STANBIC BANK GHANA LTD. vs. AFRICAN SUPPORT NETWORK HOLDINGS LTD

The Plaintiff is a bank incorporated under the laws of the Republic of Ghana licensed to carry out banking business including the granting of loans to individuals and business entities. The Defendant is a company, also incorporated under the Laws of the Republic of Ghana. It is the claim of the Plaintiff from its Statement of Claim that it entered into a Memorandum of Understanding (“MOU”) with the Defendant on or about September 30, 2013 for the Plaintiff to grant the employees of the Defendant a loan product of the Plaintiff called the Employer Managed Group Scheme (“The Scheme”). The Plaintiff claims that it was agreed under the MOU that the Plaintiff would extend loans to qualifying employees of the Defendant whose details had been confirmed by the Defendant and the Defendant was required to facilitate the deduction of the monthly loan instalments from the salaries of those employees and remit same to the Plaintiff on specific agreed dates. It is the assertion of the...