UNIBANK ( GHANA) LIMITED vs. MAGNA INTERNATIONAL TRANSPORT LTD AND OTHERS [2018]DLHC3296

Date	2018-10-22
Suit No.	SUIT NO. BFS/312/14
Citation No.	[2018]DLHC3296

ERIC K. BAFFOUR ESQ. JUSTICE OF THE HIGH COURT

[2018]DLHC3296
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													<main id="main" class="content" style="min-height: 60rem" >UNIBANK ( GHANA) LIMITED<o:p></o:p>vs.<o:p></o:p>MAGNA INTERNATIONAL TRANSPORT LTD AND
OTHERS<o:p></o:p>[HIGH COURT
(COMMERCIAL DIVISION), ACCRA]<o:p></o:p><o:p>&nbsp;</o:p>SUIT NO.
BFS/312/14&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; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;22ND OCTOBER, 2018<o:p></o:p><div style="mso-element:para-border-div;border-top:solid windowtext 1.5pt;
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<p class="MsoNormal" style="text-align:justify;line-height:115%;border:none;
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padding:0in;mso-padding-alt:1.0pt 0in 1.0pt 0in">COUNSEL:<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-top:solid windowtext 1.5pt;
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<p class="MsoNormal" align="center" style="text-align:center;line-height:115%;
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</div>Plaintiff claim the following reliefs endorsed on its amended
writ issued against the Defendants:<o:p></o:p><o:p>&nbsp;</o:p><ol style="margin-top:0in" start="1" type="a">
 <li class="MsoNormal" style="text-align: justify; line-height: 115%;">An order for
 the recovery of an amount Five Million Five Hundred and Twenty Two Thousand
 Two Hundred and Two Ghana Cedis Thirty One Pesewas (Gh¢5,522,202.31) being
 the loan facility granted to the 1st Defendant by the
 Plaintiff.<o:p></o:p></li>
</ol><o:p>&nbsp;</o:p><ol style="margin-top:0in" start="2" type="a">
 <li class="MsoNormal" style="text-align: justify; line-height: 115%;">Interest on
 relief (i) supra at 25.95% per annum with effect from 31st of
 October, 2014 till date of final payment.<o:p></o:p></li>
</ol><o:p>&nbsp;</o:p><ol style="margin-top:0in" start="3" type="a">
 <li class="MsoNormal" style="text-align: justify; line-height: 115%;">Penal interest
 on relief (i) from 31st of October, 2014 till date of final
 payment<o:p></o:p></li>
</ol><o:p>&nbsp;</o:p><ol style="margin-top:0in" start="4" type="a">
 <li class="MsoNormal" style="text-align: justify; line-height: 115%;">Cost of
 instituting this action including solicitor’s cost<o:p></o:p></li>
</ol><o:p>&nbsp;</o:p><ol style="margin-top:0in" start="5" type="a">
 <li class="MsoNormal" style="text-align: justify; line-height: 115%;">Such further
 order(s) as this honourable court deem fit.<o:p></o:p></li>
</ol><o:p>&nbsp;</o:p>Or in the alternative<o:p></o:p><o:p>&nbsp;</o:p><ol style="margin-top:0in" start="6" type="a">
 <li class="MsoNormal" style="text-align: justify; line-height: 115%;">Judicial sale
 of legal mortgage property on parcel No 909, Block 2, section 2001 situate
 at Tantra Hill, Accra belonging to the 4th Defendant.<o:p></o:p></li>
</ol><o:p>&nbsp;</o:p><ol style="margin-top:0in" start="7" type="a">
 <li class="MsoNormal" style="text-align: justify; line-height: 115%;">A judicial
 sale of the legal mortgage over property on parcel No 389, Block 10,
 section 114 situate at East Legon, Accra belonging to the 5th
 Defendant.<o:p></o:p></li>
</ol><o:p>&nbsp;</o:p><ol style="margin-top:0in" start="8" type="a">
 <li class="MsoNormal" style="text-align: justify; line-height: 115%;">A judicial
 sale of legal mortgage over property situate at East Legon, Accra
 belonging to the 6th Defendant. <o:p></o:p></li>
</ol><o:p>&nbsp;</o:p>Plaintiff claim to have advanced a number
loan facilities to the 1st Defendant. The first of it being an offer
of $488,565.00 at an interest rate of 14% per annum and a default rate of 21%
per annum for the purpose of financing&nbsp;
the acquisition of 25 vehicles under a contract with Zain and which was
required to be repaid within a period of 24 months. To Plaintiff 1st
Defendant secured the loan with an assignment of the 25 vehicles purchased, a
legal mortgage over a property situate at Tantra Hill and joint and several
guarantees of the 2nd and 3rd Defendants.<o:p></o:p><o:p>&nbsp;</o:p>The second facility is alleged to be an
amount of One Million Three Hundred and Fifteen Thousand Nine Hundred and
Forty-Four US Dollars ($1,315,944.00) granted to 1st Defendant at an
interest rate of 12.5% per annum for the purpose of financing the acquisition
of 35 vehicles under a contract that 1st Defendant had with Vodafone
Ghana. </main>