AGRICULTURAL DEVELOPMENT BANK vs. FORMOSA LIMITED & ANOTHER [2018]DLHC9078

Date	2018-06-26
Suit No.	SUIT NO. CM/0191/16
Citation No.	[2018]DLHC9078

HER LADYSHIP JUSTICE JENNIFER ABENA DADZIE

AGYEI NUAMAH ESQ. OF THE LAW OFFICE OF AKN & ASSOCIATES KODEE CHAMBERS ADENTA ACCRA

COUNSEL FOR PLAINTIFF.NO LEGAL REPRESENTATION FOR DEFENDANT

[2018]DLHC9078
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													<main id="main" class="content" style="min-height: 60rem" ><span style="font-size:12.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,serif;
mso-fareast-font-family:Calibri;mso-bidi-font-family:&quot;Times New Roman&quot;;
color:#00B0F0;mso-ansi-language:EN-US">AGRICULTURAL DEVELOPMENT BANK<o:p></o:p>(PLAINTIFF)<o:p></o:p><span style="font-size:12.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,serif;
mso-fareast-font-family:Calibri;mso-bidi-font-family:&quot;Times New Roman&quot;;
color:#00B0F0;mso-ansi-language:EN-US">vs.<o:p></o:p><span style="font-size:12.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,serif;
mso-fareast-font-family:Calibri;mso-bidi-font-family:&quot;Times New Roman&quot;;
color:#00B0F0;mso-ansi-language:EN-US">FORMOSA LIMITED &amp; ANOTHER<o:p></o:p>(DEFENDANTS)<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;
padding:0cm 0cm 1.0pt 0cm;margin-left:0cm;margin-right:.2pt">

</div>COUNSEL:<o:p></o:p>AGYEI NUAMAH, ESQ., OF THE LAW
OFFICE OF AKN &amp; ASSOCIATES, KODEE CHAMBERS, ADENTA, ACCRA, <o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0cm 0cm 1.0pt 0cm">

<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">COUNSEL FOR
PLAINTIFF.NO LEGAL REPRESENTATION FOR DEFENDANT<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;
border-left:none;border-bottom:solid windowtext 1.5pt;border-right:none;
padding:1.0pt 0cm 1.0pt 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><o:p>&nbsp;</o:p>The Plaintiff, a financial and
banking institution duly registered under the laws of the Republic of Ghana,
per the Amended Writ of Summons issued against the Defendants herein together
with the Amended Statement of Claim filed with the Registry of this Court on
May 16, 2016, claims the following reliefs against the Defendants jointly and
severally as endorsed thereon:<o:p></o:p>“(i) An order for
the recovery of the amount of Six Hundred Seventy-eight Thousand and Fifty-four
Ghana cedis and Seventy-nine pesewas (GH¢678,054.79) as at February 15, 2016,
being the outstanding balance on the said facilities granted to the 1st
defendant same indemnified by the 2nd defendant, and which is due
from the defendants to the plaintiff, and which remains unpaid despite several
oral and written demands made to the defendants for same;<o:p></o:p><p class="MsoNormalCxSpMiddle" style="margin-top:0cm;margin-right:36.0pt;
margin-bottom:0cm;margin-left:54.0pt;margin-bottom:.0001pt;mso-add-space:auto;
text-align:justify;text-indent:-18.0pt;line-height:150%;mso-list:l3 level1 lfo1"><span style="font-size:12.0pt;line-height:
150%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;
mso-bidi-font-family:&quot;Book Antiqua&quot;;mso-ansi-language:EN-US">ii.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Interest on the amount of Six Hundred Seventy-eight
Thousand and Fifty-four Ghana cedis and Seventy-nine pesewas (GH¢678,054.79)
from February 16, 2016 as agreed by the parties until the date of final
payment;<o:p></o:p><p class="MsoNormalCxSpMiddle" style="margin-top:0cm;margin-right:36.0pt;
margin-bottom:0cm;margin-left:54.0pt;margin-bottom:.0001pt;mso-add-space:auto;
text-align:justify;text-indent:-18.0pt;line-height:150%;mso-list:l3 level1 lfo1"><span style="font-size:12.0pt;line-height:
150%;font-family:&quot;Book Antiqua&quot;,serif;mso-fareast-font-family:&quot;Book Antiqua&quot;;
mso-bidi-font-family:&quot;Book Antiqua&quot;;mso-ansi-language:EN-US">iii.&nbsp;&nbsp;&nbsp;
Costs”<o:p></o:p><o:p>&nbsp;</o:p>It is the case of the Plaintiff, as
can be gleaned from its pleadings, that upon request of the 1st
Defendant, it approved in favour of the 1st Defendant an overdraft
facility in the sum of Thirty Thousand Ghana Cedis (GH¢30,000.00) repayable
after twelve (12) months and a revolving short term facility of the Ghana Cedi
equivalent of One Hundred Thousan</main>