UNIVERSAL MERCHANT BANK LIMITED vs. DANADAMS PHARMACEUTICALS INDUSTRY LTD DR. YAW ADU GYAMFI [2017]DLHC1291

UNIVERSAL MERCHANT BANK LIMITED vs. DANADAMS PHARMACEUTICALS INDUSTRY LTD DR. YA... [2017]DLHC1291

Date	2017-07-28
Suit No.	CM/0349/16
Citation No.	[2017]DLHC1291

SAMUEL K. A. ASIEDU J.

SAMIRATU SEIDU WITH HER PATRICIA A. ACQUAH FOR THE PLAINTIFF

MR. BAFFOUR GYAWU BONSU ASHIA FOR MR. T. SORY FOR THE DEFENDANT

[2017]DLHC1291
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													<main id="main" class="content" style="min-height: 60rem" >UNIVERSAL MERCHANT BANK
LIMITED<o:p></o:p>vs.<o:p></o:p>DANADAMS PHARMACEUTICALS
INDUSTRY LTD<o:p></o:p>DR. YAW ADU
GYAMFI<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:0cm 0cm 1.0pt 0cm">

&nbsp;SUIT
NO.: CM/0349/16&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &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: 28TH
JULY, 2017<o:p></o:p>

</div>COUNSEL:<o:p></o:p>SAMIRATU SEIDU WITH HER PATRICIA A. ACQUAH FOR THE PLAINTIFF <o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0cm 0cm 1.0pt 0cm">

MR. BAFFOUR GYAWU BONSU ASHIA FOR MR. T.
SORY FOR THE DEFENDANT<o:p></o:p>

</div>CORAM: <o:p></o:p>HIS
LORDSHIP SAMUEL K. A. ASIEDU J.<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;
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<p class="MsoNormal" align="center" style="text-align:center;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">JUDGMENT<o:p></o:p>

</div>The
plaintiff issued a writ against the defendants for the recovery of:<o:p></o:p><span lang="EN-US" 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;
Recovery of the sum of US$4,673,960.84.<o:p></o:p><span lang="EN-US" 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;
Interest at the contractual rate of 10% on the said
sum of US$4,673,960.84 from 21st January, 2016 to the date of full
and final payment.<o:p></o:p>In
the alternative:<o:p></o:p><span lang="EN-US" 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;
An order for the judicial sale of the following:<o:p></o:p><span lang="EN-US" 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;">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The mortgaged property situate at plot no. 690,
Block 22, Section 018, Baatsona, Accra.<o:p></o:p><span lang="EN-US" 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;">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All assets of the 1st Defendant (Plant
and Machinery).<o:p></o:p><span lang="EN-US" 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;">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Cost on full indemnity basis.<o:p></o:p>