STANDARD CHARTERED BANK GHANA LIMITED vs. KANBENS LIMITED & 2 OTHERS [2014]DLHC3893

Date	2014-03-03
Suit No.	SUIT NO.BFS/105/10
Citation No.	[2014]DLHC3893

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

OSEI OWUSU ANTWI FOR THE PLAINTIFF

SARFO GYAMFI FOR THE DEFENDANTS

[2014]DLHC3893
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													<main id="main" class="content" style="min-height: 60rem" >STANDARD CHARTERED BANK
GHANA LIMITED<o:p></o:p>vs.<o:p></o:p>KANBENS LIMITED &amp; 2
OTHERS<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;
padding:0in 0in 1.0pt 0in">

SUIT NO.BFS/105/10&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: 3RD MARCH, 2014<o:p></o:p>

</div>COUNSEL:&nbsp;&nbsp; <o:p></o:p>OSEI OWUSU ANTWI FOR THE
PLAINTIFF <o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0in 0in 1.0pt 0in">

SARFO
GYAMFI FOR THE DEFENDANTS <o:p></o:p>

ANGELINA
MENSAH-HOMIAH (MRS.)<span style="font-size:12.0pt;line-height:115%;
font-family:&quot;Book Antiqua&quot;,&quot;serif&quot;;mso-fareast-font-family:&quot;Arial Unicode MS&quot;;
mso-bidi-font-family:&quot;Arial Unicode MS&quot;"> 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;
padding:0in 0in 1.0pt 0in">

</div><span style="font-size:12.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,&quot;serif&quot;;
mso-fareast-font-family:&quot;Arial Unicode MS&quot;;mso-bidi-font-family:&quot;Arial Unicode MS&quot;;
mso-ansi-language:EN-US">This is a debt recovery action in which the Plaintiff
bank claimed an amount of GH¢333, 502.24 from the Defendants being the
outstanding balance of three credit facilities extended to the 1st Defendant
and interest thereon.<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;Arial Unicode MS&quot;;mso-bidi-font-family:&quot;Arial Unicode MS&quot;;mso-ansi-language:
EN-US">The 1st Defendant admitted owing an amount of GH¢183, 647.000
in its statement of defence filed on 13/04/2010. Subsequently, the Plaintiff
obtained judgment on admission against the Defendants on 24/01/2011 for the sum
so admitted.<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;Arial Unicode MS&quot;;mso-bidi-font-family:&quot;Arial Unicode MS&quot;;mso-ansi-language:
EN-US">The Plaintiff’s case was that it granted various facilities totaling GH¢
291, 647 to the 1st Defendant at its request. The initial agreed
rate of interest was 22.49% per annum. These facilities were to enable the 1st
Defendant finance the purchase of machinery for its business from IKON Ltd and
purchase a motor vehicle. The 2nd Defendant secured the facilities
with a legal mortgage over a residential property numbered Plot 8 Blk F
Adiembra, Kumasi.&nbsp; In addition, the 2nd
and 3rd Defendants provided personal guarantees for the repayment of
these facilities. The 1st Defendant refused to service the debt,
hence the instant action. <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;Arial Unicode MS&quot;;mso-bidi-font-family:&quot;Arial Unicode MS&quot;;mso-ansi-language:
EN-US">The Defendants contended that the Plaintiff actually disbursed an amount
of GH¢112,000.00 out of the approved term loan of GH¢ 180,000.00. Their story
was that their supplier could not supply the all the machinery they requested.
Thus, they directed the Plaintiff to stop paying the outstanding balance of GH¢68,000.00.
It was also <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;Arial Unicode MS&quot;;mso-bidi-font-family:&quot;Arial Unicode MS&quot;;mso-ansi-language:
EN-US">their case that the Plaintiff Bank refused to pay this balance to the 1st
Defendant for the purchase of raw materials to feed its machinery. As of the
time of filing their defence, the 1st Defendant alleged that it had
paid a total of GH¢40,000.00 to defray its debt.<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;Arial Unicode MS&quot;;mso-bidi-font-family:&quot;Arial Unicode MS&quot;;mso-ansi-language:
EN-US">The issues to be determined by this court are stated below:<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">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<span style="font-size:12.0pt;line-height:115%;
font-family:&quot;Book Antiqua&quot;,&quot;serif&quot;;mso-fareast-font-family:&quot;Arial Unicode MS&quot;;
mso-bidi-font-family:&quot;Arial Unicode MS&quot;;mso-ansi-language:EN-US">Whether or not
the defendants are indebted to the plaintiff in the sum of GH¢333,502.24 or any
part thereof?<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">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<span style="font-size:12.0pt;line-height:115%;
font-family:&quot;Book Antiqua&quot;,&quot;serif&quot;;mso-fareast-font-family:&quot;Arial Unicode MS&quot;;
mso-bidi-font-family:&quot;Arial Unicode MS&quot;;mso-ansi-language:EN-US">Whether or not
the Defendants actually received the sum of GH¢ 292,647.00 as per the
agreement?<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">3.