OAK FINANCIAL SERVICES LTD vs. SAKISCO ENTERPRISE LTD. & 2 ORS

OAK FINANCIAL SERVICES LTD (APPLICANT) vs. SAKISCO ENTERPRISE LTD. & 2 ORS ( RESPONDENTS) [HIGH COURT, ACCRA] SUIT NO. CM/MISC/0603/2022 DATE: 1ST FEBRUARY, 2024 COUNSEL THADDEUS SORY FOR THE APPLICANT/RESPONDENT KWAKU BRAM-LARBI FOR THE RESPONDENTS/APPLICANTS CORAM HIS LORDSHIP FRANCIS OBIRI ‘J’ RULING On 13th July 2022, the Applicant filed a motion for an Order for Reserved Price of property known as parcel No. 46, Block 11, located at Abaka pursuant to section 61 and 66 of the Borrowers and Lenders Act, 2020 (Act 1052). The Respondents resisted the application. There were some intermediary applications which were also filed by the Respondents. On 17th July, 2023, the court set down two main issues in this case for determination. The issues are: 1. Whether the Applicant is entitled to penal rate or interest; and 2. If so, what should be the percentage? The court came to that conclusion because; the law permits a court to draw the attenti...