CAL BANK (PLAINTIFF) vs. HIPPO TRANSPORT & 5 ORS (DEFENDANTS)

The main issue requiring my adjudication is whether or not the Plaintiff is entitled to summary judgment on its reliefs as endorsed on the Writ of Summons. A brief facts of the case are that the Plaintiff, registered under the laws of Ghana to conduct the business of banking, granted an Import Credit Line Facility of USD16,000,000.00 and an overdraft facility of GH¢3,000,000.00 in October, 2014 to the 1st Defendant. To secure the facility granted, it is alleged by the Plaintiff that the 2nd to 6th Defendants executed a joint and several guarantees in their capacities as Directors of the 1st Defendant. As a further security measure the parties entered into a collateral management agreement with Mondial Logistics Limited who acted as the agents of the Plaintiff and among other things controlled and kept the goods, i.e. sugar, imported by the 1st Defendant, for and on behalf of the Plaintiff. The Plaintiff contends that the 1st Defendant could not settle its indebtedness under the fac....