FRANSTEL LIMITED vs. MERCHANT BANK LIMITED [2016]DLHC3780

Date	2016-03-14
Suit No.	SUIT NO.TBFS/01/15
Citation No.	[2016]DLHC3780

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

MICHAEL GYANG OWUSU FOR PLAINTIFF

ANDREW DANIELS FOR DEFENDANT

[2016]DLHC3780
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													<main id="main" class="content" style="min-height: 60rem" >FRANSTEL LIMITED<o:p></o:p>vs.<o:p></o:p>MERCHANT BANK LIMITED<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;
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SUIT
NO.TBFS/01/15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &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: 14TH MARCH, 2016<o:p></o:p>

</div>COUNSEL:&nbsp;&nbsp; <o:p></o:p>MICHAEL GYANG OWUSU FOR PLAINTIFF <o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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ANDREW
DANIELS FOR DEFENDANT <o:p></o:p>

</div>CORAM:<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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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;
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JUDGMENT<o:p></o:p>

</div>The
Plaintiff Company commenced the instant action against the Defendant Bank on
03/10/06. By its amended writ of summons and statement of claim filed on
31/10/13, the Plaintiff claimed five reliefs, namely:<o:p></o:p>a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An
order for recovery of cash the sum of four hundred and fifty million cedis ( ¢450,000,000.00)
being monies the defendant demanded from the Plaintiff as a deposit for the
opening of Letters of Credit for the Plaintiff for importation of sugar.<o:p></o:p>b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest
on all monies payable to the Plaintiff at the prevailing bank rate from 1st
December, 2004 to date of final payment.<o:p></o:p>c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Damages
for breach of contract<o:p></o:p>d.&nbsp;&nbsp;&nbsp;&nbsp; Cash
the sum of GH¢916, 976.02 being anticipated profit lost by the Plaintiff as a
result of the defendant's breach of the&nbsp;
contract to open Letters of Credit for the Plaintiff.<o:p></o:p>e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash
the sum of $90,000.00 representing 3% of the contract sum of $3,000,000.00 the
Plaintiff forfeited to Zar Limited as a result of the abrogation of that
contract, which abrogation was occasioned as a result of the defendant's breach
of contract to issue a letter of credit for the Plaintiff.<o:p></o:p>THE PLAINTIFFF'S CASE.<o:p></o:p>The
plaintiff's case as gleaned from its amended statement of claim filed on
31/10/13, the Further Amended Reply filed on 28/04/14&nbsp; and the evidence-in-chief of its Managing
Director, Francis Amankwaa ( now deceased) is that it obtained a contract to
supply sugar to some reputable institutions in Ghana.&nbsp; The Plaintiff, per its MD approached the
Defendant&nbsp; and proposed its inte</main>