[1999]DLHC123 • May 5, 1999 • High Court
COWRIES FINANCE LTD vs PAKO BAY SEAFOOD LTD
The plaintiff, Cowries Finance Ltd, granted a loan facility of ¢15 million to the defendant, Pako Bay Seafood Ltd, to finance the export of lobster tails. The loan was to be repaid within 30 days at an agreed interest rate of 8%. Despite demands and issuance of postdated cheques by the defendant, the loan and accrued interest remained unpaid, with cheques dishonoured. The plaintiff subsequently revised the interest rates following Bank of Ghana's directives and sought repayment of the increased sum.
read moreJUDGMENT OF AKOTO-BAMFO J. This is an application by the plaintiff-applicant (hereinafter referred to as the plaintiff) for summary judgment under Order 14 of the High Court (Civil Procedure) Rules, 1954 (LN 140A) as amended against the defendant-respondent (hereinafter referred to as the defendant) for the sum of ¢48,506,855. To appreciate the issues raised, I find it necessary to relate briefly the history of this case. On 19 May 1998 the plaintiff took out a writ of summons for an order for the payment of ¢46,506,855,[sic](3) among other reliefs. When service of the writ and statement of claim was effected on the defendant, a conditional appearance was entered on its behalf on 2 June 1998. On 18 June 1998, the instant application was filed. The defendant filed a defence and an affidavit in opposition. In urging the court to grant the application, learned counsel for the plaintiff submitted that the defendant approached the plaintiff for a loan facility of ¢15 million to ...