GCB LIMITED (PLAINTIFF) vs. AKUAFO ADAMFO MARKETING & 4 ORS. (DEFENDANTS)

Somewhere October 2014, 1st Defendant and the Plaintiff entered into an agreement whereby the Plaintiff issued a bank guarantee in the sum of GH¢35,000,000.00 to COCOBOD for the benefit of the 1st Defendant. This was to secure the performance of a contract which COCOBOD had offered to the 1st Defendant for the purchase of cocoa beans for the 2014-2015 cocoa crop season. In addition the Plaintiff, at the request of the 1st Defendant, granted an overdraft of GH¢30,000,000.00 to the 1st Defendant. This overdraft of GH¢30,000,000.00 was also executed in October, 2014. By the terms and conditions of the agreement between Plaintiff and the 1st Defendant, the facility was secured by assignments Receivables from COCOBOD during the 2014/2015 crop season valued GH¢45, 000,000.00; a corporate guarantee of even amount from 2nd Defendant; guarantees from the sole Shareholder/Director and all risk insurance with the Bank named as loss payee. By reason of these conditions, the 1st Defendant on...