UNIVERSAL MERCHANT BANK LTD. vs. JF-K COMPANY LTD. & 2 ORS. [2016]DLCA4770

Date	2016-04-28
Suit No.	CIVIL APPEAL NO.H1/41/16
Citation No.	[2016]DLCA4770

S.E. KANYOKE J.A (PRESIDING)

IRENE CHARITY LARBI (MRS) J.A

MARGARET WELBOURNE (MRS) J.A

MR. FOSU GYEABOUR ESQ. (FOR THE APPELLANT).

MR. K. PEASAH BOADU ESQ. (FOR THE RESPONDENTS).

[2016]DLCA4770
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													<main id="main" class="content" style="min-height: 60rem" >UNIVERSAL MERCHANT BANK LTD.<o:p></o:p>(PLAINTIFF/RESPONDENT)<o:p></o:p>vs.<o:p></o:p>JF-K COMPANY LTD. &amp; 2 ORS.<o:p></o:p>(DEFENDANTS/APPELLANTS)<o:p></o:p>[COURT
OF APPEAL, ACCRA]<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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CIVIL APPEAL NO.H1/41/16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 28TH APRIL, 2016<o:p></o:p>

</div>COUNSEL:<o:p></o:p>MR.
FOSU GYEABOUR ESQ. (FOR THE APPELLANT).<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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</div>CORAM:<o:p></o:p>S.E.
KANYOKE J.A (PRESIDING), IRENE CHARITY LARBI (MRS) J.A, MARGARET WELBOURNE
(MRS) J.A<o:p></o:p><div style="mso-element:para-border-div;border-top:solid windowtext 1.5pt;
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<p class="MsoNormal" align="center" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:center;border:none;mso-border-top-alt:solid windowtext 1.5pt;
mso-border-bottom-alt:solid windowtext 1.5pt;padding:0in;mso-padding-alt:1.0pt 0in 1.0pt 0in">JUDGMENT<o:p></o:p>

</div>IRENE CHARITY LARBI J.A.<o:p></o:p>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On 19th May, 2010 the Plaintiff
in this case, Merchant Bank Ghana Limited commenced an action against the
Defendants&nbsp; claiming for the following
reliefs:-<o:p></o:p><o:p>&nbsp;</o:p>&nbsp;
“a)&nbsp; An order for the recovery of
the sum of (Gh₵4,345,270.54) being balance due as at
April 30, 2010 an account of credit facilities extended to the 1st
Defendant company on 15th January, 2009 repayment of which was
guaranteed by 2nd and 3rd Defendant but settlements of
which Defendants have failed to make&nbsp;
good several demand notices notwithstanding.<o:p></o:p><o:p>&nbsp;</o:p>b)&nbsp; Interest on the said sum at the rate of 32%
per annum <o:p></o:p>&nbsp;calculated daily on the outstanding debt
balances at the close of each day and applied monthly from 1st May
2010 up and inclusive of date of final payment.<o:p></o:p><o:p>&nbsp;</o:p>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)&nbsp;
Costs including lawyer’s fees assessed at 10% of the aggregate <o:p></o:p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; sum due and payable under the
facility.<o:p></o:p><o:p>&nbsp;</o:p>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The parties entered into negotiations and
as a result executed Terms of Settlement which was filed at the Registry of the
High Court, Commercial Division on 19th March, 2013.<o:p></o:p><o:p>&nbsp;</o:p>By consent of the parties the High Court adopted the
Terms of Settlement as consent judgment on 19th March, 2013.<o:p></o:p>