ECOBANK GHANA LIMITED vs. AKOSOMBO TESTILES LIMITED [2017]DLHC9086

Date	2017-11-24
Suit No.	SUIT NO. BFS/90/13
Citation No.	[2017]DLHC9086

HER LADYSHIP JUSTICE JENNIFER ABENA DADZIE

ALFRED K. BANNERMAN-WILLIAMS (JNR) ESQ. OF SACKODAR CHAMBERS ACCRA COUNSEL FOR PLAINTIFF/APPLICANT

PHILIPINA AKYEA ESQ. OF ZOE AKYEA & CO. ACCRA COUNSEL FOR DEFENDANT/RESPONDENT

[2017]DLHC9086
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													<main id="main" class="content" style="min-height: 60rem" >ECOBANK GHANA LIMITED<o:p></o:p>(PLAINTIFF)<o:p></o:p>vs.<o:p></o:p>AKOSOMBO TESTILES LIMITED<o:p></o:p>(DEFENDANT)<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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NO. BFS/90/13&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &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: 24TH NOVEMBER, 2017<o:p></o:p>

</div>COUNSEL:<o:p></o:p>ALFRED K. BANNERMAN-WILLIAMS
(JNR), ESQ., OF SACKODAR CHAMBERS, ACCRA, 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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PHILIPINA AKYEA, ESQ., OF ZOE AKYEA
&amp; CO., ACCRA, COUNSEL FOR DEFENDANT/RESPONDENT<o:p></o:p>

</div>CORAM:<o:p></o:p>HER 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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</div>Against the backdrop of a post judgment Terms
of Settlement filed with the Court on November 28, 2016 and subsequently
adopted and entered by the Court as Consent Judgment of the parties herein on
November 29, 2017, the Plaintiff/Applicant (hereinafter, the “Applicant”) has
filed an application praying for leave to levy execution upon the said Consent
Judgment against the Defendant/Respondent (hereinafter, the “Respondent”).&nbsp; The Terms of Settlement is attached to Applicant’s
affidavit in support of the motion and is marked as Exhibit “EBM1”. <o:p></o:p><o:p>&nbsp;</o:p>The claim of the Applicant, as can be
gathered from the affidavit evidence and the evidence on the record, is to the
effect that as at February 28, 2015, the Respondent owed it and other Banks,
that is, GCB Bank Ltd., Universal Merchant Bank Ltd., and Standard Chartered
Bank Ltd., (hereinafter, the “Claimant Banks”) the sum of Thirty-three Million,
Three Hundred and Ninety-two Thousand, Eight Hundred and Ninety-one Ghana
Cedis, Sixty-nine Pesewas (GH¢33,392,891.69).&nbsp;
On December 21, 2015, the Applicant obtained judgment in the Commercial
Division of the High Court, Accra, against the Respondent for the said sum and
proceeded to levy execution on the said judgment by attaching the property of
the Respondent, which property, the Applicant held jointly with the other
Claimant Banks.&nbsp; <o:p></o:p><o:p>&nbsp;</o:p>Following an appeal by the Respondent, the
debt was reduced and capped at the United States Dollar equivalent of
Twenty-Seven Million Ghana Cedis (GH¢27,000,000.00), using the exchange rate of
Four Ghana Cedis (GH¢4.00) to One United States Dollar ($1.00).&nbsp; This resulted in an agreed judgment debt or
concessionary judgement debt of Six Million, Seven Hundred and Fifty Thousand
United States Dollars (US$ 6,750,000.00), to be paid either in United States
Dollars or its cedi equivalent in two instalments.&nbsp; This agreement was subsequently reduced into
Terms of Settlement, Exhibit “EBM1”, supra.<o:p></o:p><o:p>&nbsp;</o:p>It is the claim of the Applicant that the
Respondent duly paid the first instalment but shortchanged the Applicant when
it paid the second instalment.&nbsp; According
to the Applicant, the Respondent, by the Terms of Settlement, was enjoined to
pay to the Applicant the sum of Three Million, Seven Hundred and Fifty Thousand
United States Dollars, (US$3,750,000.00) or its Cedi equivalent on or before July
15, 2017 as full and total satisfaction of the second instalment.&nbsp; The Applicant contends that if the Respondent
chose to pay the outstanding debt in Ghana Cedis, the Applicant expected to be
paid the sum of Sixteen Million, Eight Hundred and Seventy-five Thousand Ghana
Cedis (GH¢16,875,000.00) using the exchange rate of Four Ghana Cedis, Fifty
Pesewas (GH¢4.5) to One United States Dollar ($1.00), prevailing at the time
the Respondent effected the payment of the second instalment.&nbsp; <o:p></o:p><o:p>&nbsp;</o:p>The Applicant argues that on a proper
interpretation of the Terms of Settlement, the parties to the said agreement
agreed that the exchange rate of Four Ghana Cedis (GH¢4.00) to One United
States Dollar ($1.00) used in the Terms of Settlement was to be used for only
two (2) purposes, only, that is<o:p></o:p><p class="MsoListParagraphCxSpFirst" style="margin-top:0cm;margin-right:0cm;
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For the conversion of the debt which was
denominated in Cedis into United Sates Dollars; and<o:p></o:p><p class="MsoListParagraphCxSpLast" style="margin-top:0cm;margin-right:0cm;
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