[2012]DLHC3891 • June 20, 2012 • High Court
STANBIC BANK GHANA LIMITED vs. OSEI YAW ANNING
The Plaintiff, a banking institution, granted the Defendant two credit facilities (a loan and an overdraft) totaling GH¢400,000 on August 21, 2009. The Defendant defaulted on repayments, leading to restructuring agreements in December 2010 and July 2011. The Defendant claimed an agreement to reduce the debt to GH¢350,000, which the Plaintiff denied. The Plaintiff sought recovery of the outstanding loan and overdraft balances plus accrued interest.
read moreThe Plaintiff is a Banking Institution and the Defendant has been described as a registered general merchant who deals mainly in Petroleum products. The parties are in court because of the Defendant’s indebtedness to the Plaintiff arising out of two credit facilities granted to the Defendant on August 21, 2009. To sum up the Plaintiff’s case as captured in his statement of claim filed on 4/11/11, it extended a Loan and Over Draft facilities to the tune of GH¢150,000.00 and GH¢ 250,000.00 respectively to the Defendant on August 21, 2009 upon terms. The Defendant accepted the terms of these credit facilities but defaulted in repayment. On March 24, 2010, the overdraft facility was renewed at the request of the Defendant. His overdrawn position of GH¢95,000 was converted and consolidated with the existing loan to an amount of GH¢245,000.00. His total indebtedness then stood at GH¢495,500.00. It was the Plaintiff’s case that the parties agreed on several repayment terms but t...