BEIGE CAPITAL SAVINGS & LOANS LTD vs. SIR ERNEST FARMS & LOGISTICS AND ERNEST AGBEMOR-YEBOAH LTD [2018]DLHC3482

BEIGE CAPITAL SAVINGS & LOANS LTD vs. SIR ERNEST FARMS & LOGISTICS AND ERNEST AG... [2018]DLHC3482

Date	2018-05-15
Suit No.	SUIT NO.CM/BFS/0015/17
Citation No.	[2018]DLHC3482

HIS LORDSHIP ERIC KYEI BAFFOUR JUSTICE OF THE HIGH COURT

[2018]DLHC3482
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													<main id="main" class="content" style="min-height: 60rem" ><a name="OLE_LINK1">BEIGE
CAPITAL SAVINGS &amp; LOANS LTD<o:p></o:p></a>vs.<o:p></o:p>SIR ERNEST FARMS &amp; LOGISTICS AND ERNEST AGBEMOR-YEBOAH LTD<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/BFS/0015/17&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;DATE:
15TH MAY, 2018<o:p></o:p>

</div>CORAM:<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">

HIS LORDSHIP ERIC KYEI BAFFOUR 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;
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JUDGEMENT<o:p></o:p>

</div>Plaintiff,
a non bank financial institution claim the following reliefs endorsed on its writ
issued against the defendants on the 26th of November, 2014:<o:p></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 honourable court directed at the Defendants for the recovery by the
 Plaintiff of the sum of Gh¢2,482,157.79<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%;">Penalty of
 Gh¢2,482,157.79 <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%;">Interest of 4%
 per month on the outstanding balance with effect from 1st
 October, 2014 till date of 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%;">Costs
 including Solicitor’s fees<o:p></o:p></li>
</ol><o:p>&nbsp;</o:p>Or in the alternative<o:p></o:p>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An order for the judicial sale of the
residential property situate at Dzorwulu, Accra and described as No C27/14
Kpentenbiibi Street and registered at the Lands Registry with No LD 8455/AC
11933.<o:p></o:p>The factual basis for the claim of the Plaintiff
can be summarized as follows: That by a loan agreement on the 23rd
of December, 2013 executed between the parties, Plaintiff granted a loan in the
sum of Ghc¢1,800.000.00 to the 1st Defendant for the purpose of
obtaining supplies of commodities like rice, sugar, cooking oil and canned fish
from Olam, a company that deals in food processing. Plaintiff claim that the
loan was to be repaid within six months at an interest rate of 4% per month and
secured with the personal guarantee of the 2nd Defendant, the Chief
Executive Officer of 1st Defendant company. To Plaintiff 2nd
Defendant again executed a deed of guarantee over his house C27/14 at Dzorwulu.
Plaintiff avers that 1st Defendant has failed to repay the loan and
the interest charged and has treated with disdain overtures made by Plaintiff
for the loan repayment and that Defendant would not repay the loan unless
compelled by the court to do so. <o:p></o:p><o:p>&nbsp;</o:p>Defendants did not only deny the essential
claims made by Plaintiff but also have counter claim for the following reliefs:<o:p></o:p><ol style="margin-top:0in" start="1" type="a">
 <li class="MsoNormal" style="text-align: justify; line-height: 115%;">A declaration
 that the non-payment of the loan obtained by the Defendant from the
 Plaintiff has not been paid because of the effect of Plaintiff letter of
 14/2/2014 written to the Account General’s Department.<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%;">An order on
 the Plaintiff to account for monies received from Account General’s
 Department as deductions from salaries of GBC workers for commodities
 purchased from Defendant.<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%;">Cost.<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%;">