UNIVERSAL MERCHANT BANK LIMITED vs. DANADAMS PHARMACEUTICALS INDUSTRY LTD AND DR. YAW ADU GYAMFI [2017]DLHC4278

UNIVERSAL MERCHANT BANK LIMITED vs. DANADAMS PHARMACEUTICALS INDUSTRY LTD AND DR... [2017]DLHC4278

Date	2017-07-28
Suit No.	SUIT NO. CM/0349/2016
Citation No.	[2017]DLHC4278

SAMUEL K. A. ASIEDU

SAMIRATU SEIDU WITH HER PATRICIA A. ACQUAH FOR THE PLAINTIFF

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

[2017]DLHC4278
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													<main id="main" class="content" style="min-height: 60rem" ><a name="OLE_LINK1">UNIVERSAL MERCHANT BANK LIMITED<o:p></o:p></a>vs.<o:p></o:p>DANADAMS PHARMACEUTICALS INDUSTRY
LTD AND DR. YAW ADU GYAMFI<o:p></o:p>&nbsp;[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.
CM/0349/2016&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &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:&nbsp;&nbsp; <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:0in 0in 1.0pt 0in">

SAMUEL K. A. ASIEDU,
JUSTICE OF THE HIGH COURT<o:p></o:p>

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

<p class="MsoNormal" align="center" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:center;border:none;mso-border-bottom-alt:solid windowtext 1.5pt;
padding:0in;mso-padding-alt:0in 0in 1.0pt 0in">JUDGMENT<o:p></o:p>

</div>The plaintiff issued
a writ against the defendants for the recovery of:<o:p></o:p><p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-bottom:0in;
margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in;
mso-list:l1 level1 lfo1;border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;
mso-border-shadow:yes">(a)&nbsp;&nbsp;
Recovery of the sum of
US$4,673,960.84.<o:p></o:p><p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-bottom:0in;
margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in;
mso-list:l1 level1 lfo1;border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;
mso-border-shadow:yes">(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><p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-bottom:0in;
margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.5in;
border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-border-shadow:yes">In the
alternative:<o:p></o:p><p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-bottom:0in;
margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.25in;
mso-list:l1 level1 lfo1;border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;
mso-border-shadow:yes">(c)&nbsp;&nbsp;&nbsp;
An order for the judicial sale of
the following:<o:p></o:p><p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-bottom:0in;
margin-left:1.0in;margin-bottom:.0001pt;text-align:justify;text-indent:-.5in;
mso-list:l0 level1 lfo2;border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;
mso-border-shadow:yes">(i)&nbsp;&nbsp;&nbsp;&nbsp;&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><p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-bottom:0in;
margin-left:1.0in;margin-bottom:.0001pt;text-align:justify;text-indent:-.5in;
mso-list:l0 level1 lfo2;border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;
mso-border-shadow:yes">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All assets of the 1st
Defendant (Plant and Machinery).<o:p></o:p>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Cost on full indemnity basis.<o:p></o:p>