[2016]DLHC4214 • June 3, 2016 • High Court
IDEAL FINANCE LIMITED vs. SKY CONSULT GHANA LIMITED, ABU MILLAH AND DR. MUTAWAKILU IDDRISU
The plaintiff, Ideal Finance Limited, granted a loan of GH₵300,000 to the 1st defendant, Sky Consult Ghana Limited, secured by assignments of vehicles and properties from the 1st, 2nd, and 3rd defendants. The loan was to attract interest at 6.5% per month, repayable over 12 months. Disputes arose over the calculation of interest (whether on the full principal or reducing balance) and defaults in repayment. The plaintiff seized and sold vehicles assigned as security due to default. The defendants challenged the seizure and sale, alleging no outstanding debt at the time and raised counterclaims including unlawful possession and rescission of the agreement.
read moreBy a writ of summons filed on the 27th March, 2014 the plaintiff claims against the defendants: a. The sum of GH₵207,306.66 being outstanding balance in respect of the loan granted 1st defendant. b. Interest on (a) at the monthly rate of 6.5% per month from March 10th, 2014 till date of final payment. c. Cost d. Attorney‘s fee being 10% of the sum owed. e. Judicial sale of the 3rd defendant’s landed properties assigned to plaintiff and which properties are described in paragraph 8 of the statement of claim. An appearance was entered and later statement of defence filed jointly by the 1st and 2nd defendants and separately by the 3rd defendant after service of the writ and statement of claim. The plaintiff filed a reply. After the failure of pre-trial settlement, the matter was set down for hearing. The plaintiff gave evidence per its representative and called witnesses to close its case. The 2nd defendant gave evidence for himself and on behalf of the 1st defendant and clo...