CAL BANK LIMITED vs. SOMPA KOKOO COMPANY LIMITED [2014]DLHC3856

Date	2014-10-21
Suit No.	SUIT NO.BFS/89/12
Citation No.	[2014]DLHC3856

ANGELINA MENSAH-HOMIAH (MRS.) JUSTICE OF THE HIGH COURT

MR. E.N. POKU FOR THE PLAINTIFF

MR. SOLOMON OPPONG TWUMASI FOR THE DEFENDANT.

[2014]DLHC3856
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													<main id="main" class="content" style="min-height: 60rem" ><a name="OLE_LINK1">CAL BANK LIMITED<o:p></o:p></a>vs.<o:p></o:p>SOMPA KOKOO COMPANY
LIMITED<o:p></o:p>&nbsp;[HIGH COURT (COMMERCIAL DIVISION), KUMASI]<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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SUIT
NO.BFS/89/12&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; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;DATE: 21ST
OCTOBER, 2014<o:p></o:p>

</div>COUNSEL:&nbsp;&nbsp; <o:p></o:p>MR. E.N. POKU 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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MR.
SOLOMON OPPONG TWUMASI FOR THE DEFENDANT.<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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ANGELINA
MENSAH-HOMIAH (MRS.) JUSTICE OF THE HIGH COURT<o:p></o:p>

</div><o:p>&nbsp;</o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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JUDGEMENT<o:p></o:p>

</div>The
instant action arose from a series of credit transactions involving the
Plaintiff Bank and the Defendants herein. Specifically, the Plaintiff seeks to
recover the sum of GH¢2,101,891.02, being
the balance on an overdraft facility extended to the 1st Defendant
in September, 2009 together with two agreed levels of interest. In addition,
the Plaintiff asks for an order for the sale of the fixed &amp; floating assets
of the 1st Defendant and for the proceeds to be applied in payment
of the judgment debt.<o:p></o:p>A
summary of the Plaintiff’s case as gleaned from its amended statement of claim
filed on 02/05/2014 is that the 1st Defendant was granted a GH¢ 2,000,000.00 Bank Guarantee and an overdraft facility
(O/D) of GH¢1, 500,000.00 to augment its working capital on or
about September, 2009. The O/D facility was for a period of 12 months and was
at the request of both Defendants. <o:p></o:p>As
security for repayment of the facilities, the 1st Defendant placed a
charge on its plants, machinery, equipment and fixtures. Further, it assigned
its interest in three vehicles to the Plaintiff Bank. The 2nd
Defendant gave a guarantee of ¢40 billion
plus interest thereon to secure the said facility.&nbsp; As of 22/03/2012, the Defendants’
indebtedness stood at GH¢2,101,891.02.<o:p></o:p>The
Plaintiff alleges fraud on the part of the Defendants and gave these
particulars:<o:p></o:p><span style="font-size:12.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,&quot;serif&quot;;
mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;;
mso-ansi-language:EN-US">i.<span style="font-style: normal; font-variant-numeric: normal; font-variant-east-asian: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In or about
May, 2002, the 2nd defendant conceived the idea of forming a company
to be called Sompa Kokoo Company Ltd and the same was promoted and registered
by the 2nd defendant.<o:p></o:p><span style="font-size:12.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,&quot;serif&quot;;
mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;;
mso-ansi-language:EN-US">ii.<span style="font-style: normal; font-variant-numeric: normal; font-variant-east-asian: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In order to
induce the Plaintiff to give the 1st defendant credit/loan
facilities, the 2nd defendant who w</main>