PRESTIGE AGENCIES LTD vs. FEMS INTERNATIONAL LTD (NO 2)

FORSTER JA. The defendant company applied to the High Court, Tema for stay of execution of that court’s summary judgment of 2/7/92 wherein judgment was entered for the plaintiff company as claimed by the writ of summons for (a) $250,000 (b) ¢20,000,000 (c) 32% interest p.a. on (a) and (b). Costs of ¢500,000 was awarded in favour of plaintiff. The defendant appealed. The High Court on 28/7/92 granted defendant’s application for stay of execution pending the determination of appeal and subject to conditions. The defendant was to pay into court half the judgment debt and costs within one month from the date of the order. Thus, the defendant was required to pay into court the sum of $125,000 and ¢10,000,000 plus costs of ¢500,000. Dissatisfied with the conditions set by the High Court, defendant repeated the application for stay of execution before this court. Arguing the application, counsel for the defendant first contended, by reference to supporting affidavits and the grounds ...