GUARANTY TRUST BANK (GHANA) LTD vs. AUTO PARTS LTD, ABDEL RAHIMAN ACCAD AND SUBHI ACCAD [2019]DLHC7547

GUARANTY TRUST BANK (GHANA) LTD vs. AUTO PARTS LTD, ABDEL RAHIMAN ACCAD AND SUBH... [2019]DLHC7547

Date	2019-07-11
Suit No.	SUIT NO.CM/BFS/0253/2017
Citation No.	[2019]DLHC7547

HIS LORDSHIP JUSTICE JEROME NOBLE-NKRUMAH JUSTICE OF THE HIGH COURT

ALFRED BUATSI HOLDING BRIEF OF KWABENA ADU KUSI

[2019]DLHC7547
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													<main id="main" class="content" style="min-height: 60rem" >GUARANTY TRUST
BANK (GHANA) LTD<o:p></o:p>vs.<o:p></o:p>AUTO PARTS LTD, ABDEL RAHIMAN ACCAD AND SUBHI ACCAD<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.CM/BFS/0253/2017&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &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: 11TH 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;
padding:0cm 0cm 1.0pt 0cm">

ALFRED
BUATSI HOLDING BRIEF OF KWABENA ADU KUSI<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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HIS
LORDSHIP JUSTICE 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>The Plaintiff, a bank, advanced a loan
facility to the 1st Defendant by a facility letter dated 12/4/10 in
the amount of GHC3, 500,000.00 for a tenure of 2 years and an overdraft
facility of GH500, 000.00 for a tenure of 1year.<o:p></o:p>The Plaintiff pleads on that as at
3/5/11, Universal Motors, a sister company of the 1st Defendant was
also indebted to the Plaintiff in the sum of GHC3, 446,542.32. On the
instructions of the Defendants, the Plaintiff says the existing facilities of
the 1st Defendant and Universal Motors Ltd were on the 3/5/11 restructured
and consolidated into a single facility of GHC9,480,000.00 in the name of the 1st
Defendant for a tenor of 48 months. The facility was to be repaid in 16 equal
monthly instalments of GHC592, 500.00, payable quarterly plus accrued interest<o:p></o:p>&nbsp;This new facility was granted at an interest
rate of 22.92% per Anum and it was agreed according to the Plaintiff that any
amount outstanding upon the expiration of the facility would attract a penalty
charge of 1% and interest shall accrue at the banks default rate of 35% per Anum.
The Plaintiff goes on further that it was agreed that failure to make 2
consecutive repayments within 6 months of the tenor or any time thereafter was
to be treated by the Plaintiff as default, entitling the Plaintiff to recall
the facility without recourse to the Defendants.<o:p></o:p>The Plaintiff has pleaded further that
in addition to personal guarantees by the 2nd and 3rd Defendants
the facility was secured by a second mortgage over the 1st Defendants
head office building at Dadeban Road, North Industrial Area, a lien on the
stock of Nissan and VW vehicles as swell as spare parts held in the warehouse
of the 1st Defendant.<o:p></o:p>&nbsp;Plaintiff
pleads further that as at 4/9/12 the 1st Defendant had repaid GHC2,
962,500.00 out of the existing debt and then on 29/3/17 the outstanding
liability to the Plaintiff was GHC21, 353,297.30. The Plaintiff continues that
as at 15/3/19 the 1st Defendant’s total indebtedness to it was GHc31,
518,323.30.<o:p></o:p>Consequently the Plaintiff per its writ
of summons claims<o:p></o:p>a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;an order for the recovery of the sum of
GHC21,353,297.30 being the amount outstanding as at 29/3/17 on the facility
advanced to the 1st Defendant<o:p></o:p>b)&nbsp;&nbsp;&nbsp;&nbsp;
Interest
at the Plaintiff banks default rate of 35% per annum from 29/3/17 to the date
of final payment<o:p></o:p>c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Penal
interest of 1% on the sum ofGHC21,353,297.30 from 29/3/17 to the date of final
payment<o:p></o:p>d)&nbsp;&nbsp;&nbsp;&nbsp;
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