BROBBEY JA: The plaintiff averred that he set up a company by name Vacuum Salt Products Ltd. Following some discussion with the defendant, the plaintiff allotted 100,000 shares in that company to the defendant on the express understanding that the defendant would hold the shares in trust for the plaintiff. That was in 1975. The plaintiff stated further in his affidavit filed on 12 November 1992 that when dividends were declared in 1981 he authorised the defendant to hold the cash paid in trust for him, the plaintiff. The defendant refused later to pay the 1981 dividends back to the plaintiff. The plaintiff therefore stopped payment of the 1983 dividends to the defendant. Consequent upon certain government actions taken in connection with the company in 1989, the plaintiff further stopped attempts to pay dividends to the defendant. He also attempted to end the trust by a letter dated 28 April 1992.
When the dividends were not refunded to the plaintiff, he instituted action against the d…