CAL BANK LIMITED vs. DRAM OIL & TRADING LTD, & 6 ORS

1.0 Background 1.1 The decision on the matter today is pursuant to the final judgment after trial of the court differently constituted dated 18 May 2015 that as part of the judgment ordered parties in the suit to appoint an auditor to audit accounts of 7th defendant to ascertain its indebtedness to plaintiff. Brief background history of the suit I believe is necessary to appreciate the issue that has been placed before the court for determination, and the expectations from the court on the subject matter 1.2 The brief facts I can state here are that, based upon security terms that were provided by 2nd, 3rd, 4th, 5th, and 6th defendants, plaintiff bank granted credit facility of USD$13 million to 1st defendant, an oil trading company for import of fuel for supply to Ghana Oil Company (GOIL). GOIL. GOIL who was billed to off-take the fuel product pulled out of the transaction. The pull out necessitated the execution of a tripartite agreement with 1st defendant, and 7th defendant, ...