SO ENERGY LTD vs. MOTOR VESSEL ADOBIA, AFRICAN INDEPENDENT SERVICES LTD AND UNIBANK (GHANA) LTD

RULING The 3rd Defendant/Applicant has applied to this court praying for the 2nd Defendant to post a Counter Bank Guarantee in the sum of GH¢500,000.00 in favour of the 3rd Defendant to indemnify the 3rd Defendant for posting a bank guarantee for the release of 1st Defendant from arrest. The 2nd Defendant is opposed to the application stating that there was no basis in law and equity for the instant application. They claim that what has been posted by the 3rd defendant is a letter of indemnity and not a bank guarantee. The issue before this court is whether or not the instant application should be granted? The Plaintiff instituted suit against the 1st and 2nd Defendants on 30th July 2015 claiming the following reliefs: (i) An order for the payment of the sum of GH¢366,173.00 arising out of products supplied to the Defendants and which the Defendants have failed and/or refused to pay up on same. (ii) Interest on the aforesaid sum at the prevailing bank rate from the date .....