EXIMGUARANTY CO. LTD vs. MASHACO LTD AND KOFI FOSU ASMAH

It has been the plaintiffs case that the 1st defendant, a company, applied for a facility of GHC207,000.00 from Unibank Ghana Ltd and as condition for the grant, the plaintiff says the 1st defendant was required to furnish the bank with a guarantee in the sum of GHC103,500.00 representing 50% of the credit facility. It is the plaintiff’s case that the defendant applied for the said credit guarantee in favor of Unibank and same was approved and issued. Having failed to honor its obligation under the facility, to the bank, the plaintiff says the bank has called in the guarantee and as a consequence it has as at time of suing paid out an amount of GHC64, 842.32 out of the guaranteed amount. Plaintiff has subsequently sued for same in addition to interest calculated from 30th October 2012 up to and inclusive of the date of final payment. Plaintiff seeks legal cost as well to be assessed at 15% of the aggregate sum due and payable under the facility Settlement having failed at pretrial .....