ECOBANK GHANA LTD vs. UHURU PLANT HIRE LTD AND EMMANUEL QUA-ENOO [2019]DLHC7538

Date	2019-07-30
Suit No.	SUIT NO.BFS/233/14
Citation No.	[2019]DLHC7538

JEROME NOBLE-NKRUMAH JUSTICE OF THE HIGH COURT

JEMIMA ADDO HOLDING THE BRIEF OF ALFRED BANNERMAN WILLIAMS JNR. FOR THE PLAINTIFF

[2019]DLHC7538
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													<main id="main" class="content" style="min-height: 60rem" >ECOBANK GHANA
LTD<o:p></o:p>vs.<o:p></o:p>UHURU PLANT HIRE LTD AND EMMANUEL QUA-ENOO<o:p></o:p>[HIGH COURT (COMMERRCIAL DIVISION), ACCRA]<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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SUIT NO.BFS/233/14&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;DATE: 30TH JULY, 2019<o:p></o:p>

</div>COUNSEL:
<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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JEMIMA
ADDO HOLDING THE BRIEF OF ALFRED BANNERMAN WILLIAMS JNR. FOR THE PLAINTIFF<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;
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JEROME
NOBLE-NKRUMAH 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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</div>On or about July 2012 and at the request
of the 1st defendant, a Plant Hire company, the plaintiff a Bank
says it granted 1st defendant&nbsp;
a short term loan of USD500,000.00 by a facility letter dated 31st
July 2012[ exhibit A]<o:p></o:p>&nbsp;In February 2013 and at the request of the 1st
defendant again, the plaintiff says the short term loan granted the 1st
defendant which had not then been retired, was restructured into a Medium Term
Loan, whose terms and conditions were contained in a facility letter dated 11th
February 2013 [exhibit B]<o:p></o:p>By the terms of exhibit B the plaintiff
says the 1st defendant enjoyed a moratorium of 6 months on the
repayment of the principal sum from the date of restructure and thereafter the
1st defendant was to liquidate the debt in 30 equal monthly
instalments made up of the principal and interest.<o:p></o:p>&nbsp;As security for the facility the 1st
defendant according to the plaintiff charged all its assets to the plaintiff[
exhibit C] and as further security the 2nd defendant executed a Deed
of Guarantee in plaintiffs favor [exhibit D]<o:p></o:p>It is the plaintiff’s case that the 1st
defendant has not been able to keep up with repayment as there have been
several defaults and for these plaintiff says it has made several demands on
the 1st defendant [exhibit E]<o:p></o:p>Plaintiff goes further that as at 2nd
July 2014 the 1st defendant owed an arrears of GHC438,515.32 and an
unexpired balance of GHC396,733.24[exhibit F]<o:p></o:p>Having called in the facility on the 18th
of July 2014, with a demand for the payment of GHC835, 248.56 outstanding on
the entire facility as at 2nd July 2014[exhibit G], it has been the
plaintiffs case also that the parties agreed that the 1st defendants
equipment will be valued and sold off to pay off the said debt The plaintiff
says the court subsequently had on October 28th 2014 ordered the sale of four
listed properties. Towards that the parties commissioned valuers to undertake a
valuation exercise. A report of this is tendered as exhibit H and finally H1.
Going further the plaintiff has said the defendants have refused to
release&nbsp; a Tamrock CH100Blast Hole
Drilling Rig Serial No 93602 for sale and out of the three components of
equipment which have been released by the defendants and advertised for sale
only a Vol. Trailer Low-loader has been sold for the amount of GHC51,000.00. The
remaining two components of equipment namely Atlas Copco XRVS Inc. Muller
Mitteltal Chassis and Wirth Multipurpose Drilling Rig Crawler Mounted remain
unsold.<o:p></o:p>The balance on the defendant’s account
being far in excess of the cumulative value of all the remaining equipment, the
plaintiff has sued the defendants for:<o:p></o:p>a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Recovery
of the sum of GHC835,248.56 against the defendants jointly and severally<o:p></o:p>b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Interest
on the said sum of FGHC835,248.56 at a rate per annum which is 10% above the
plaintiffs base rate payable monthly in arrears from 2nd July 2014
till date of final payment against the defendants jointly and severally<o:p></o:p>