BSIC GHANA LTD {PLAINTIFF} vs. CAPTAINS HOTEL TRAVEL & TOURS LTD {DEFENDANTS} SOLOMON KOBIA AND JEFFREY PETER KOBIA [2016]DLHC6288

BSIC GHANA LTD {PLAINTIFF} vs. CAPTAINS HOTEL TRAVEL & TOURS LTD {DEFENDANTS} SO... [2016]DLHC6288

Date	2016-06-15
Suit No.	Suit No. BFS/23/14
Citation No.	[2016]DLHC6288

JENNIFER DODOO (MRS)

KWABENA ADU-KUSI FOR PLAINTIFF

A. T. TAMAKLOE FOR DEFENDANTS

[2016]DLHC6288
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													<main id="main" class="content" style="min-height: 60rem" >BSIC GHANA LTD<o:p></o:p>{PLAINTIFF}<o:p></o:p>vs.<o:p></o:p>CAPTAINS HOTEL TRAVEL &amp; TOURS LTD {DEFENDANTS} SOLOMON KOBIA AND JEFFREY PETER KOBIA<o:p></o:p>[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/23/14&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &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: 15TH JUNE 2016<o:p></o:p>

</div>COUNSEL:
<o:p></o:p>KWABENA ADU-KUSI FOR PLAINTIFF<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;margin-left:2.25pt;margin-right:0in">

<p class="MsoNormal" style="margin-left:.25in;text-align:justify;text-indent:
-.25in;line-height:115%;mso-list:l5 level1 lfo7;border:none;mso-border-bottom-alt:
solid windowtext 1.5pt;padding:0in;mso-padding-alt:0in 0in 1.0pt 0in">A.&nbsp;&nbsp;&nbsp; T. TAMAKLOE FOR DEFENDANTS<o:p></o:p>

</div>CORAM:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <o:p></o:p>JENNIFER DODOO (MRS) JUSTICE OF THE
HIGH COURT<o:p></o:p><div style="mso-element:para-border-div;border-top:solid windowtext 1.5pt;
border-left:none;border-bottom:solid windowtext 1.5pt;border-right:none;
padding:1.0pt 0in 1.0pt 0in">

<p class="MsoNormal" align="center" style="text-align:center;line-height:115%;
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>The Plaintiff’s claims against the
Defendants were as follows:<o:p></o:p><o:p>&nbsp;</o:p><ol style="margin-top:0in" start="1" type="a">
 <li class="MsoNormal" style="text-align:justify;line-height:115%;mso-list:l6 level1 lfo1">The recovery of the sum of
 GH¢543, 499.92 being the amount outstanding as at October 31st
 2013 on the credit line facility advanced to the 1st Defendant.<o:p></o:p></li>
 <li class="MsoNormal" style="text-align:justify;line-height:115%;mso-list:l6 level1 lfo1">The recovery of the sum of
 GH¢124,718.80 being the amount outstanding as at October 31st
 2013 on the medium term loan facility advanced to the 1st
 Defendant.<o:p></o:p></li>
 <li class="MsoNormal" style="text-align:justify;line-height:115%;mso-list:l6 level1 lfo1">Interest on the sum of GH¢543,
 499.92 at the agreed rate of 30.25% from October 31st 2013 to
 the date of final payment <o:p></o:p></li>
 <li class="MsoNormal" style="text-align:justify;line-height:115%;mso-list:l6 level1 lfo1">Interest on the sum of
 GH¢124,718.80 at the agreed rate of 31% from October 31st 2013
 to the date of final payment.<o:p></o:p></li>
 <li class="MsoNormal" style="text-align:justify;line-height:115%;mso-list:l6 level1 lfo1">The recovery of the sum of
 GH¢185,991.45 being the amount outstanding as at October 31st
 2013 as penal charges on the two facilities.<o:p></o:p></li>
 <li class="MsoNormal" style="text-align:justify;line-height:115%;mso-list:l6 level1 lfo1">Penal interest on the sums
 outstanding on the two facilities at the agreed rate of 12% to the date of
 final payment.<o:p></o:p></li>
 <li class="MsoNormal" style="text-align:justify;line-height:115%;mso-list:l6 level1 lfo1">An order for the judicial sale
 of the parcel of land located at Ablekuma Accra that is stamped as
 LVD8607A/2011.<o:p></o:p></li>
 <li class="MsoNormal" style="text-align:justify;line-height:115%;mso-list:l6 level1 lfo1">An order for the sale of the
 stocks of 1st Defendant assigned to the Plaintiff.<o:p></o:p></li>
 <li class="MsoNormal" style="text-align:justify;line-height:115%;mso-list:l6 level1 lfo1">Legal fees being 10% of the sum
 due the Plaintiff at the date of final payment.<o:p></o:p></li>
 <li class="MsoNormal" style="text-align:justify;line-height:115%;mso-list:l6 level1 lfo1">Costs <o:p></o:p></li>
</ol><o:p>&nbsp;</o:p>It was the Plaintiff’s case that it
had advanced a credit line facility of GH¢250,000.00 and a medium term loan of
GH¢100,000.00 to the 1st Defendant.&nbsp;
Whilst the credit line facility attracted interest at 30.25% per annum,
the medium term loan attracted interest at the rate of 31% per annum.&nbsp; <o:p></o:p><o:p>&nbsp;</o:p>The Plaintiff averred further that
both facilities each attracted a default charge of 2% and penal interest at the
rate of 12% per annum on all outstanding balances on expiry.<o:p></o:p><o:p>&nbsp;</o:p>According to the Plaintiff, both
facilities were secured with:<o:p></o:p><o:p>&nbsp;</o:p>(a)&nbsp;&nbsp; A parcel of land situate at
Ablekuma, Accra<o:p></o:p>(b)&nbsp;&nbsp; Personal Guarantee of Solomon Kobia
in the amount of GH¢400,000.00<o:p></o:p>(c)&nbsp;&nbsp;&nbsp; Assignment of stocks a</main>