A private company, Riasand Ventures
Limited, will, today, move a motion at the Fast Track High Court for the
liquidation of the assets of Noble Gold Bibiani Limited, an Australian
Riasand took the action as a result of the failure of Noble Gold to pay Riasand a $730,252.30 judgement debt.
Noble Gold was, on September 20, 2013, ordered by the court to pay
the $730,252.30, with an accompanying GH¢50,000 in costs, to Riasand for
breach of contract.
However, four months after the delivery of the court’s judgement, all
efforts by the applicant to retrieve the judgement debt, which arose
out of the mining company’s failure to pay the applicant for supplying
it with gold tailings, had yielded no result.
Accordingly, counsel for Riasand Ventures, Mr Cosmas Anpengnuo, has
filed a motion on notice for an order to officially wind up Noble Gold
Affidavit of Applicant
An affidavit in support of the motion, sworn on behalf of Riasand
Ventures by its Managing Director, Mr Richmond Amoako-Mensah, stated,
among other things, that his lawyer caused entry of judgement after the
court’s judgement, but Noble Gold failed to settle its indebtedness.
According to the affidavit, the applicant had a further claim of
$375,650 pending before the Fast Track High Court, while the mining
company also owed other companies thousands of dollars.
It said the applicant, on October 30, 2013, filed an application to
freeze the accounts of the mining company in its bid to retrieve the
judgement debt, but it emerged that Noble Gold had less than $6,000 in
two of its major accounts with two banks in Accra.
Seizure of Vehicles
It said in an attempt to get its money back, the applicant went into
execution and seized two vehicles and office equipment belonging to
Noble Gold, but another company emerged and claimed ownership of the
According to the affidavit, it had also come to the notice of the
applicant that Noble Gold “has declared redundancy and only been able to
pay a minimal percentage of its employee’s redundancy package and that
there are a host of other creditors who have not been paid”.
It said after making repeated demands on Noble Gold to honour its
debt obligation and the subsequent failure of the company to heed those
demands, “the company has demonstrated that it is unable to pay its
debts, as it has a large stock of creditors and that is a proper case in
which this honourable court would intervene to order that the company
be wound up”.