ACCESS BANK (GHANA) LTD. VS PNP IMPEX LTD. & ORS
2024
HIGH COURT
GHANA
CORAM
- HER LADYSHIP JUSTICE SHEILA MINTA
Areas of Law
- Banking and Finance Law
- Contract Law
- Civil Procedure
2024
HIGH COURT
GHANA
CORAM
AI Generated Summary
The Plaintiff sued the Defendants for the recovery of an outstanding debt from a loan advanced for teak concession operations. The Defendants claimed the debt was settled through payments from third parties under tripartite agreements. The Court found that the Defendants failed to prove the debt had been fully paid and held the 1st Defendant liable for GHS1,461,549.14 plus interest, while dismissing claims against the 2nd and 3rd Defendants.
INTRODUCTION
The Plaintiff a financial institution engaged in the business of banking advanced some GHS1, 840, 000. 00 to the 1st Defendant for the operation of its teak concessions for export sometime in June 2007. The 2nd and 3rd Defendants are Directors of the 1st Defendant Company.
When the Defendants were having some challenges with 1st Defendants operations and upon their request, the Plaintiff restructured the said loan of GHS1, 840, 000. 00 and some GHS596, 175. 50 was waived and the remaining balance of GHS1, 758, 104. 73 remained outstanding from 2012 to be liquidated within twenty- four (24)months.
Per the Plaintiff’s amended Statement of Claim it sought the following reliefs from the Defendants: -a) An order for the recovery of the sum of GHS1, 461, 549. 14 from the Defendants, being their indebtedness to the Plaintiff as at November, 2015. b) Interest on the said amount at the Plaintiff’s lending rate from November, 2015 till date of final payment.
c) Costs, including Solicitors fee.
d) Any further order(s) that this Honourable Court may deem fit.
OR IN THE ALTERNATIVE a) An order for the assignment of all the rights to enter and harvest the Bimbila and Kaba River Teak Concession to the Plaintiff.
b) An order for the assignment and domiciliation of receivables from the teak exports.
c) An order for the enforcement of the Joint and Several Guarantee executed by the directors of the 1st Defendant.
d) Any further order(s) that this Honourable Court would deem fit.
THE PLAINTIFF’S CASE The Plaintiff averred that the 1st Defendant won a bid for the harvest and exportation of some 13, 250, 772 cubic meters of teak trees at Bimbilla and the Kabo River and approached Plaintiff for a loan for the execution of the said contract.
According to the Plaintiff it subsequently advanced to the Defendants a loan of GHS1, 840, 000. 00. The Plaintiff stated that upon the receipt of complaints of operational challenges from the Defendants and at the request of the Defendants it waived a total of GHS596, 175. 50 in interest and restructured the remaining GHS1, 758, 104. 73 to be paid off within a period of twenty-four(24) months from May 2012. The Plaintiff tendered Exhibit “A” (the restructured loan agreement between the parties). It further averred that the Defendants as at November 2015 failed to liquidate the debt and 1st Defendant’s loan account at that period stood at GHS1, 461, 549. 14 and tendered in proof thereof Exhibit “B being a copy of the 1