[2016]DLCA4769 • November 24, 2016 • Court of Appeal
UNI BANK GHANA LTD. vs. ENVIRONMENTAL, CIVIL & MINING PROJECT LTD. & 4 ORS.
The appellant bank granted a short-term loan facility to the 1st respondent company in 2002, secured by a mortgage on property owned by the 5th respondent and a directors' guarantee. The loan was restructured in 2009. The appellant claimed the respondents defaulted on repayment and sought recovery of the loan amount plus interest and alternatively, judicial sale of the mortgaged property. The respondents denied indebtedness and contended the claim was statute barred.
read moreIRENE CHARITY LARBI (MRS.) J.A. (1) This appeal emanates from the decision of the High Court dated 19th December, 2014. The Court held as follows:- “From the totality of the evidence on record the court is satisfied that the Defendants do not owe the Plaintiff at all and that the Plaintiff has failed to prove that the Defendants are indebted to it in respect of the loan advanced to the Defendants in the year 2002. Otherwise the action is statute barred. The Plaintiff’s claims are therefore dismissed. Costs of Gh₵5,000.00 for the Defendants against the Plaintiff. (2) These are the facts of the case: On 7th February the Plaintiff issued a writ against the Defendants jointly and severally for: “a) Recovery of the amount of Gh₵1,207,639.53 being the total amount on a loan facility granted to the Defendant on 28th November 2002 and rescheduled on 18th May, 2009. b) Interest at the agreed rate of 34.45 per annum on the indebtedness aforementioned...