EXPORT IMPORT BANK vs. HYDRAFORM EST. GHANA LTD. AND JOHN JOJO KOOMSON [2021]DLHC16476

Date	2021-02-18
Suit No.	SUIT NO. AC/91/06
Citation No.	[2021]DLHC16476

HIS LORDSHIP K. A. GYIMAH

NANIA OWUSU-ANKOMAH FOR PLAINTIFF.

FRANK DAVIES WITH PATRICK JUSTICE ENNIN FOR DEFENDANTS.

[2021]DLHC16476
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													<main id="main" class="content" style="min-height: 60rem" >EXPORT IMPORT BANK <o:p></o:p>(PLAINTIFF)<o:p></o:p>vs.<o:p></o:p>HYDRAFORM EST. GHANA LTD.
AND JOHN JOJO KOOMSON <o:p></o:p>(DEFENDANTS)<o:p></o:p>[HIGH
COURT, ACCRA]<o:p></o:p><div style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom-width: 1.5pt; border-bottom-color: windowtext; padding: 0cm 0cm 1pt;">

SUIT NO. AC/91/06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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:
18TH&nbsp;FEBRUAY 2021<o:p></o:p>

</div>COUNSEL<o:p></o:p><div style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom-width: 1.5pt; border-bottom-color: windowtext; padding: 0cm 0cm 1pt;">

</div>CORAM<o:p></o:p><div style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom-width: 1.5pt; border-bottom-color: windowtext; padding: 0cm 0cm 1pt;">

</div>&nbsp;<div style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom-width: 1.5pt; border-bottom-color: windowtext; padding: 0cm 0cm 1pt;">

JUDGMENT<o:p></o:p>

</div>&nbsp;Plaintiff’s
case<o:p></o:p>&nbsp;By a writ of summons issued on 8th
March 2006, the plaintiff claimed the following reliefs against the defendants:<o:p></o:p>&nbsp;<p class="MsoListParagraphCxSpFirst" style="margin-top:0cm;margin-right:0cm;
margin-bottom:0cm;margin-left:54.0pt;mso-add-space:auto;text-align:justify;
text-indent:-36.0pt;line-height:150%;mso-list:l12 level1 lfo9">i.<span style="font-style: normal; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Recovery of the principal sum of
US$661,440.00 or its equivalent in cedis at the current bank exchange rate.<o:p></o:p><p class="MsoListParagraphCxSpMiddle" style="margin-top:0cm;margin-right:0cm;
margin-bottom:0cm;margin-left:54.0pt;mso-add-space:auto;text-align:justify;
text-indent:-36.0pt;line-height:150%;mso-list:l12 level1 lfo9">ii.<span style="font-style: normal; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Interest on the said amount of
US$661,440.00 from December 15, 2000 to the date of final payment at the London
Inter Bank Ordinary Rate plus 3%.<o:p></o:p><p class="MsoListParagraphCxSpLast" style="margin-top:0cm;margin-right:0cm;
margin-bottom:0cm;margin-left:54.0pt;mso-add-space:auto;text-align:justify;
text-indent:-36.0pt;line-height:150%;mso-list:l12 level1 lfo9">iii.<span style="font-style: normal; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Costs and expenses incurred by the
plaintiff in connection with the enforcement of the agreement.<o:p></o:p>&nbsp;It is the plaintiff’s case that around
March 2000, the 1st defendant applied to Allfirst Bank, a bank
registered in the United States of America for a loan of US$661,440.00 to
finance the purchase of steel frame housing systems from USA Frametek Ltd.
Allfirst Bank approved the loan and this was reduced into a Letter of Credit
and Loan Agreement dated 31st March 2000. This was followed by a
Promissory Note dated 23rd October 2000 made between the plaintiff
and the 1st defendant. By the terms of the Promissory Note, the 1st
defendant was to repay the loan in four installments commencing from 15th
December 2000 and ending on 15th June 2002. The 2nd and 3rd
defendants also gave personal guarantees guaranteeing the full, prompt and
complete repayment of the loan.<o:p></o:p>&nbsp;