DALEX FINANCE & LEASING CO. vs DEES & D INVESTMENT LIMITED & 2 OTHERS [2016]DLHC9052

Date	2016-12-05
Suit No.	SUIT NO.BFS/274/2014
Citation No.	[2016]DLHC9052

LADYSHIP JUSTICE JENNIFER ABENA DADZIE

SAMUEL M. CODJOE ESQ. OF LAW TRUST COMPANY FOR PLAINTIFF

THOMAS ACQUAH ESQ. OF LAW TEMPLE FOR DEFENDANTS

[2016]DLHC9052
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													<main id="main" class="content" style="min-height: 60rem" >DALEX FINANCE &amp; LEASING CO.<o:p></o:p>(PLAINTIFF)<o:p></o:p>vs<o:p></o:p>DEES &amp; D INVESTMENT LIMITED &amp; 2
OTHERS<o:p></o:p>(DEFENDANTS)<o:p></o:p>[HIGH
COURT, (COMMERCIAL DIVISION) ACCRA]<o:p></o:p><o:p>&nbsp;</o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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<p class="MsoNormal" align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;
text-align:center;line-height:115%;border:none;mso-border-bottom-alt:solid windowtext 1.5pt;
padding:0cm;mso-padding-alt:0cm 0cm 1.0pt 0cm">SUIT
NO.BFS/274/2014&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; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &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: 5TH DECEMBER, 2016<o:p></o:p>

</div>COUNSEL: <o:p></o:p>SAMUEL M. CODJOE, ESQ., OF LAW TRUST COMPANY 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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THOMAS ACQUAH, ESQ., OF LAW TEMPLE FOR DEFENDANTS<o:p></o:p>

</div>CORAM
<o:p></o:p>LADYSHIP JUSTICE JENNIFER ABENA DADZIE<o:p></o:p><div style="mso-element:para-border-div;border-top:solid windowtext 1.5pt;
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<p class="MsoNormal" align="center" style="text-align:center;line-height:115%;
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</div>The Plaintiff is a finance and leasing company duly
registered under the laws of the Republic of Ghana.&nbsp; The 1st Defendant is a company
also registered in Ghana and engages in numerous business activities to include
the sale of fuel, lubricants and other petroleum products.&nbsp; The 2nd and 3rd
Defendants are directors of the 1st Defendant while the 2nd
Defendant is the sole shareholder in 1st Defendant Company.<o:p></o:p><o:p>&nbsp;</o:p>The facts of
this case, in brief, are that the Plaintiff granted a loan facility to the 1st
Defendant which was disbursed in three (3) tranches.&nbsp; As security for the loan, the 2nd
and 3rd Defendants guaranteed separately to be personally liable
either jointly or severally with the 1st Defendant in the event of
default by the 1st Defendant.&nbsp;
As further security for the loan, the 1st Defendant mortgaged
its filing station situate at Ashaley Botwe, Accra, in favour of the
Plaintiff.&nbsp; The relationship between the
parties subsequently went sour as the 1st Defendant, as alleged by
the Plaintiff, failed to meet its repayment commitments in respect of the 1st
and 3rd tranches resulting in the suit before this court.&nbsp; <o:p></o:p>The Plaintiff
in its writ of summons issued on October 21, 2014, asked for the following
reliefs:<o:p></o:p>“(a)&nbsp;&nbsp; The sum of GH¢674,923.27 (Six Hundred and
Seventy Four Thousand, Nine Hundred and Twenty Three Ghana Cedis, Twenty Seven
Pesewas) which said sum is the outstanding balance of two facilities granted to
1st Defendant and guaranteed by 2nd and 3rd
Defendants as at the 8th day of October, 2014.<o:p></o:p><p class="MsoNormalCxSpMiddle" style="margin-top:0cm;margin-right:37.3pt;
margin-bottom:8.0pt;margin-left:63.0pt;mso-add-space:auto;text-align:justify;
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mso-bidi-font-family:&quot;Book Antiqua&quot;;mso-ansi-language:EN-GB">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Compound
monthly interest of 4.5% from the 9th day of October, 2014 till the
date of final payment.<o:p></o:p><p class="MsoNormalCxSpMiddle" style="margin-top:0cm;margin-right:37.3pt;
margin-bottom:8.0pt;margin-left:63.0pt;mso-add-space:auto;text-align:justify;
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line-height:150%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;
mso-bidi-font-family:&quot;Book Antiqua&quot;;mso-ansi-language:EN-GB">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;