NDK FINANCIAL SERVICES vs. SAFRE LIMITED, KWEKU SARFO KANTANKA [2019]DLCA8757

Date	2019-05-09
Suit No.	SUIT NO. H1/84/2018
Citation No.	[2019]DLCA8757

FRANCIS KUSI-APPIAH J.A (PRESIDING)

HENRY KWOFIE J.A

MERLEY WOOD (MRS) J.A

ANDREW APPAU-OBENG FOR THE PLAINTIFF/APPELLANT/CROSS RESPONDENT

EMMANUEL ADDAI FOR THE DEFENDANTS/RESPONDENTS/CROSS-APPELLANTS

[2019]DLCA8757
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													<main id="main" class="content" style="min-height: 60rem" >NDK FINANCIAL SERVICES<o:p></o:p><w:sdtpr></w:sdtpr>(PLAINTIFF/APPELLANT/CROSS
 RESPONDENT)<o:p></o:p><span lang="EN-GB" style="font-size:12.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,serif;
 mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;;
 color:#00B0F0;mso-ansi-language:EN-GB">vs.<o:p></o:p>SAFRE LIMITED<o:p></o:p>(1ST DEFENDANT/RESPONDENT/ CROSS
 APPELLANT)<o:p></o:p>KWEKU SARFO KANTANKA<o:p></o:p>(2ND DEFENDANT/RESPONDENT/ CROSS
 APPELLANT)<o:p></o:p><o:p>&nbsp;</o:p>[COURT OF APPEAL,
 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">
 SUIT NO. H1/84/2018&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DATE: 9TH MAY, 2019<o:p></o:p>
 </div>COUNSEL:<o:p></o:p>ANDREW APPAU-OBENG FOR THE PLAINTIFF/APPELLANT/CROSS
 RESPONDENT<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">
 EMMANUEL ADDAI FOR
 THE DEFENDANTS/RESPONDENTS/CROSS-APPELLANTS<o:p></o:p>
 </div><span lang="EN-GB" style="font-size:12.0pt;
 line-height:115%;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-GB">CORAM:<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">
 FRANCIS KUSI-APPIAH
 J.A (PRESIDING), HENRY KWOFIE J.A, MERLEY WOOD (MRS) J.A<o:p></o:p>
 </div>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <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="MsoNormalCxSpMiddle" align="center" style="margin-bottom:0cm;margin-bottom:
 .0001pt;mso-add-space:auto;text-align:center;line-height:normal;mso-pagination:
 none;mso-layout-grid-align:none;text-autospace:none;border:none;mso-border-bottom-alt:
 solid windowtext 1.5pt;padding:0cm;mso-padding-alt:0cm 0cm 1.0pt 0cm">JUDGMENT<o:p></o:p>
 </div>HENRY
KWOFIE (JA):<o:p></o:p><o:p>&nbsp;</o:p>This appeal is from the judgment of the High Court
(Commercial Division) Accra delivered on 2nd day of May 2017 in
which the Court entered judgment in favour of the Plaintiff against the
Defendants for the sum of GH₵74,087.92
together with interest at simple interest rate from the date of the issue of
the writ to the date of final payment. The Court further awarded cost of GH₵3000
in favour of the Plaintiff.<o:p></o:p><o:p>&nbsp;</o:p>The facts giving rise to this appeal are that the
Plaintiff is a non-banking financial institution authorized by the Bank of
Ghana to extend short-term credit facilities to customers. The Plaintiff’s case
is that by a letter dated 8th December 2005, the 1st
Defendant applied for a discounting facility of GH₵45,000
from the Plaintiff against 1st Defendant’s receivables from the
Controller and Accountant General’s Department which was approved and
granted. It is the case of the Plaintiff that the 1st Defendant by
several additional letters applied for and the Plaintiff approved and granted
17 additional loans to the 1st Defendant. That all these facilities
were approved and granted at various compound interest rates. Plaintiff says
that the securities for the facilities extended to the 1st Defendant
were:<o:p></o:p><o:p>&nbsp;</o:p><!--[if !su</main>