[2003]DLCA1009 • December 4, 2003 • Court of Appeal
OYOKO CONTRACTORS LTD vs. STARCOM BROADCASTING SERVICES
Messrs Allied Trade and Finance Ltd borrowed US$350,000 from Starcom Broadcasting Services under a loan agreement dated 14 September 2000, secured by a deed of assignment of property H/No 64A, Airport Residential Area, Accra, purportedly executed by the second defendant on behalf of the appellant, Oyoko Contractors Ltd. The appellant alleged fraudulent conduct by the respondent and the second defendant regarding the assignment of its property as collateral security for the loan. The borrowers defaulted, and the respondent advertised the sale of the property. The appellant filed suit to retrieve the property alleging fraud.
read moreJUDGEMENT Quaye JA delivered the first judgment at the invitation of Omari-Sasu JA. On 24 July 2002 the High Court, Accra delivered a ruling in an application for summary judgment in favour of the first defendant-applicant (hereinafter referred to as the respondent). It is against the said ruling of the trial High Court that the plaintiff- appellant (hereinafter referred to as the appellant) against whom the ruling was made has filed the instant appeal. In order to better appreciate this appeal, I will proceed herewith to give a brief chronology of the case. Evidence before this court, which is principally documentary suggest that a company going by the name of Messrs Allied Trade and Finance Ltd approached the respondent for a loan during the month of September in the year 2000. At the completion of the negotiations between the respective solicitors of the respondent-company and the said Allied Trade and Finance Ltd—the borrowers, a loan agreement involving the sum of US$350,0.....