[2001]DLHC7069 • July 16, 2001 • High Court
ABEDI AYEW PELE AND MRS MAHA ABEDI AYEW PELE (PLAINTIFFS) vs. INTERNATIONAL COMMERCIAL BANK LTD (DEFENDANTS)
The Plaintiffs and Defendants entered into a binding lease contract whereby the Defendants agreed to lease the Plaintiffs' premises at House No. 67, Kotobabi Road, Kotobabi, Accra for five years starting 1st November 1999. The Defendants paid 25% of the first year's rent upfront but failed to pay the remaining balance and subsequent rents.
read moreThe Court hereby enters judgment in favour of Plaintiffs against Defendants as follows:- (1) there exists a binding contract between Plaintiff's and Defendants by which contract Defendants were to take a lease of Plaintiffs' premises House No. 67, Kotobabi Road, Kotobabi, Accra for a period of five years with effect from 1st November 1999. (2) the amount of ¢141,682,000.00 paid by Defendants to Plaintiffs represented 25% of the first year's rent in respect of the lease agreement. (3) Defendants are to pay to Plaintiffs the 75% balance of the first year's rent representing an amount of ¢425,046,000.00 together with 7½% interest with effect from 1st November 1999 till date of final payment. (4) Defendants are to pay rents due from 1/11/2000 to today i.e 16/7/01. ( (5) Defendants are to pay rents from 16/7/01 to the date of expiry of the 5 year term i.e 31/10/04. I award Plaintiffs costs of ¢30 million. Full reasons shall be read on Tuesday 31/7/2001.