FIDELITY BANK LTD. (PLAINTIFF) vs. SARPOD REAL ESTATE LTD. [2014]DLHC8490

Date	2014-07-11
Suit No.	SUIT NO. E12/23/07
Citation No.	[2014]DLHC8490

HIS LORDSHIP JUSTICE JACOB B. BOON

JUSTICE ADUSA POKU FOR BARIMA MANU FOR PLAINTIFF

KWAME ADOM APPIAH FOR THE DEFENDANT

[2014]DLHC8490
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													<main id="main" class="content" style="min-height: 60rem" >FIDELITY BANK
LTD.<o:p></o:p>(PLAINTIFF)<o:p></o:p>vs.<o:p></o:p>SARPOD REAL
ESTATE LTD.<o:p></o:p>(DEFENDANTS)<o:p></o:p><o:p>&nbsp;</o:p>[HIGH
COURT, KUMASI]<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0cm 0cm 1.0pt 0cm">

SUIT
NO. E12/23/07&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: 11TH JULY, 2014<o:p></o:p>

</div>COUNSEL:<o:p></o:p>JUSTICE
ADUSA POKU FOR BARIMA MANU FOR PLAINTIFF <o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0cm 0cm 1.0pt 0cm">

KWAME
ADOM APPIAH FOR THE DEFENDANT&nbsp;&nbsp; <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;
padding:0cm 0cm 1.0pt 0cm">

HIS LORDSHIP JUSTICE JACOB B. BOON<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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<p class="MsoNormal" align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;
text-align:center;text-indent:0cm;line-height:115%;border:none;mso-border-bottom-alt:
solid windowtext 1.5pt;padding:0cm;mso-padding-alt:0cm 0cm 1.0pt 0cm">JUDGMENT<o:p></o:p>

</div>By its amended writ of summons filed in the Registry of this court on
27/3/13, the plaintiff, a financial institution incorporated under the laws of
Ghana, claimed (a) an order for the recovery of the sums of GH¢1,152,358.92 and
GH¢1,836,985.53 being the amounts due and owing on two&nbsp; Medium Term Loans granted &nbsp;the plaintiff on January, 23, 2009, and &nbsp;April 28, 2009 respectively (b) Interest on
the said sums of money at the agreed rate of interest per annum calculated at
close of each day and payable at the end of every month until the date of final
payment, (c) costs including lawyer’s fees, administrative and statutory
expenses assessed at 10% of the aggregate sum due and payable under the
facility and (iv) judicial sale of the mortgaged property, that is to say land
situate on plot Numbers 14 and 15 OTB Layout Kumasi which was used as security
for the facilities.<o:p></o:p><o:p>&nbsp;</o:p>Defendant is a real estate company incorporated in Ghana. According to
the pleadings of the plaintiffs, at the behest of defendant, the parties
executed offer letters for two loan facilities in favour of the defendant. The
facilities are as follows:<o:p></o:p><o:p>&nbsp;</o:p><p class="MsoListParagraphCxSpFirst" style="margin-top:0cm;margin-right:0cm;
margin-bottom:0cm;margin-left:54.0pt;margin-bottom:.0001pt;mso-add-space:auto;
text-align:justify;text-indent:-36.0pt;line-height:115%;mso-list:l0 level1 lfo1">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;
Medium
Term Loan facility for GH¢500,000 dated 23 January, 2009<o:p></o:p><p class="MsoListParagraphCxSpLast" style="margin-top:0cm;margin-right:0cm;
margin-bottom:0cm;margin-left:54.0pt;margin-bottom:.0001pt;mso-add-space:auto;
text-align:justify;text-indent:-36.0pt;line-height:115%;mso-list:l0 level1 lfo1">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;
Medium
Term Loan facility for GH¢800,000.00 dated April 28, 2009.<o:p></o:p><o:p>&nbsp;</o:p>Pursuant to the agreements, the amounts were disbursed to the defendant.
The agreements executed between the parties were tendered in evidence without
objection and marked as exhibits ‘A’ and ‘B’</main>