UNIVERSAL MERCHANT BANK LTD. vs. JF-K COMPANY LTD. & 2 ORS.

IRENE CHARITY LARBI J.A. (1) On 19th May, 2010 the Plaintiff in this case, Merchant Bank Ghana Limited commenced an action against the Defendants claiming for the following reliefs:- “a) An order for the recovery of the sum of (Gh₵4,345,270.54) being balance due as at April 30, 2010 an account of credit facilities extended to the 1st Defendant company on 15th January, 2009 repayment of which was guaranteed by 2nd and 3rd Defendant but settlements of which Defendants have failed to make good several demand notices notwithstanding. b) Interest on the said sum at the rate of 32% per annum calculated daily on the outstanding debt balances at the close of each day and applied monthly from 1st May 2010 up and inclusive of date of final payment. c) Costs including lawyer’s fees assessed at 10% of the aggregate sum due and payable under the facility. (2) The parties entered into negotiations and as a result executed Terms of Settlement...