N.D.K FINANCIAL SERVICES LTD vs. ANDRE KWAME GYENFIE [2016]DLHC3509

Date	2016-11-11
Suit No.	SUIT NO.BFS/193/2015
Citation No.	[2016]DLHC3509

HIS LORDSHIP ERIC KYEI BAFFOUR JUSTICE OF THE HIGH COURT

PLAINTIFF REPRESENTED BY EDEM MENKA

ANDREW APPAU OBENG ESQ WITH NASH ADJEI FOR SAMMY CRABBE ESQ FOR DEFENDANT

[2016]DLHC3509
																																						<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">N.D.K
FINANCIAL SERVICES LTD<o:p></o:p></a>vs.<o:p></o:p>ANDRE KWAME GYENFIE<o:p></o:p>&nbsp;[HIGH COURT (COMMERCIAL
DIVISION), ACCRA]<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/193/2015&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &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 NOVEMBER, 2016 <o:p></o:p>

</div>COUNSEL:&nbsp;&nbsp; <o:p></o:p>PLAINTIFF
REPRESENTED BY EDEM MENKA <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">

ANDREW APPAU OBENG, ESQ WITH NASH ADJEI FOR
SAMMY CRABBE, ESQ FOR DEFENDANT<o:p></o:p>

HIS LORDSHIP ERIC KYEI BAFFOUR JUSTICE
OF THE HIGH COURT<o:p></o:p>

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

</div>Plaintiff in a writ issued claims against the
Defendant the following endorsement: <o:p></o:p><span lang="EN-GB" style="font-size:12.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,&quot;serif&quot;;
mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The sum of GHC
5,238,403.46 (Five Million Two Hundred and Thirty Eight Thousand Four Hundred and
Three Ghana Cedi Nineteen Pesewas) being the outstanding debt in respect of the
loans granted to the Defendant.<o:p></o:p><span lang="EN-GB" style="font-size:12.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,&quot;serif&quot;;
mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Interest at the monthly
rate of 4.25 % per month from the 1st August 2015 till date of final
payment.<o:p></o:p><span lang="EN-GB" style="font-size:12.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,&quot;serif&quot;;
mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The sum of GHC 130,960.08
(One Hundred and Thirty Thousand Nine Hundred and Sixty Ghana Cedis Eight
Pesewas).<o:p></o:p><span lang="EN-GB" style="font-size:12.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,&quot;serif&quot;;
mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;">d.&nbsp;&nbsp;&nbsp;&nbsp;
Cost and Attorney’s fees
being 10% of the sum owed.<o:p></o:p><span lang="EN-GB" style="font-size:12.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,&quot;serif&quot;;
mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Judicial sale of the
Defendant’s landed properties which are mortgaged and which properties are
described in paragraphs 10 and 11 of the Statement of Claim<o:p></o:p><o:p>&nbsp;</o:p>PLAINTIFF’S CASE<o:p></o:p>The
basis for the demand of the reliefs endorsed on the writ is captured in the
statement of claim that accompanied the writ. Plaintiff avers that the
Defendant applied to it for a credit facility of US$800,000.00 to enable
Defendant acquire a residential property at Airport Hills. Plaintiff states
that it approved the application and granted to the Defendant an amount of
GHC2,320,000 (Two Million Three Hundred And Twenty Thousand Ghana Cedi) being
the Cedi equivalent of US$800,000 at the then prevailing rate of GHC2.90 to a
dollar. <o:p></o:p><o:p>&nbsp;</o:p>Plaintiff
further avers that Defendant applied for an additional credit facility of
GHC50,000 (Fifty Thousand Ghana Cedi) to enable the Defendant register his
interest in a commercial property situate at Spintex Road. Plaintiff states
that it approved the loan by granting the additional facility of GHC 50,000 to
the Defendant. <o:p></o:p>