[2018]DLHC6298 • January 25, 2018 • High Court
GHANA GROWTH FUND LTD vs. TALKAI COMPANY LTD & 5 OTHERS
The Plaintiff, Ghana Growth Fund Ltd, a private equity company, advanced a loan facility to the 1st Defendant, Talkai Company Ltd, for construction of a 6-unit classroom block at Adabia Primary School. The 2nd to 5th Defendants provided personal guarantees for repayment. The Plaintiff claimed an outstanding balance of GH¢259,603.58 with interest at 4% per month compounded daily. The Defendants denied receiving the facility and alleged illegality under the Borrowers and Lenders Act, 2008 (Act 773). The Plaintiff alleged fraudulent conduct by Defendants in securing payments solely in their names, denying Plaintiff's benefit under joint payment certificates.
read more1. Interest rates CI 52 2. Guarantors’ liability on a loan contract 3. The Borrower’s and Lender’s Act and its effect on loan contracts 4. Defendants’ failure to attend trial In a writ issued out of the Registry of this Court, the Plaintiff claimed the sum of GH¢259,603.58 being the outstanding balance on the facility together with interest of 4% per month compounded daily on the outstanding balance of GH¢259,603.58 from 24th March 2015 till date of final payment. The Plaintiff described itself in its Statement of Claim as being a private equity company providing financial support to corporate entities. It stated that it had advanced to the 1st Defendant Company a loan facility for the construction of a 6 unit classroom block and other ancillary facilities at the Adabia Primary School. The 2nd to 5th Defendants had offered personal guarantees towards 1st Defendant’s repayment of the said facility. According to the Plaintiff, the facility which was to run for...