BANK OF AFRICA vs KENSAL MARKETING LIMITED & ORS

The Plaintiff mounted this action per a Writ of Summons and Statement of Claim on the 4th of April, 2017 in the Registry of this Court claiming against the Defendants the following:

The sum of GH¢ 325,995.39 cedi representing the principal sum, interest and penal charges being outstanding and owed the Plaintiff Bank by the Defendants arising out of the facility granted the Defendants by the Plaintiff Bank.

Interest on the aforesaid sum above at the prevailing Bank rate from the date of filing of this writ until final payment of same.

Cost of this suit inclusive of legal cost.

Any further Order or Orders as this Honourable Court may deem fit.

Case of Plaintiff

The Plaintiff formerly called Amalgamated Bank Limited is a banking institution in Ghana and the 1st Defendant Company is managed by the 2nd Defendant, who is also a Director of the 1st Defendant Company. The 3rd Defendant is also a Director of the 1st Defendant Company as a Guarantor of the 1st Defendant Company in conjunction with the 2nd Defendant in their dealings with the Plaintiff bank at all times material in this instant suit.

Plaintiff avers that the 1st Defendant was a customer of the Plaintiff bank and was at all times represented by the 2nd and 3rd Defendants in all dealings with the Plaintiff bank at all material times leading to this instant suit.

The Plaintiff avers that at the request of the 1st Defendant on or about the 6th day of August, 2010, the Plaintiff granted the 1st Defendant a credit facility in the sum of Fifty Thousand Ghana Cedis (GHC50,000.00) to enable the 1st Defendant augment its working capital. That by the terms of the offer made available to the Defendants and which they consented to; the facility was to be paid off within a period of 6 months attracting an interest rate of 33.95% among others plus a penal interest of 6% monthly in the event of a default.

It is the case of the Plaintiff that as part of the terms of the agreement it requested for; and the Defendants made available to the Plaintiff a Written Resolution from the 1st Defendant Company accepting the aforesaid facility of GHC50,000.00 being made available to them by the Plaintiff Bank.

Furthermore, the 2nd and 3rd Defendants executed a Joint and Several Guarantee; the repayment of the aforesaid facility upon written demand all monies and or sums that may become due arising out of the aforesaid GHC50,000.00 being made available to the 1st Defendant company by the Plaintiff Bank. Plaintiff avers p