NDK FINANCIAL SERVICES LTD vs. OTEMMS CO LTD AND 2 OTHERS

ANIN-YEBOAH, J.A. On or about the 27/5/2004 the Plaintiff/Respondent herein [referred to in this judgment as the respondent] sued the Defendants/Appellants herein who shall simply be referred to as the Appellants for an amount of ¢1,175,038,979.00 and claimed interest thereon. It appears the cause of action arose out of a financial facility extended to the Appellants by the Respondent. The Appellant had defaulted in the repayment of the amount so granted. Pursuant to the entry of appearance the Appellants filed a statement of defence which substantially admitted the claim and even pleaded to pay off the entire amount on installments. Based on the admissions, the Respondent proceeded to file a motion for judgment on admissions under Order 32 rule 6 of the then existing High Court Civil Procedure Rules, LN.140A of 1954. When the motion was heard on 19/7/2004 the learned trial judge entered final judgment for ¢1,065,038,979.00 together with interest at the contractual rate of six and h.....