FIDELITY BANK (GH) LTD vs WESTERN AUTOMOBILE CO. LTD, BRUTUS ANTOH MENSAH AND BENJAMIN NANA BOAKYE

By a writ of summons, the Plaintiff herein claims: (a) The recovery of a sum of Ten Million, Five Hundred and Twenty-Six Thousand, Nine Hundred and Thirteen Ghana Cedis Fifteen Pesewas (GHȼ10,526,913.15) being the outstanding balance on a loan granted the first Defendant; (b) Interest on the said sum at the agreed rate of interest per annum calculated at the close of each day and payable at the end of every month until date of final payment; (c) Cost including lawyer’s fees administrative and statutory expenses assessed at 10% of the aggregate sum due and payable under the facility; The Plaintiff’s claims are borne out from the following facts; The Plaintiff granted a series of credit facilities to the 1st Defendant in the form of letters of credit to assist the Defendant in its business between 2008 and 2010. The 2nd and 3rd Defendants are the Directors of the 1st Defendant Company who granted payment of the loans. The 1st Defendant defaulted in repaying the credit ...