GCB LIMITED (PLAINTIFF) vs. AKUAFO ADAMFO MARKETING & 4 ORS. (DEFENDANTS) [2019]DLHC7285

Date	2019-05-18
Suit No.	SUIT NO. CM/0204/2015
Citation No.	[2019]DLHC7285

HIS LORDSHIP GEORGE K. KOOMSON (J).

NUHELA SEIDU FOR PLAINTIFF

HANS AWUDEY FOR 5TH DEFENDANT

KOJO ASARE BOATENG FOR 1ST 2ND AND 3RD DEFENDANTS

[2019]DLHC7285
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													<main id="main" class="content" style="min-height: 60rem" >GCB LIMITED<o:p></o:p>(PLAINTIFF)<o:p></o:p>vs.<o:p></o:p>AKUAFO
ADAMFO MARKETING &amp; 4 ORS.<o:p></o:p>(DEFENDANTS)<o:p></o:p>[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/0204/2015&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: 8TH MAY, 2019<o:p></o:p>

</div>COUNSEL: <o:p></o:p>NUHELA
SEIDU FOR PLAINTIFF&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; <o:p></o:p>HANS
AWUDEY FOR 5TH DEFENDANT<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">

KOJO
ASARE BOATENG FOR 1ST, 2ND AND 3RD DEFENDANTS<o:p></o:p>

<p class="MsoNormal" align="center" style="margin-bottom:0in;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:0in;mso-padding-alt:1.0pt 0in 1.0pt 0in">JUDGMENT<o:p></o:p>

</div>Somewhere
October 2014, 1st Defendant and the Plaintiff entered into an
agreement whereby the Plaintiff issued a bank guarantee in the sum of
GH¢35,000,000.00 to COCOBOD for the benefit of the 1st
Defendant.&nbsp; This was to secure the performance
of a contract which COCOBOD had offered to the 1st Defendant for the
purchase of cocoa beans for the 2014-2015 cocoa crop season.&nbsp; In addition the Plaintiff, at the request of
the 1st Defendant, granted an overdraft of GH¢30,000,000.00 to the 1st
Defendant. This overdraft of GH¢30,000,000.00 was also executed in October,
2014. By the terms and conditions of the agreement between Plaintiff and the 1st
Defendant, the facility was secured by assignments Receivables from COCOBOD during
the 2014/2015 crop season valued GH¢45, 000,000.00; a corporate guarantee of
even amount from 2nd Defendant; guarantees from the sole
Shareholder/Director and all risk insurance with the Bank named as loss payee.<o:p></o:p>By reason of these conditions, the 1st
Defendant on the 12th October, 2014 assigned all proceeds and or
collections from the export of cashew nuts to the Plaintiff.&nbsp; The 2nd Defendant also executed a
corporate guarantee to the Plaintiff.&nbsp;
The 3rd Defendant provided a personal guarantee to the
Plaintiff.&nbsp; The 5th Defendant,
it is said, had refused to transfer the proceeds emanating from the sale of
cashew to the Plaintiff. <o:p></o:p>The inability of the 1st
Defendant to settle its indebtedness to the Plaintiff caused the Plaintiff to
issue the present action against the Defendants asking for the following
reliefs:-<o:p></o:p><p class="MsoListParagraphCxSpFirst" style="margin-top:12.0pt;margin-right:0in;
margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;mso-add-space:auto;
text-align:justify;text-indent:-.25in;line-height:115%;mso-list:l0 level1 lfo1"><span lang="EN-GB" style="font-size:12.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,&quot;serif&quot;;
mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
An
order for the recovery from Defendants jointly and severally the total sum of
Sixty Five Million, Six Hundred and Twenty Eight Thousand, Nine Hundred and
Eighty Seven Ghana Cedis Six Pesewas (GH¢65,628,987.06) being the cumulative
indebtedness of the 1st Defendant to the Plaintiff as at the 15th
day of October, 2015.<o:p></o:p><o:p>&nbsp;</o:p><p class="MsoListParagraphCxSpMiddle" style="margin-top:12.0pt;margin-right:0in;
margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;mso-add-space:auto;
text-align:justify;text-indent:-.25in;line-height:115%;mso-list:l0 level1 lfo1"><span lang="EN-GB" style="font-size:12.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,&quot;serif&quot;;
mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Interest
on the aforesaid sum of GH¢65,628,987.06 from the 16th day of
October, 2015 at the agreed interest rate of 27% per month plus a penal interest
rate of 10% per annum.<o:p></o:p><o:p>&nbsp;</o:p><p class="MsoListParagraphCxSpMiddle" style="margin-top:12.0pt;margin-right:0in;
margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;mso-add-space:auto;
text-align:justify;text-indent:-.25in;line-height:115%;mso-list:l0 level1 lfo1"><span lang="EN-GB" style="font-size:12.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,&quot;serif&quot;;
mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;">3.