UNICREDIT GH. LTD (PLAINTIFF) vs. NICHOLAS KARIKARI & 2 ORS (DEFENDANTS)

On the 1st November, 2017, the Plaintiff granted to the 1st Defendant a commercial loan facility in the sum of GH¢600,000.00 for a period of ten (10) months, expiring on the 3rd October, 2012. The interest on this facility was a rate of 3.0% per month. The parties further agreed to a default charge of 0.5% per day on the instalment due until the date the instalment is paid. As security for the said facility, the 3rd Defendant used her property to secure the repayment of the facility. Then on the 29th February, 2012, the 1st Defendant took another facility in the sum of GH¢300,000.00 from the Plaintiff at a monthly interest rate of 3.0% with a default charge of 0.5% per day on the instalment due and owing until payment is made. This second facility was also secured with the property of the 2nd Defendant. Both 2nd and 3rd Defendants executed personal guarantees to pay the debts of the 1st Defendant in the event of any default. The inability of the 1st Defendant to retire its inde.....