NDK FINANCIAL SERVICES LTD vs. ALLIED COCOA PRODUCTS LTD [2018]DLHC10130

Date	2018-03-07
Suit No.	SUIT NO. CM/BFS/0903/2016
Citation No.	[2018]DLHC10130

JUSTICE GEORGE BUADI J

BANNERMAN WILLIAMS WITH EMMANUEL ACOLATSE ESQ. FOR PLAINTIFF PRESENT

MS FRANCES EWOOL ESQ. FOR DEFENDANT PRESENT (HOLDING THE BRIEF OF KWABENA ADU-KUSI)

[2018]DLHC10130
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													<main id="main" class="content" style="min-height: 60rem" >NDK FINANCIAL SERVICES LTD<o:p></o:p>(PLAINTIFF)<o:p></o:p>vs.<o:p></o:p>ALLIED
COCOA PRODUCTS LTD<o:p></o:p>(DEFENDANT)<o:p></o:p>[HIGH COURT
(COMMERCIAL DIVISION, 5) ACCRA]<o:p></o:p><div style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom-width: 1.5pt; border-bottom-color: windowtext; padding: 0cm 0cm 1pt;">

<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. CM/BFS/0903/2016&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; DATE: 7TH MARCH 2018<o:p></o:p>

</div>COUNSEL:&nbsp;&nbsp; <o:p></o:p>BANNERMAN
WILLIAMS, WITH EMMANUEL ACOLATSE ESQ. FOR PLAINTIFF PRESENT<o:p></o:p><div style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom-width: 1.5pt; border-bottom-color: windowtext; padding: 0cm 0cm 1pt;">

<p class="MsoNormal" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:
justify;line-height:115%;border:none;mso-border-bottom-alt:solid windowtext 1.5pt;
padding:0cm;mso-padding-alt:0cm 0cm 1.0pt 0cm">MS
FRANCES EWOOL ESQ. FOR DEFENDANT PRESENT (HOLDING THE BRIEF OF KWABENA
ADU-KUSI)<o:p></o:p>

</div>CORAM:<o:p></o:p>JUSTICE GEORGE BUADI J<o:p></o:p><div style="border-top-width: 1.5pt; border-top-color: windowtext; border-left: none; border-bottom-width: 1.5pt; border-bottom-color: windowtext; border-right: none; padding: 1pt 0cm;">

<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">JUDGEMENT<o:p></o:p>

</div>&nbsp;1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Introduction<o:p></o:p>The parties in
this suit are locally registered limited liability companies: plaintiff is a
non-banking financial institution, whilst defendant deals in cocoa products. The
brief facts are that based upon a written undertaking defendant made for and on
behalf of Trade Haulage Ghana Limited (THGL) a customer of plaintiff who on 12
July 2012 had applied for a loan facility of GH¢3,500,000, the plaintiff approved
the said facility to THGL. By the said undertaking dated 15 Jan. 2013,
defendant undertook to pay plaintiff the sum of GH¢219,730 to the joint names of the plaintiff and THGL when same is due for
payment. On failure of THGL to redeem the facility, plaintiff on 21 December
2016 filed this suit against defendant for recovery of the GH¢219,730 that
defendant undertook to pay.<o:p></o:p>&nbsp;2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement
of the parties’ case<o:p></o:p>2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plaintiff’s case<o:p></o:p>According to
plaintiff, THGL failed to retire the loan facility by its term i.e. 27 August,
2013, and that THGL had thereafter failed to redeem the facility despite
repeated demands contrary to terms and conditions that required THGL to have
retired the facility by 27 August, 2013. In consequence therefore,
plaintiff instituted action in the High Court<a href="file:///C:/Users/aggie/Desktop/2020-21/Criminal/NDK%20v%20ALLIED%20COCOA%20(2021_01_25%2010_26_20%20UTC).docx#_ftn1" name="_ftnref1" title="">[1]</a> against
THGL on 24 May, 2014 and obtained judgment against THGL two months
later i.e. 23 July 2014. According to plaintiff, despite service of the entry
of judgment and subsequent repeated demands on THGL of its indebtedness, it has
failed to pay the judgment debt.<o:p></o:p>&nbsp;Ostensibly in
accordance with the terms of defendant’s undertaking evident by Exhibit ‘A’, plaintiff’s
claim in this suit is that it is entitled to recover the amount - &nbsp;GH¢219,730 defendant undertook to pay. In
pursuance therefore, plaintiff on 15 August 2016 wrote to defendant
demanding the sum i.e. GH¢219,730, and upon failure on 21 December 2016 by writ
commenced the suit for the following reliefs:<o:p></o:p>&nbsp;i&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recovery of the sum of GH¢219,730.00 (Two Hundred and
Nineteen Thousand Seven Hundred and Thirty Ghana Cedis).<o:p></o:p>ii&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on the said sum of GH¢219,730.00 (Two Hundred and
Nineteen Thousand Seven Hundred and Thirty Ghana Cedis) at the prevailing bank
rate from 15th August, 2016 till date of final payment.<o:p></o:p>iii&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costs.<o:p></o:p>&nbsp;