BROTHERS IN COURT OVER FATHER'S ESTATE

THE Accra High Court has fixed November 27, 2007 for the hearing of the case in which Opanin Obeng has sued his elder brother and the executors of his father’s Will to account for their stewardship.
It came to light in court today that the defendants had not been served with the hearing notice and as a result the matter was adjourned.
The plaintiff is seeking the court’s order to compel the defendants to account for their stewardship, pay into court any money they hold in trust for the benefit of the late Rexford Kwasi Obeng’s estate.
He is also seeking an order to compel James Nti, Richard Appiah, and Anani Benifo to complete their duties as executors of his father’s Will and vest the respective interests of the beneficiaries to them.
The fourth defendant, Edmund Obeng is the elder brother of the plaintiff and Managing Director of the deceased’s major investments namely, the Netherlands African Manufacturing Company (NAMCO), Royal Investment Company and Booth Agency.
He is also a beneficiary under the Will.
In his statement of claim, the plaintiff said the probate of the Will of his father was granted to the executors of the Will by the Accra High Court on August 10, 2005.
He said the Testator owned 80 per cent of the shares in NAMCO at the time of his death out of which he bequeathed 45 per cent to all his children in equal moiety and also handed over the management of the company to Edmund Obeng.
Similarly, he said, his father bequeathed to his children 80 per cent of profits accruing from the Booth Agency, which was also under the management of his elder brother.
Opanin Obeng said his father solely owned the shares in the Royal Investment Company Limited, consisting of six houses built or bought by the Testator and leased to tenants. It was also managed by Edmund Obeng.
The plaintiff said the Will provided that 60 per cent of the net income accruing from the rent should be shared equally among the children under the direction of the executors but to date the income from the Royal Investment Company had not been distributed.
According to him, his father in his Will directed the executors to pay dividends accruing from his shares in Unilever (Ghana) Limited, Shell (Ghana) Limited and any monies accruing to the said estate into his personal bank account yet the dividends had since the death of the Testator remained unknown to the beneficiaries.
The shares, he said, had not been distributed under the Will and contended that they were being held in trust by the executors for the benefit of the deceased’s estate.
He said his father bequeathed House No. B 704/10, situated at Kaneshie to him and his sister and even though the first and second defendants executed Vesting Assent in their favour, they had done nothing to ensure that title in the property was conveyed to them.
Opanin Obeng said his elder brother had with the connivance of the executors constituted himself into a trustee exercising control over the investments of their father without being accountable to anyone.
According to him, the financial statement of NAMCO for 2004, 2005 and the half year ended June 30, 2006 presented by his elder brother at a general meeting of shareholders of the company held in December 2006 revealed net losses of ¢156,957,277, ¢581,639,504 and ¢575,548,806 respectively.
He said the executors had not accounted for monies lodged in his late father’s bank accounts and had also failed to fully discharge their duties and responsibilities as executors of his father’s Will, therefore, he had suffered and continue to suffer loss by reason his claims.
In their statement of defence the defendants denied that there was a business entity called Booth Agency and which was under the management of Edmund Obeng but admitted that in his father’s Will, he bequeathed 50 per cent of the profits of that company to his children.
They admitted that the Testator owned Royal Investment Company Limited of which the plaintiff’s elder brother was the managing director and that the net income from the company had not been distributed.
The plaintiff’s elder brother contended that he had no cause of action against him and the executors and that his action was premature and incompetent.