BANK OF AFRICA GHANA LIMITED vs. INTERCONTINENTAL GROUP GHANA LTD, NASH SULEMANA, ROBERT ADAM ARMAH AND SAMMY WILLIAMS [2019]DLHC9101

BANK OF AFRICA GHANA LIMITED vs. INTERCONTINENTAL GROUP GHANA LTD, NASH SULEMANA... [2019]DLHC9101

Date	2019-05-10
Suit No.	SUIT NO. BFS/208/15
Citation No.	[2019]DLHC9101

HER LADYSHIP JUSTICE JENNIFER ABENA DADZIE

EMMANUEL EFFAH ANNAN ESQ. OF ANNAN NYANTAKYI & CO H/NO. 56 MANGO TREE AVENUE ASYLUM DOWN ACCRA COUNSEL FOR PLAINTIFF

EDWARD MILLS ESQ. OF QUIST BROWN WONTUMI & ASSOCIATES H/NO. 68 KWAME NKRUMAH AVENUE ADABRAKA ACCRA COUNSEL FOR 1ST 2ND AND 3RD DEFENDANTS

K. ADJEI-LARTEY ESQ. OF ALAD LAW CONSULT H/NO. 496 OFFIN LANE ASYLUM DOWN ACCRA COUNSEL FOR 4TH DEFENDANT

[2019]DLHC9101
																																						<div class="restriction-wrapper">
														<div class="container-lg">
															<div class="row">
																<div class="col-md-12 restricted-content">
																	<div class="restricted-content-img-wrapper">
																		<div class="lock-icon bounce-7">
																			<img class=""
																				src="https://www.dennislawgh.com/dl-assets/dl-images/lock-content.png"
																				alt="Subscription based content">
																		</div>
																	</div>
																	 
																		<a href="https://www.dennislawgh.com/login"
																		class="btn btn-primary btn-lg"
																		style="font-family: 'open sans'; text-transform: capitalize; border-radius: 8px"> 
																		Login to Read Full Case </a>
																	 
																	
																</div>
															</div>
														</div>
													</div>
													<main id="main" class="content" style="min-height: 60rem" >BANK
OF AFRICA GHANA LIMITED<o:p></o:p>(PLAINTIFF)<o:p></o:p>vs.<o:p></o:p>INTERCONTINENTAL GROUP GHANA LTD, NASH
SULEMANA, ROBERT ADAM ARMAH AND SAMMY WILLIAMS<o:p></o:p>(DEFENDANTS)<o:p></o:p>[HIGH COURT, (COMMERCIAL DIVISION) ACCRA]<o:p></o:p><o:p>&nbsp;</o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0cm 0cm 1.0pt 0cm">

</div>COUNSEL:<o:p></o:p>EMMANUEL
EFFAH ANNAN, ESQ., OF ANNAN, NYANTAKYI &amp; CO, H/NO. 56, MANGO TREE AVENUE,
ASYLUM DOWN, ACCRA, COUNSEL FOR PLAINTIFF<o:p></o:p>EDWARD
MILLS, ESQ., OF QUIST, BROWN, WONTUMI &amp; ASSOCIATES, H/NO. 68 KWAME NKRUMAH
AVENUE, ADABRAKA, ACCRA, COUNSEL FOR 1ST, 2ND AND 3RD
DEFENDANTS<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">

<p class="MsoNormal" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:
justify;line-height:115%;tab-stops:298.8pt;border:none;mso-border-bottom-alt:
solid windowtext 1.5pt;padding:0cm;mso-padding-alt:0cm 0cm 1.0pt 0cm">K. ADJEI-LARTEY, ESQ., OF ALAD LAW
CONSULT, H/NO. 496, OFFIN LANE, ASYLUM DOWN, ACCRA, COUNSEL FOR 4TH
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 is a body corporate incorporated under the laws of the Republic of
Ghana and engaged in the business of banking. The 1st Defendant is a
limited liability company registered under the laws of Ghana, carrying on the
business of trading and import and export of general goods. The 2nd
and 3rd Defendants are managing director and director, respectively,
of the 1st Defendant Company whiles the 4th Defendant is
the mortgagor who secured the repayment of the loan facility granted to the 1st
Defendant by plaintiff with his landed property. <o:p></o:p>I have
reviewed the record of proceedings and the evidence adduced in this case
extensively.&nbsp; Plaintiff’s case consisted
of the testimony of its Representative, Mr. Julian Lartey and the documentary
evidence he submitted in support of the claim of the Plaintiff, marked in the
record as Exhibits “A” through “H”.&nbsp;
On the other hand, the 1st, 2nd and 3rd
Defendants’ case consisted of the testimony on oath of the 2nd Defendant
who testified on his own behalf and on the behalf of the 1st and 2nd
Defendants and the documentary evidence he produced in support of their case,
which were marked into evidence as Exhibits
“1” through “4”. The 4th
Defendant’s case consisted of his testimony on oath and the Exhibits “1” and ”2”. <o:p></o:p>The
facts of the case as can be gleaned from the evidence of the record are that in
December, 2011 Plaintiff granted an overdraft facility in the sum of seven
hundred thousand US dollars (US$ 700,000.00) to the 1st Defendant,
at the 1st Defendant’s request, to support the 1st Defendant
in the purchase of shea nut, shea butter, teak logs, maize for export and to “bridge
operational gaps”. &nbsp;The facility was
subject to an agreed interest rate of fourteen per centum (14%) per annum and
was to be fully paid within twelve (12) months, terminating on or before 22nd
December, 2012. It was further agreed that a penal interest of six per centum
(6%) per annum was to be charged on any amount not paid when same became due
whether before or after judgment as per the offer letter marked as Exhibit “A”.<o:p></o:p>The
facility was secured by a Deed of Joint and Several Guarantee executed by the 2nd
and 3rd Defendants (see Exhibit
“D”) and a further security in the form of a deed of mortgage with Land
certificate No. GA 36967 (see Exhibit
“E”) executed over landed property by the 4th Defendant, all in
favour of the Plaintiff. <o:p></o:p>Plaintiff
avers that 1st Defendant failed to fully repay the facility within
the agreed time.&nbsp; For this reason, the Plaintiff
granted 1st Defendant an extension of the repayment period at its request
with the new expiry date being 28th May, 2013 as evidenced by Exhibit “C”.<o:p></o:p></</main>