GHANA GROWTH FUND LTD. vs. BOKAN LIMITED AND 4 OTHERS [2016]DLHC11576

Date	2016-11-30
Suit No.	SUIT NO. RPC/150/2014
Citation No.	[2016]DLHC11576

HER LADYSHIP JUSTICE AKUA SARPOMAA AMOAH (MRS.)

FREDERICK BOAMAH FOR PLAINTIFF PRESENT MAJOR JOHN GYASI (RTD) FOR 1ST -3RD & 5TH DEFENDANTS PRESENT

[2016]DLHC11576
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													<main id="main" class="content" style="min-height: 60rem" >GHANA GROWTH FUND LTD.<o:p></o:p>(PLAINTIFF)<o:p></o:p>vs.<o:p></o:p>BOKAN LIMITED AND 4 OTHERS<o:p></o:p>(DEFENDANT)<o:p></o:p>[HIGH COURT, ACCRA]<o:p></o:p><div style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom-width: 1.5pt; border-bottom-color: windowtext; padding: 0cm 0cm 1pt;">

<p class="MsoNormal" align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;
text-align:center;border:none;mso-border-bottom-alt:solid windowtext 1.5pt;
padding:0cm;mso-padding-alt:0cm 0cm 1.0pt 0cm">SUIT NO. RPC/150/2014&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;DATA: 30TH NOVEMBER 2016<o:p></o:p>

</div>COUNSEL: <o:p></o:p><div style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom-width: 1.5pt; border-bottom-color: windowtext; padding: 0cm 0cm 1pt;">

FREDERICK BOAMAH FOR PLAINTIFF PRESENT
MAJOR JOHN GYASI (RTD) FOR 1ST -3RD &amp; 5TH DEFENDANTS PRESENT<o:p></o:p>

</div>CORAM:<o:p></o:p>HER
LADYSHIP JUSTICE AKUA SARPOMAA AMOAH (MRS.)<o:p></o:p><div style="border-top-width: 1.5pt; border-top-color: windowtext; border-left: none; border-bottom-width: 1.5pt; border-bottom-color: windowtext; border-right: none; padding: 1pt 0cm;">

<p class="MsoNormal" align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;
text-align:center;tab-stops:75.25pt;border:none;mso-border-top-alt:solid windowtext 1.5pt;
mso-border-bottom-alt:solid windowtext 1.5pt;padding:0cm;mso-padding-alt:1.0pt 0cm 1.0pt 0cm">JUDGEMENT<o:p></o:p>

</div>&nbsp;The
Plaintiff herein by a writ filed on the 15th day of April 2014 seeks the
following reliefs against the Defendants jointly and severally.<o:p></o:p>a)
Recovery of the sum of One Million, Nine Hundred and Forty One Thousand Eight
Hundred and Eighty Cedis, Ninety Two Pesewas. (GHȼ1,
941. 880.92) being the outstanding balance of the facility, as at 31st March,
2014.<o:p></o:p>b) Interest
on the outstanding balance at 4% per month, compounded daily from 1st April,
2014 till final payment<o:p></o:p>c)
Costs including Plaintiff’’s legal Costs. Or in the alternative:<o:p></o:p>An
order for the judicial sale of the following properties used as collateral:<o:p></o:p>(i)
No.3 Block O, house No.107 Owusu Poku Road, Ayigya, Kumasi with Certificate NO.
19171, Folio 183.<o:p></o:p>(ii)
No J298/1, off Coco Beach Street, with title Certificate GA/NO. 19171, Folio
179, Vol.35<o:p></o:p>The
Plaintiff’s case is that it is a private equity company providing financial
support among others to corporate entities and businesses in Ghana. The 2nd and
3rd Defendants are directors of the 1st Defendant, a Ghanaian
registered limited liability company whilst the 3rd and 4th Defendants are
property owners who offered their respective properties to be used as
collateral for the facility arrangement between Plaintiff and 1st Defendant.<o:p></o:p>Plaintiff
avers that sometime in 2011, the 1st Defendant applied for a facility to import
sugar into this country. Further to this application, Plaintiff granted the 1st
Defendant a loan of Five Hundred and Thirty Thousand, Two Hundred and Eighty
Ghana Cedis, Forty Five Pesewas (GHȼ530,280.45)
to facilitate the importation of 12,500 metric tons of sugar. This facility was
for a period of 360 days at an interest rate of 4% per month, compounded daily.
Personal guarantees were executed by the 2nd and 3rd Defendants who are
directors of 1st defendant to secure the facility. Additionally, the 4th and
5th Defendants offered their respective properties as collateral for the due
repayment of the loan facility. According to Plaintiff, the Defendants are in
default of their repayment obligations such that their indebtedness to
Plaintiff stood at One Million, Nine Hundred and Forty One Thousand, Eight
Hundred and Eighty Ghana Cedis Ninety Two Pesewas. (GHȼ1, 941, 880.92) as at the 31st day of
March, 2014. It is on the basis of the foregoing that Plaintiff has instituted
the present action.<o:p></o:p>The
1st, 2nd, 3rd and 5th Defendants filed a joint Statement of Defence to
Plaintiff’s writ. Though they admit being granted a facility by Plaintiff, they
state that the amount granted them was not the total required for the said
importation but merely a deposit towards same. The 1st, 2nd, 3rd and 5 Defendants
deny that any formal demands had been made on them for the repayment of the
loan aside mere discussions. They challenge the accuracy of the amount stated
on the Plaintiff’s writ as their level of indebtedness and counterclaim as
follows:<o:p></o:p>a)
Accounts of the loan should be audited for the correct amount owed by the
Defendants to be ascertained<o:p></o:p>b)
No further interest should be charged on the loan<o:p></o:p>c)
Arrangement made between the Parties for the repayment of ascertained debt to
be made by installment.<o:p></o:p>The
4th Defendant who is also said to be a director of 1st Defendant, filed a
separate Statement of Defence on the 13th day of March, 2015 by which he
admitted offering his property as security for the facility. In line with the
defence put up by the other Defendants, the 4th Defendant contended that the
amount granted them was only intended as a deposit for the total amount
required. 4th Defendant also challenged the correctness of the amount being
claimed by Plaintiff and counterclaimed as follows:<o:p></o:p>a)
Accounts of the loan should be audited for the correct amount owed by the 1st
Defendant to be ascertained.<o:p></o:p>