SYNDICATED CAPITAL LTD (PLAINTIFF) vs. SOLCOMTECH CO. LTD & ORS (DEFENDANTS)

The Plaintiff and the 1st Defendant executed a memorandum of agreement (MOU) by which the Plaintiff was to pre-finance the O&M contract from Crownville Enterprise Ltd; to manage the O&M contract from Crownville Enterprise Ltd among other things. Prior to this, the Plaintiff had granted series of loan facilities to the 1st Defendant. These loan facilities were short-term facilities. Under the MOU, the Plaintiff was to collect all cheques and issue invoices for the O&M contract with Crownville Enterprise Ltd. These cheques were to be used to repay the facility granted to the 1st Defendant for the work done for the 2nd and 3rd Defendants. The 1st Defendant along the line, stopped the 2nd and 3rd Defendant from issuing cheques to the Plaintiff. This caused the Plaintiff to issue the instant action claiming: 1. An order against the 1st Defendant for the recovery of the sum of GH¢ 382,566.00 being the total sum outstanding and due as at May 19, 2014 on the loans granted by the Plaintiff t....