FIRST NATIONAL SAVINGS & LOANS CO. LIMITED vs. NANA ACHIAA BOAKYE T/A NAKBAK ENT. [2015]DLHC3538

FIRST NATIONAL SAVINGS & LOANS CO. LIMITED vs. NANA ACHIAA BOAKYE T/A NAKBAK ENT... [2015]DLHC3538

Date	2015-07-02
Suit No.	SUIT NO.BFS/77/14
Citation No.	[2015]DLHC3538

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

MR. SULLEY SAMBIAN FOR PLAIANTIFF

MS. VIVIAN M. GYAN FOR DEFENDANT

[2015]DLHC3538
																																						<div class="restriction-wrapper">
														<div class="container-lg">
															<div class="row">
																<div class="col-md-12 restricted-content">
																	<div class="restricted-content-img-wrapper">
																		<div class="lock-icon bounce-7">
																			<img class=""
																				src="https://www.dennislawgh.com/dl-assets/dl-images/lock-content.png"
																				alt="Subscription based content">
																		</div>
																	</div>
																	 
																		<a href="https://www.dennislawgh.com/login"
																		class="btn btn-primary btn-lg"
																		style="font-family: 'open sans'; text-transform: capitalize; border-radius: 8px"> 
																		Login to Read Full Case </a>
																	 
																	
																</div>
															</div>
														</div>
													</div>
													<main id="main" class="content" style="min-height: 60rem" ><a name="OLE_LINK1">FIRST
NATIONAL SAVINGS &amp; LOANS CO. LIMITED<o:p></o:p></a>vs.<o:p></o:p>NANA ACHIAA BOAKYE T/A NAKBAK ENT.<o:p></o:p>[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/77/14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &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: 2ND
JULY, 2015<o:p></o:p>

</div>COUNSEL:&nbsp;&nbsp; <o:p></o:p>MR.
SULLEY SAMBIAN FOR PLAIANTIFF<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">

HER LADYSHIP 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;
padding:0in 0in 1.0pt 0in">

JUDGEMENT<o:p></o:p>

</div>On 21/12/2013, the
Plaintiff Bank instituted an action against the Defendant herein for three
reliefs, namely:<o:p></o:p>a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Recovery of the sum of Five Hundred and
Fifty Two Thousand Two Hundred and Forty-Seven Cedis ( GH¢ 552, 247.00) being
the outstanding balance on loan and overdraft facilities granted to the
Defendant pursuant to Banking facility Agreement dated 22nd &nbsp;June, 2011. <o:p></o:p>b)&nbsp;&nbsp;&nbsp;&nbsp;
Interest on the sum at the contractual
default rate of 60% per annum from 1st December 2013 till date of
final payment.<o:p></o:p>c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Alternatively Judicial Sale of property
described as Plot No. 6 Manu Crescent Pankrono, Kumasi.<o:p></o:p>The Plaintiff's case is that on or about 22nd June
2011, it granted a loan facility of One Hundred Thousand Ghana Cedis (GH¢100,000.00)
to the Defendant who trades under the name Nakbak Enterprise to augment her
business capital. &nbsp;The Plaintiff also extended
an Overdraft Facility (O/D) of One Hundred and Fifty Thousand Ghana Cedis&nbsp; (GH¢ 150,000.00 ) to the Defendant for the same
purpose.&nbsp; The tenure of the facilities
were 24 and 12 months respectively, at an interest rate of 36% per annum. It
was also agreed that the facilities could be called in if the Defendant failed
to abide by the terms.&nbsp; The Defendant is
said to have secured the facilities with the property on Plot N0. 6 Manu
Crescent Pankrono, Kumasi. The instant action was therefore instituted upon the
Defendant's default. <o:p></o:p>The Defendant's version is an outright denial of the
Plaintiff's case. She averred that she was a customer of HFC Bank- Adum Branch
where she encountered a Loan officer by name Fred Boakye Yiadom. She stated
that at a point in time, she wanted a Letter of Credit (LC) to purchase fish
from Dakar and the said Boakye Yiadom recommended a company by name West
Capital company.&nbsp; She paid an amount of
GH¢ 50,000.00 to that company but the company failed to establish the LC. Her
money was not also refunded. Further, the Defendant averred that Fred Boakye
Yiadom assured her that she will move to the Plaintiff Bank as a manager and
would give her the money.&nbsp; Whilst in
London where she is ordinarily resident, Plaintiff said she received a phone
call from Fred Boakye Yiadom who requested her to send a written request for a
loan to pay off her debt at HFC and she did exactly that.&nbsp; The Defendant contended that it was the said
Boakye Yiadom who informed her that he had paid GHS 100,000.00 to HFC and moved
her account to the Plaintiff Bank but she did not sign any documentation to
that effect.&nbsp; In his capacity as Manager
of the Plaintiff Bank, Boakye Yiadom is said to have transferred Twenty
Thousand Pounds into the Defendant's Barclays Account in the UK as an
overdraft&nbsp; (O/D), and at that time the
cedi equivalent was GHS 50,000.00. She denied ever giving her title deeds in
respect of Plot 6 Manu Crescent, Pankrono Kumasi to the Plaintiff as Mortgage
for any Loan and that Boakye Yiadom requested for those documents for the
purpose of making an indenture for her. <o:p></o:p>