FIDELITY BANK LTD. vs. ALFERDOS MANUFACTURING & TRADING LTD, JOSEPH KARAM AND OTHERS

The Plaintiff on 18th November, 2009 issued a writ of summons with accompanying statement of claim against the Defendants for the following reliefs: a. An amount of GH¢1,215,876.74 being outstanding balance of facility granted 1st Defendant. b. Interest on the said sum of GH¢1,215,876.74 at 25.75% per annum from 22/10/2009 until date of final payment. c. Default interest of 6% per annum on the overdue balance of GH¢1,215,876.74 as agreed from 22/10/2009 till date of final payment. d. 8% of the outstanding amount of GH¢1,215,876.74 being incidental cost of recovery as agreed. e. Alternatively an order for Judicial Sale of properties Nos GA 18197 and GA 25846 located at Achimota and Laterbiokorshie and used as collateral for the facility. In its accompanying Statement of Claim the Plaintiff averred that upon application it approved an overdraft facility of GH¢1,000,000.00 to 1stDefendant in a letter dated 4/6/2008 for a period of twelve months which 1st Defendant accepted. T...