ECOBANK GHANA LIMITED vs. DE JONG LIMITED & 1 ANOR. [2005]DLHC7444

Date	2005-11-07
Suit No.	SUIT NO. FTB 15/2002
Citation No.	[2005]DLHC7444

MRS. H. ABBAN J.A

DAVID HESSE FOR THE PLAINTIFF

NUTIFAFA NUTSUKPUIE HOLDING BRIEF FOR BENSON NUTSUKPUIE FOR THE DEFENDANTS

[2005]DLHC7444
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													<main id="main" class="content" style="min-height: 60rem" >ECOBANK GHANA LIMITED<o:p></o:p>vs.<o:p></o:p>DE JONG LIMITED &amp; 1 ANOR.<o:p></o:p>[HIGH COURT, ACCRA]<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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<p class="MsoNormal" align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;
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padding:0cm;mso-padding-alt:0cm 0cm 1.0pt 0cm">SUIT NO. FTB 15/2002&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;DATE: 7TH NOVEMBER,
2005<o:p></o:p>

</div>COUNSEL:<o:p></o:p>DAVID HESSE FOR THE PLAINTIFF <o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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NUTIFAFA NUTSUKPUIE HOLDING
BRIEF FOR BENSON NUTSUKPUIE FOR THE DEFENDANTS<o:p></o:p>

</div>CORAM:
<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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MRS. H. ABBAN, J.A. SITTING
AS AN ADDITIONAL JUSTICE OF THE HIGH COURT<o:p></o:p>

</div>By
a Writ of Summons issued on 16/9/2002, the Plaintiff claims against the
Defendants jointly and severally: <o:p></o:p>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Recovery of the sum of Two
Hundred and Twenty-four Million, Four Hundred and Eight Thousand, Eight Hundred
and Ninety-Four cedis, Point Zero Eight Pesewas (¢224,408,894.08) being the
outstanding balance on the credit facility granted to 1st Defendant by
Plaintiff at the request of 1st Defendant under the Trade and Investment
Programme (T.I.P) which said amount is still due and owing by 1st and 2nd
Defendants to Plaintiff and which 1st and 2nd Defendants have failed and/or
refused to pay in spite of several and repeated demands made therefor. <o:p></o:p>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Interest on the said amount
at the agreed interest rate of 15% per annum from the 20th day of August 2002
until date of final payment. <o:p></o:p>Plaintiff's
Statement of Claim issued on the 16th September 2002 was duly served on
Defendants who entered appearance on the 25th September 2002. They then filed
their Statement of Defence and counterclaimed against the Plaintiff for: <o:p></o:p>"General
damages for loss of revenue and of business opportunity occasioned the 1st
Defendant as a result of the misrepresentation of the Plaintiff." <o:p></o:p>Plaintiff
replied to the Defendants' Statement of Defence and counter-claim and as a
result, the Defendants subsequently amended their Statement of Defence and
counter-claim. Plaintiff duly replied to the amended Statement of Defence and
counter-claim. <o:p></o:p>In
its Statement of Claim the Plaintiff states inter alia that it is a body
corporate incorporated under the laws of Ghana and engaged in the business of
banking; and it is the Manager of the Trade and Investment Programme Fund of
the Ministry of Finance by virtue of a Management Agreement executed between
the Plaintiff and the Ministry of Finance. <o:p></o:p>The
facts of this case are that on the 19th January 2000, Plaintiff at the request
of the 1st Defendant approved for the benefit of the 1st Defendant, a credit facility
of Six Hundred Million cedis (¢600,000,000.00) under the said Trade and
Investment Programme. <o:p></o:p>As
a result of this approval, in December 2000, the Plaintiff at the request of
1st Defendant, disbursed Two Hundred Million cedis (¢200,000,000.00) to 1st
Defendant to enable 1st Defendant fulfil its contractual obligations to its
customers. On 20th January 2001, 2nd Defendant executed a Deed of Personal
Guarantee in favour of the Plaintiff whereby 2nd Defendant undertook to be
jointly and severally liable with 1st Defendant if 1st Defendant defaulted in
the repayment of the facility granted to 1st Defendant by Plaintiff. The
Plaintiff states further that on the 20th February 2001, 1st Defendant further
executed a Deed of Assignment of Receivables under its Export Contracts in
favour of Plaintiff for the repayment of the said facility. The Plaintiff says
that since the facility was granted the 1st Defendant, it has made part-payment
leaving an outstanding balance of Two Hundred and Twenty-Four Million, Four
Hundred and Eight Thousand, Eight Hundred and Ninety-Four cedis, point zero
eight pesewas (¢224,408,894.08) out of this amount, One Hundred and
Seventy-Nine Million cedis represents the Principal amount whilst Forty-Five
Million Four Hundred and Eight Thousand, Eight hundred and ninety four cedis
point zero eight pesewas (¢45,408,894.08) represents accumulated interest. It
is the Plaintiff's case that in spite of repeated demands, 1st and 2nd
Defendants have failed and/or refused to pay to Plaintiff the said amount
stated supra or any part of it. Hence this action. <o:p></o:p>The
Defendants entered appearance to the Writ on the 25th September 2002.
Subsequently they filed their Statement of Defence and counter-claim. In</main>