Angela List
A High Court in Accra has dismissed an application for an interlocutory injunction filed by Australian-based Adamus Resources (PTY) Limited, which sought to restrain Nguvu Mining Limited, Adamus Resources Limited (Adamus Ghana) and Angela List from transferring 90 per cent of the shares in Adamus Ghana.
The ruling, delivered by Justice Doris Dabanka Awuah-Bekoe, represents a setback for Adamus Australia in its legal battle challenging the transfer of the shares to Nguvu Mining Limited, a company owned by Angela List.
Adamus Australia, in February 2025, instituted legal proceedings claiming ownership of the 90 per cent stake in Adamus Ghana and asked the court to set aside the acquisition of the shares by Nguvu Mining.
The company subsequently applied for an interlocutory injunction to prevent Ms. List, Nguvu Mining, Adamus Ghana and their agents from selling, transferring, mortgaging or otherwise dealing with the disputed shares pending the determination of the substantive case.
In its application, Adamus Australia argued that it was registered as the 90 per cent shareholder of Adamus Ghana until November 2022, when the shares were transferred to Nguvu Mining through an agreement allegedly executed without the consent of its board of directors.
Represented by Minkah Premo, Osei-Bonsu and Co, the Australian company maintained that the deed of transfer should have been executed by its director, Alan Morrison, rather than its shareholder or a person authorised by the shareholder. It consequently described the transaction as fraudulent and urged the court to set it aside.
However, the respondents strongly opposed the application, describing the action as frivolous, vexatious and an abuse of the court process.
Their lawyers, Dame & Partners, argued that the applicant had failed to establish the essential legal requirements for the grant of an interlocutory injunction.
They further contended that material facts had been concealed from the court, insisting that Ms. List was the ultimate beneficial owner of Nguvu Holdings Limited, Nguvu Mining Limited, Adamus Australia and Adamus Ghana.
According to the defendants, the November 2022 transaction formed part of a corporate reorganisation intended to streamline businesses under the beneficial ownership of Ms. List.
They explained that Adamus Australia, whose shareholder is Nguvu Holdings Limited, was beneficially owned by Ms. List through Notre Dame Investments Limited, which is also wholly owned by her.
The transfer of the shares in Adamus Ghana to Nguvu Mining, they argued, was therefore a legitimate restructuring exercise.
The defendants also presented documents indicating that Moses Bosompem, who executed the deed of transfer on behalf of Adamus Australia, was a duly appointed director of the company at the time of the transaction.
They further maintained that the relevant regulatory authorities, including the Office of the Registrar of Companies and the Minerals Commission, had been presented with the necessary ownership and control documents, following which the Minister for Lands and Natural Resources issued a no-objection to the change of control.
Ruling
In its ruling, the court considered whether Mr. Morrison had any legal or beneficial interest in the company and whether he could independently institute proceedings against the defendants.
After considering the arguments, Justice Dabanka-Bekoe concluded that the applicant had failed to satisfy the conditions required for an interlocutory injunction.
“The Court is of the opinion that the conditions precedent for the grant of interlocutory injunction have not been met by the Applicant. Consequently, the Court finds the Application meritless and hereby dismisses same,” the judge ruled.
Setback
The latest decision marks another setback for Adamus Australia, its sole director, Alan Morrison, and Paul List, who have been involved in an ongoing legal dispute over the acquisition of the 90 per cent shares in Adamus Resources Ghana Limited by Nguvu Mining.
The ruling follows an earlier decision by the Commercial Division of the High Court on July 30, 2025, ordering Adamus Australia to provide security for costs in the amount of US$50,000, or its cedi equivalent, within 21 days.
The security was intended to cover legal costs to be incurred by Adamus Ghana, Angela List and Nguvu Mining Limited in defending the action.
The court also stayed proceedings in the substantive suit pending payment of the security for costs and the submission of proof of payment.
With the dismissal of the injunction application, attention now turns to the next legal steps Adamus Australia may take in its challenge to the transfer of the shares.
BY Gibril Abdul Razak