[2017]DLHC3288 • February 28, 2017 • High Court
CHEMITECH LTD vs. STANBIC BANK GH LTD
The plaintiff, Chemitech Ltd, a lubricant company with a longstanding 60-day credit trading arrangement with Comma Oil UK, alleged that the defendant, Stanbic Bank Ghana Ltd, failed to send timely authorization for payment of a bank draft issued in favor of Comma Oil. This failure led to multiple dishonored presentations of the draft by Comma Oil's bank, causing the withdrawal of the 60-day credit facility, loss of business, reputation damage, and financial losses for the plaintiff. The defendant admitted delayed authorization but denied negligence beyond the initial delay and claimed no liability for subsequent events involving correspondent banks in the UK and US.
read moreSome of the core pillars of defendant as per its code of conduct are, inter alia, determining customer needs responsibly, providing excellent products, services and solutions, combating bad and or inappropriate services, being fair to customers and to its shareholders the obligation to protect Standard Bank’s name and reputation. There is much more at stake in this case than a demand for compensation. As the very core beliefs that defendant profess is at stake. Whiles defendant seeks to protect its name, reputation and create wealth and prosperity for its shareholders, plaintiff posit that defendant had not been fair to him and that if good name, reputation and in recent times cosmetic projections of the banks under the guise of corporate social responsibility is befitting for defendant to survive in the highly competitive banking industry, then it is equally entitled to such good reputation as what is good for the goose, after all, is equally good for the gander. As to whether defen.....