NATIONAL INVESTMENT BANK LTD. vs. ALLSHIP LOGISTICS LTD. & 2 OTHERS [2016]DLHC9064

Date	2016-11-14
Suit No.	SUIT NO. BFS/321/14
Citation No.	[2016]DLHC9064

JUSTICE JENNIFER ABENA DADZIE

ERIC KWAME ATIEKU ESQ. OF DELERIC LAW CONSULT COUNSEL FOR PLAINTIFF/APPLICANT

L.S.N. AKUETTEH ESQ. WITH NAA SHIOKOR OFORI ESQ. OF NSIAH AKUETTEH & CO. COUNSEL FOR DEFENDANTS/RESPONDENTS

[2016]DLHC9064
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													<main id="main" class="content" style="min-height: 60rem" >NATIONAL INVESTMENT BANK LTD.<o:p></o:p>(PLAINTIFF/APPLICANT)<o:p></o:p>vs.<o:p></o:p>ALLSHIP LOGISTICS LTD. &amp; 2 OTHERS<o:p></o:p>(DEFENDANTS/RESPONDENTS)<o:p></o:p>[HIGH COURT, ACCRA]<o:p></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/321/14&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; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; DATE: 14TH NOVEMBER, 2016<o:p></o:p>

</div>COUNSEL:<o:p></o:p>ERIC
KWAME ATIEKU, ESQ., OF DELERIC LAW CONSULT, COUNSEL FOR PLAINTIFF/APPLICANT<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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L.S.N. AKUETTEH, ESQ. WITH NAA SHIOKOR
OFORI, ESQ. OF NSIAH AKUETTEH &amp; CO., COUNSEL FOR DEFENDANTS/RESPONDENTS<o:p></o:p>

</div>CORAM: <o:p></o:p>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="margin-bottom:0cm;margin-bottom:.0001pt;
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:0cm;mso-padding-alt:1.0pt 0cm 1.0pt 0cm">RULING<o:p></o:p>

</div><o:p>&nbsp;</o:p>Plaintiff/Applicant (hereinafter, the
“Plaintiff”) is a financial institution incorporated under the laws of the
Republic of Ghana.&nbsp; It engages in the
provision of financial and allied services among other businesses.&nbsp; The 1st Defendant/Respondent
(hereinafter, the “1st Defendant”) is a company registered under the
laws of Ghana and engages in the business of ship chandelling, clearing and
forwarding of goods, warehousing and chartering of ship among others.&nbsp; The 2nd Defendant/Respondent
(hereinafter, the “2nd Defendant”) is a director of the 1st
Defendant company. &nbsp;The 3rd
Defendant is also a Director of the 1st Defendant Company.&nbsp; She also guaranteed the repayment of the loan
and overdraft granted to the 1st Defendant by Plaintiff.<o:p></o:p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>On November 19, 2016, the Plaintiff issued
a writ of summons against the Defendants, which was subsequently amended on
April 4, 2016, pursuant to leave granted by the Court, claiming the following
reliefs:<o:p></o:p>“i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment
of the sum of USD 3,129,329.98 being
the principal and accrued interest as at June 2014 on a foreign currency loan
of USD 2,844,271.20 the Plaintiff
granted the 1st Defendant Company on the 26th April 2013 but
which the Defendants have failed and or refused to pay despite persistent
demands.<o:p></o:p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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><p class="MsoNoSpacing" style="margin-top:0cm;margin-right:42.85pt;margin-bottom:
0cm;margin-left:54.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:
-54.0pt;mso-text-indent-alt:-22.5pt;line-height:150%;mso-list:l1 level1 lfo1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
ii.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Interest on the USD 3,129,329.98 at the prevailing commercial lending rate of
interest from June, 2014 till the date of final payment.<o:p></o:p><p class="MsoNoSpacing" style="margin-top:0cm;margin-right:42.85pt;margin-bottom:
0cm;margin-left:54.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:
-54.0pt;mso-text-indent-alt:-22.5pt;line-height:150%;mso-list:l1 level1 lfo1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
iii.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Further payment of the sum of GH¢7,961,054.18 being the principal and
accrued interest as at June 2014 on an overdraft facility of GH¢6,682,627.43 the Plaintiff granted
the</main>