The Commercial Division of the High Court in Accra, presided over by Justice Doris Dabanka Awuah-Bekoe, has dismissed an application for an interlocutory injunction brought by Australian based Adamus Resources (PTY) Limited, a company reportedly affiliated with Mr Paul List, seeking to prevent Angela List, Nguvu Mining Limited and Adamus Resources Limited, also known as Adamus Ghana, from transferring 90 per cent of the shares it claims to own in the Ghanaian mining company.
The legal dispute dates back to February 2025, when Adamus Australia, acting under the direction of its sole director, Alan Morrison, commenced proceedings challenging the ownership and transfer of the disputed shares in Adamus Ghana Limited. The company asked the court to invalidate the acquisition of the shares by Nguvu Mining Limited.
Following the commencement of the substantive action, Adamus Australia filed an application for an interlocutory injunction seeking to restrain Angela List, Nguvu Mining Limited, their representatives, agents and assigns from selling, transferring, mortgaging or otherwise dealing with the 90 per cent shareholding pending the determination of the substantive case.
The Australian company maintained that it had remained the registered holder of the 90 per cent interest in Adamus Ghana until November 2022, when the shares were allegedly transferred to Nguvu Mining Limited without the approval of its board of directors.
Its principal argument, presented through its solicitors, Minkah Premo, Osei-Bonsu and Co, was that the instrument effecting the transfer should have been executed by Alan Morrison in his capacity as a director rather than by the shareholder of Adamus Australia or an individual authorised by that shareholder.
On that basis, the applicant characterised the transaction as fraudulent and urged the court to set aside the transfer while preventing the defendants from undertaking further transactions involving the disputed shares.
However, the defendants, comprising Angela List, Nguvu Mining Limited and Adamus Ghana, strongly opposed the application, describing the proceedings as frivolous, vexatious and an abuse of the judicial process.
Represented by Dame and Partners, the defendants argued that Adamus Australia had failed to establish the essential legal requirements necessary for the grant of an interlocutory injunction.
They further contended that Alan Morrison and the Australian company had withheld material information from the court, insisting that the evidence demonstrated that Angela List was the ultimate beneficial owner of the companies involved in the transaction.
According to the defendants, Angela List ultimately controlled Nguvu Holdings Limited, Nguvu Mining Limited, Adamus Australia and Adamus Ghana. They therefore maintained that the transfer of the shares was undertaken pursuant to the lawful authority of the relevant shareholder and that neither Alan Morrison nor any other individual had established the legal capacity to challenge the transaction.
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 the transaction was completed.
They further maintained that the relevant regulatory authorities had been furnished with documentation establishing the change in ownership and control of the mining company, following which the Office of the Registrar of Companies, the Minerals Commission and the Minister for Lands and Natural Resources exercised their respective statutory powers and issued the necessary no objection to the transaction.
Explaining the circumstances surrounding the November 2022 restructuring, the defendants said the transaction was intended to facilitate a more efficient reorganisation of businesses ultimately beneficially owned by Angela List.
They explained that Adamus Australia, whose shareholder was Nguvu Holdings Limited, was beneficially owned by Angela List through Notre Dame Investments Limited, which was also wholly owned by her. The transfer subsequently placed Adamus Australia’s shares in Adamus Ghana under Nguvu Mining Limited, another company owned by Angela List.
Adamus Ghana also questioned the legal capacity of Alan Morrison, arguing that his position as a sole director, without any shareholding interest in Adamus Australia, did not automatically empower him to institute proceedings in Ghana on behalf of the company without the requisite corporate authorisation.
The defendants relied on Section 198E of Australia’s Corporations Act, together with relevant provisions of Ghana’s Companies Act, in challenging the authority under which the proceedings had been commenced.
In addressing the question of Alan Morrison’s capacity to authorise the institution of the action, Justice Awuah-Bekoe examined whether his position as a director conferred upon him sufficient legal or beneficial interest to independently commence proceedings against the defendants.
The court observed that the defendants had specifically challenged his authority, including their contention that Australia’s corporate legislation did not permit a sole director to undertake such action without the necessary authorisation.
In its determination, the court concluded that the applicant had failed to satisfy the conditions required for the grant of 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 ruling stated.
The dismissal represents another setback for Adamus Australia, Alan Morrison and Mr Paul List in their continuing legal dispute over the 90 per cent shareholding in Adamus Ghana, which Nguvu Mining Limited acquired from the Australian company in November 2022.
The latest ruling follows an earlier decision delivered on July 30, 2025, in which the Commercial Court ordered Adamus Australia to provide security for costs in the amount of US$50,000, or its equivalent in Ghana cedis, to cover legal expenses expected to be incurred by Adamus Ghana, its Chief Executive Officer, Angela List, and Nguvu Mining Limited.
The court directed that the amount be paid within 21 days and further ordered a suspension of proceedings until Adamus Australia had complied with the directive and provided evidence of payment.
The latest dismissal means that Adamus Australia’s attempt to secure an interim judicial restriction against further dealings in the disputed shares has been unsuccessful.
However, the dismissal of the injunction application does not, by itself, constitute a final determination of the substantive ownership dispute. The underlying proceedings and any subsequent legal steps by the parties will determine the eventual outcome of the broader controversy.
The next course of action available to Adamus Australia, Alan Morrison and Mr Paul List therefore remains a matter of considerable interest as the dispute over the ownership and transfer of Adamus Ghana’s 90 per cent shareholding continues.
