The Commercial Division of the High Court, Accra presided over by Justice Doris Dabanka Awuah-Bekoe, on 30 July, 2025, ordered an Australian-based company, Adamus Resources (PTY) Limited, known to be affiliated to Mr. Paul List, to pay within twenty-one (21) days the Cedi equivalent of Fifty Thousand United States Dollars (US$50,000), as security for legal costs to be incurred by Adamus Resources Ghana Limited, its Chief Executive Officer, Ms. Angela List and Nguvu Mining Limited.
The court has further stayed the proceedings instituted by the Australian company until it has filed notice of payment of the said amount and shown evidence of the payment to the court.
The order is a big blow to the Australian-based company, which seeks to challenge the acquisition of 90% shares of Adamus Resources Ghana Limited by Nguvu Mining Limited owned by Ms. Angela List.
In February, 2025, Adamus Australia, at the direction of a certain Alan Morrison, a known surrogate of Mr. Paul List, filed a suit claiming ownership of the said 90% shares in Adamus Ghana Limited and seeking to set aside the acquisition of those shares by Nguvu Mining Limited.
However, in a sharp defence to the action filed by Dame and Partners, lawyers for Adamus Ghana Limited, Nguvu Mining Limited and Ms. Angela List, dismissed the claims of Adamus Australia and described the action as totally vexatious and baseless.
They asserted that Nguvu Mining Limtied had validly acquired the 90% shares in Adamus Ghana Limited and the transfer had been registered and validated by the Companies Registry of Ghana, the Minerals Commission and the Minister for Lands and Natural Resources in accordance with the laws of Ghana. The defendants further questioned the capacity of Adamus Australia and the said Alan Morrison to institute the legal action.
The lawyers for Nguvu Mining Limited, Adamus Resources Ghana Limited and Ms. Angela List followed up with an application for an order for Adamus Australia to pay an amount of US$50,000 as security for legal costs to be incurred by the defendants in defending the suit. Moving the application, Mr. Godfred Yeboah Dame argued that the plaintiff, Adamus Australia was neither registered in Ghana nor had an office in the country. It also does not own any assets in Ghana and has no business in the Ghanaian jurisdiction and thus, the defendants would suffer unnecessary hardship and prejudice in executing any orders for payment of money to be made in their favour, considering how frivolous the action was.
Mr. Dame further argued that section 200 of the Companies Act of Ghana and the rules of court require that a foreign plaintiff as Adamus Australia was, ought to pay security for costs before it could take any further step in the proceedings.
Counsel for the plaintiff Adamus Australia, Minkah-Premo and Co, opposed the application and stated that where a defendant owes the plaintiff money security for costs should not be ordered by the court. They explained that Adamus Australia’s shares in Adamus Resources Ghana Limited, which they alleged had been unlawfully transferred by the defendants, should be construed as money owed by that company.
After evaluating the respective positions, the trial judge, Justice Doris Awuah-Bekoe, upheld the application by Adamus Ghana, Nguvu Limited and Ms. Angela List. She held in her ruling, that the issue of ownership of shares is yet to be determined by the court, and therefore “it cannot be said that the plaintiff has money with the defendants.”
The learned judge further agreed with the defendants that “the suit before the Court relates to companies, therefore the Companies Act 2019, Act 992 features in the proceedings” and empowers the Court to order security for costs in the proceedings.
The learned judge therefore ordered Adamus Australia (a) to give security for the Defendants costs of the proceedings by paying the Cedi equivalent of US$50,000.00; (b) by paying the security amount within 21 days into court in an interest-bearing account designated by the Registrar of the court; (c) the proceedings in the Court will be stayed until such time as the Respondent has filed notice of payment into Court, evidence shown to the Court.
Adamus Australia was represented by Eric Nyarko and Okatakyie Boakye Danquah Ababio, all of Minkah-Premo & Co.
Adamus Resources Ghana, Nguvu Mining Limited and Ms. Angela List were represented by Godfred Yeboah Dame, YaaKobi Frimpomaah and Yaw Brempong Adu-Brempong, all of Dame and Partners.
