Certwell Limited from disposing of its shares in Kasapa Telecom Limited. This was after it had granted an ex-parte application for an interlocutory injunction filed by Kludjeson International Limited (KIL), a company registered under the laws of Ghana and a shareholder of Celltel Limited, operators of Kasapa Telecom.

Moving the application, Mr Attah Akyea, counsel for KIL, sought the orders of the court to restrain the defendants in the name of their associates, HTIL acting through HSBC Bank PLC in Johannesburg, South Africa or any other entity from disposing of their share in Celltel Limited until the determination of the case.

The defendants are to be served with notices within 10 days after which they would respond to the application. In an affidavit in support of the motion, Mr Prince Kofi Kludjeson, who represented KIL said he was a shareholder of the Celltel Limited which name had purportedly been changed to Kasapa Telecom Limited. Plaintiff further stated that he incorporated Celltel Company Limited in 1993 as a hundred per cent shareholder. Plaintiff averred that HTIL was a company incorporated under the laws of Hong Kong and a purported shareholder of the company, which also carried out telecommunication businesses.

According to the plaintiff, the second defendant was a company incorporated in British Virgin Islands and a wholly owned subsidiary of Kuwata Limited also incorporated in the British Virgin Island. Quoting a share purchase agreement and a shareholder''s agreement both executed on March 30, 1998, he said the plaintiff and HTIL agreed that HTIL would purchase 80 per cent of the company leaving 20 per cent for Plaintiff.

"To induce the plaintiff to enter into agreement with HTIL, HIL represented in the said agreement that it would hold shares in the company beneficially or through its associate."

According to the plaintiff, to induce them to finalise the said agreement that would transfer to HTIL a vast equity of the company, HTIL by a Shareholders'' Resolution on June 1998 disclosed that it was nominating Certwell Limited, which HTIL falsely represented as its subsidiary to hold the shares in the company on its behalf. The plaintiff averred that in reliance on the said disclosure and false representation, it agreed to transfer 80 per cent of the shares in the company to HTIL.

Thus by the said disclosure and false representation, the plaintiff was led by the HTIL to believe that it was at all times dealing with HTIL through Certwell Limited.

Plaintiffs averred that the share offer was done clandestinely under the confidential cover. Plaintiffs were of the view that unless the court swiftly restrained the defendants, their agents and assigns they would dispose of the shares in contemptuous ways as they were carrying out and the plaintiffs would suffer irreparable damage.Source:
GNA



 
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