AMALGAMATED BANK LTD vs. ALFERDOS MANUFACTURING & TRADING LTD & 4 OTHERS

The Plaintiff claimed against the Defendants jointly and severally, for the recovery of the sum of GH¢991,352.69 being the outstanding balance of an overdraft facility granted to the 1st Defendant together with interest at the rate of 32% per annum from 13th November 2009 till the date of final payment. Alternatively, the Plaintiff prayed the court for an order of judicial sale of properties situate at No. 115 Kaneshie Housing Estate and Plot No. E180/17 Kotobabi Down belonging to the 4th Defendant as well as 5th Defendant’s property at Sampaman, Mile 9 Winneba Road which had been mortgaged in favour of the Plaintiff. The Plaintiff deposed in its statement of claim that the 1st Defendant was granted an overdraft facility in the sum of GH¢800,000.00 to augment its working capital. This was at an interest rate of 32.75% per annum, a default interest of 1% per annum and an additional penal interest of 6% on the amount which remained unpaid per month when same was due for repa...