GUARANTY TRUST BANK (GHANA) LTD vs. AUTO PARTS LTD, ABDEL RAHIMAN ACCAD AND SUBHI ACCAD

The Plaintiff, a bank, advanced a loan facility to the 1st Defendant by a facility letter dated 12/4/10 in the amount of GHC3, 500,000.00 for a tenure of 2 years and an overdraft facility of GH500, 000.00 for a tenure of 1year. The Plaintiff pleads on that as at 3/5/11, Universal Motors, a sister company of the 1st Defendant was also indebted to the Plaintiff in the sum of GHC3, 446,542.32. On the instructions of the Defendants, the Plaintiff says the existing facilities of the 1st Defendant and Universal Motors Ltd were on the 3/5/11 restructured and consolidated into a single facility of GHC9,480,000.00 in the name of the 1st Defendant for a tenor of 48 months. The facility was to be repaid in 16 equal monthly instalments of GHC592, 500.00, payable quarterly plus accrued interest This new facility was granted at an interest rate of 22.92% per Anum and it was agreed according to the Plaintiff that any amount outstanding upon the expiration of the facility would attract a penalty ch...