AGRICULTURAL DEVELOPMENT BANK vs JOWAK COMMODITIES LTD, JOHN OWUSU AMANKRAH [2016]DLHC16304

Date	2016-04-11
Suit No.	SUIT NO AB 149/2011
Citation No.	[2016]DLHC16304

HIS LORDSHIP MR. ANTHONY K. YEBOAH J

FELIX NANA OSEI ESQ

S. K. AMOAH ESQ

[2016]DLHC16304
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													<main id="main" class="content" style="min-height: 60rem" ><a name="_Hlk146980440"></a><a name="_Hlk146981432">AGRICULTURAL
DEVELOPMENT BANK</a><o:p></o:p>(PLAINTIFF)<o:p></o:p>vs<o:p></o:p>JOWAK COMMODITIES LTD,
JOHN OWUSU AMANKRAH<o:p></o:p>(DEFENDANTS)<span style="font-size:10.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,serif;
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100.0%;mso-effects-shadow-anglekx:0;mso-effects-shadow-angleky:0;mso-bidi-font-weight:
bold"><o:p></o:p>[HIGH COURT, ACCRA]<o:p></o:p>&nbsp;<div style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom-width: 1.5pt; border-bottom-color: windowtext; padding: 0in 0in 1pt;">

SUIT
NO AB 149/2011&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &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&nbsp; APRIL 2016<o:p></o:p>

</div>COUNSEL<o:p></o:p>FELIX NANA OSEI ESQ FOR PLAINTIFF&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <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: 0in 0in 1pt;">

S. K. AMOAH ESQ FOR DEFENDANTS<o:p></o:p>

</div>CORAM<o:p></o:p>HIS LORDSHIP MR. ANTHONY
K. YEBOAH J<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 0in;">

<p class="MsoNormal" align="center" style="text-align:center;line-height:115%;
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solid windowtext 1.5pt;padding:0in;mso-padding-alt:1.0pt 0in 1.0pt 0in">JUDGEMENT<o:p></o:p>

</div>BY COURT:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <o:p></o:p>The
suit involves a Claim for recovering of Debt and a
Counterclaim for breach of a loan contract. The
Plaintiff is a Financial Institution; the 1st Defendant is a corporate
entity whose managing director is the 2nd Defendant. The Plaintiff granted a facility to the 1st
Defendant to purchase quantities of maize for storage and re-sale under a dual
control arrangement with the 2nd Defendant guaranteeing the
facility. It is
this facility and its repayment that have given birth to the present dispute.<o:p></o:p>The Plaintiff caused the writ of
Summons to issue on 8/4/2011 for recovering from the Defendants the sum of
GH¢2,486,368.00 and 15% interest per annum from 30/6/2010 till date of final
Judgment on the principal sum. For their part, the Defendants Counterclaimed for damages for breach of Plaintiff’s obligations under the
loan agreement and damages
for wrongful debiting of the Defendants’ account.<o:p></o:p>The Plaintiff and the Defendants
respectively amended their Statement of Claim and Defence on 27/2/2015 and
10/3/2015.<o:p></o:p>According to the Plaintiff (i.e.
Agricultural Development Bank), the bank approved a loan of GH¢3,000,000.00 for
the 1st Defendant (i.e. Jowak Commodities Ltd) at the interest rate of 33% per annum to
enable the 1st Defendant purchase an estimated quantity
of 99,000 mini bags of maize. The
date of approval was 2/1/2010. The
Defendants secured the loan with a charge over the 1st Defendant’s
plant and machinery which charge was