IFS FINANCIAL SERVICES vs. TECHCOM VISIONS LTD AND 5 OTHERS [2017]DLHC3845

Date	2017-05-31
Suit No.	SUIT NO. CM/BFS/0555/16
Citation No.	[2017]DLHC3845

ERIC K. BAFFOUR ESQ JUSTICE OF THE HIGH COURT

JASMIN ASIEDU MS FOR KWAME AKYIANU ESQ FOR PLAINTIFF

STEPHEN SOWAH ESQ FOR OSAFO BUABENG ESQ FOR THE GARNISHEE

[2017]DLHC3845
																																						<div class="restriction-wrapper">
														<div class="container-lg">
															<div class="row">
																<div class="col-md-12 restricted-content">
																	<div class="restricted-content-img-wrapper">
																		<div class="lock-icon bounce-7">
																			<img class=""
																				src="https://www.dennislawgh.com/dl-assets/dl-images/lock-content.png"
																				alt="Subscription based content">
																		</div>
																	</div>
																	 
																		<a href="https://www.dennislawgh.com/login"
																		class="btn btn-primary btn-lg"
																		style="font-family: 'open sans'; text-transform: capitalize; border-radius: 8px"> 
																		Login to Read Full Case </a>
																	 
																	
																</div>
															</div>
														</div>
													</div>
													<main id="main" class="content" style="min-height: 60rem" >IFS FINANCIAL SERVICES<o:p></o:p>vs.<o:p></o:p>TECHCOM VISIONS LTD AND 5 OTHERS<o:p></o:p>[HIGH COURT (COMMERCIAL DIVISION), ACCRA]<o:p></o:p>SUIT NO. CM/BFS/0555/16&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;31ST MAY, 2017<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:31.0pt 31.0pt 1.0pt 31.0pt;mso-border-shadow:yes">

</div>COUNSEL:<o:p></o:p>JASMIN ASIEDU, MS FOR KWAME AKYIANU, ESQ 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">

STEPHEN SOWAH,
ESQ FOR OSAFO BUABENG, ESQ FOR THE GARNISHEE<o:p></o:p>

</div>CORAM:<o:p></o:p>ERIC K. BAFFOUR, ESQ JUSTICE OF THE HIGH COURT<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0in 31.0pt 1.0pt 31.0pt">

</div>RULING<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0in 31.0pt 1.0pt 31.0pt">

</div>&nbsp;On the 12th
of January, 2017 the court granted an application for final judgment
against 1st, 2nd, 3rd and 4th defendants
in default of defence for: <o:p></o:p><p class="MsoListParagraphCxSpFirst" style="text-align:justify;text-indent:-.25in;
mso-pagination:none;mso-list:l0 level1 lfo1;border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;
mso-border-shadow:yes">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
An order for the recovery of
Gh¢32,845.65 being the collective indebtedness of the defendants to the
Plaintiff as at 25th July, 2016 in respect of a loan facility dated
3rd November, 2011 granted by the Plaintiff to the Defendant <o:p></o:p><p class="MsoListParagraphCxSpMiddle" style="text-align:justify;text-indent:-.25in;
mso-pagination:none;mso-list:l0 level1 lfo1;border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;
mso-border-shadow:yes">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Interest on the sum at the
actual interest rate of 3% per month from 26th July, 2016 till date
of final payment <o:p></o:p><p class="MsoListParagraphCxSpMiddle" style="text-align:justify;text-indent:-.25in;
mso-pagination:none;mso-list:l0 level1 lfo1;border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;
mso-border-shadow:yes">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Penal interest sum at the agreed
penal rate of 7.5% per month from 26th July, 2016 till date of final
payment&nbsp; <o:p></o:p><p class="MsoListParagraphCxSpMiddle" style="text-align:justify;text-indent:-.25in;
mso-pagination:none;mso-list:l0 level1 lfo1;border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;
mso-border-shadow:yes">d.&nbsp;&nbsp;&nbsp;&nbsp;
An order for the recovery of
Gh¢335.547.44 being the collective indebtedness of the defendants to the
Plaintiff as at 25th July 2016 in respect of a loan facility dated 28th
November, 2011 granted by Plaintiff to the 1st defendant <o:p></o:p><p class="MsoListParagraphCxSpMiddle" style="text-align:justify;text-indent:-.25in;
mso-pagination:none;mso-list:l0 level1 lfo1;border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;
mso-border-shadow:yes">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Interest on the said sum at the
actual interest rate of 3% per month from 26th July 2016 till date
of final payment. <o:p></o:p><p class="MsoListParagraphCxSpMiddle" style="text-align:justify;text-indent:-.25in;
mso-pagination:none;mso-list:l0 level1 lfo1;border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;
mso-border-shadow:yes">f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Penal interest on the said sum
at the agreed penal rate of 7.5% per month from July, 2016 till date of final
payment <o:p></o:p>