AGRICULTURAL DEVELOPMENT BANK (PLAINTIFFS) vs. FEANZA INDUSTRIES LTD. AND DR. KAKU KYIAMA (DEFENDANTS)

This is an action for the recovery of the outstanding balance on a loan and working capital granted the 1st defendant by plaintiff. The plaintiff is also seeking for interest at the rate of 15% per annum on the unpaid sum from 7th January, 2007 to date of final payment, cost and any other reliefs that this Court may deem fit. The Plaintiff is a Bank registered under the laws of Ghana as well as the 1st Defendant Company. On the 30th day of June, 2005, the 1st Defendant Company applied for and was granted two facilities of a loan of ¢1,490.000.00 and a working capital ¢2,300,000,000.00 to a total of ¢3,790,000,000.00 on terms including an interest rate of 15% per annum subject to Change without notice. A condition of these facilities is that the repayment shall be spread over thirty months commencing six months after the disbursement of the facilities. The financial facilities were secured by legal mortgage of property situated at Community ‘6’, Tema owned by the 2nd Defendan...