NDK FINANCIAL SERVICES LIMITED vs. THE REPUBLIC (1ST DEFENDANT) KOSEFIELD ENTERPRISE LTD. AND GLICO GENERAL INSURANCE CO. LTD.

ADUAMA OSEI In this judgment, the Plaintiff/Respondent/Appellant is referred to as “the Plaintiff” and the 2nd Defendant/Appellant/Respondent is referred to as “the 2nd Defendant”. The 1st Defendant will continue to be referred to as such. By its writ of summons issued in the Commercial Division of the High Court, Accra, on 20th October, 2009, the Plaintiff claimed the following reliefs against the Defendants: “a) An order for recovery of the sum of GH¢398,522.00 being the balance due and owing as at September 30, 2009, on account of credit facilities extended to 1st Defendant Company by Plaintiff Company between 11th May, 2007 and 17th December, 2007, repayment of which was secured by credit guarantee bonds issued by 2nd Defendant but settlement of which Defendants have failed to make good, several demand notices notwithstanding. “b) Interest on the said sum of GH¢398,522.00 at the rate of 5.5% per month calculated at the close of each day and payable at the end of...