THE ROYAL BANK vs. CAPITAL ASSURANCE CO. LTD, PRYMO (GH) LTD, FOSTER KPORDZIH AND KINGSLEY AGYEKUM [2018]DLHC10149

THE ROYAL BANK vs. CAPITAL ASSURANCE CO. LTD, PRYMO (GH) LTD, FOSTER KPORDZIH A... [2018]DLHC10149

Date	2018-11-02
Suit No.	CM/BFS/0223/17
Citation No.	[2018]DLHC10149

JUSTICE GEORGE BUADI J.

ROBERT PAPPOE (HOLDING THE BRIEF OF BANNERMAN WILLIAMS JR) FOR PLAINTIFF

JULIUS NKETIA (HOLDING THE BRIEF OF FIIFI ABAM) FOR 2ND DEFENDANT

JAMES OWURA MENSAH FOR 1ST 3RD AND 4TH DEFENDANTS

[2018]DLHC10149
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													<main id="main" class="content" style="min-height: 60rem" >THE ROYAL BANK<o:p></o:p>(PLAINTIFF)<o:p></o:p>vs.<o:p></o:p>CAPITAL ASSURANCE CO. LTD, PRYMO (GH)
LTD, FOSTER KPORDZIH AND KINGSLEY AGYEKUM<o:p></o:p>(DEFENDANT)<o:p></o:p>[HIGH COURT
(COMMERCIAL, 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;">

</div>COUNSEL:<o:p></o:p>ROBERT PAPPOE
(HOLDING THE BRIEF OF BANNERMAN WILLIAMS JR) FOR PLAINTIFF <o:p></o:p>JULIUS NKETIA
(HOLDING THE BRIEF OF FIIFI ABAM) FOR 2ND DEFENDANT<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">JAMES
OWURA MENSAH FOR 1ST, 3RD, AND 4TH DEFENDANTS <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">JUDGMENT<o:p></o:p>

</div>&nbsp;1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Background<o:p></o:p>By a writ of
summons and statement of claim that was filed on 4 April 2017, plaintiff
commenced this suit against the defendants herein. On 22 June 2017, plaintiff
amended its statement of claim for the following reliefs against the defendants:<o:p></o:p>&nbsp;i&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recovery of the sum of GH¢1,571,096.94) One Million 
(Five Hundred and Seventy-One Thousand and Ninety-six Ghana Cedis four Pesewas)
from the 1st, 3rd and 4th Defendants jointly
and severally.<o:p></o:p>ii&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on the said sum of GH¢1,571,096.94 (One Million
Five Hundred and Seventy-One Thousand and Ninety-six Ghana Ninety-four Pesewas)
at the rate of 10% per annum above the agreed interest rate calculated on
compound basis from 31st July, 2016 till date of final payment
against the 1st Defendant, 3rd Defendant and 4th
Defendant jointly and severally.<o:p></o:p>iii&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An Order directed at the 2nd Defendant to activate
the stock Cards it supplied to the 1st Defendant in order that same
can be sold.<o:p></o:p>&nbsp;2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plaintiff’s
case<o:p></o:p>2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plaintiff’s case is that on 30 March 2015
upon request of 1st defendant, and upon terms and conditions contained
in the Loan Facility Letter, it granted 1st defendant a one-year Loan
facility of GH¢1,000,000<a href="file:///C:/Users/aggie/Desktop/2020-21/Criminal/THE%20ROYAL%20BANK%20(2021_01_25%2010_26_20%20UTC).docx#_ftn1" name="_ftnref1" title="">[1]</a> to
enable it purchase for sale “One 4 All” Recharge Phone Cards. Consequent upon
the grant, plaintiff says on 14 April 2015, it paid 2nd defendant
GH¢950,000<a href="file:///C:/Users/aggie/Desktop/2020-21/Criminal/THE%20ROYAL%20BANK%20(2021_01_25%2010_26_20%20UTC).docx#_ftn2" name="_ftnref2" title="">[2]</a>
out of the loan sum on behalf of 1st Defendant to 2nd defendant
to facilitate purchase of the ‘One 4 All’ Recharge Phone Cards. <o:p></o:p>&nbsp;2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; According to plaintiff, upon receipt of
the cards, 2nd defendant was enjoined to activate same for sale on
the open market. As part of the conditions for grant of the facility, 3rd
and 4th defendants executed a Deed of Guarantee in support of
repayment of the facility aforesaid. Plaintiff claims that 1st defendant
acting in concert with third parties on various occasions submitted fake
documents regarding immovable property to it and misrepresented same as genuine
for which reason plaintiff claims to have informed 1st defendant of
its decision to rescind the contract whereupon 1st de</main>