FIDELITY BANK LTD vs. MAGNA TERRIS & 2 ORS.

JUDGMENT DODOO, JA (MRS) The Plaintiff/Respondent claimed jointly and severally against the Defendants/Appellants the following reliefs: (a) Recovery of the sum of GH¢941,211.07 being the outstanding balance as at October, 1, 2014 OR IN THE ALTERNATIVE (b) The judicial sale of Company’s Office building located at Sakumono, Tema Community 13. (c) Interest of 37.9% per annum on the sum of GH¢941,211.07 from October 1, 2014 till date of final payment. (d) Costs of litigation including lawyer’s fees (e) And any other relief(s) as the court may deem fit. The Plaintiff/Respondent in their Statement of Claim averred that the 1st Defendant was afforded a revolving short term loan facility of GH¢850,000.00 on May 23, 2011. The 2nd and 3rd Defendants in their capacities as Directors of the 1st Defendant Company gave security for repayment of the facility by executing joint and several guarantees supported by their personal net worth statements; assignment of receivables from s...