BSIC GHANA LTD VS APPLE HEALTH LIFE EXPERTS LTD. & ORS

The Plaintiff took out a Writ of Summons against the Defendants claiming as follows: A. The repayment of Nine Hundred and Fifty-Six Thousand, One Hundred and Twenty-Eight Ghana Cedis Seventy-Eight Pesewas (GHc956, 128. 78) being the amount outstanding at 30th April 2014 on the loan advanced to the 1st Defendant.

B. Interest on the said sum at the agreed rates from 1st May 2014 to date of actual and final payment.

C. Costs, including legal cost being 10% of the amount claimed.

Plaintiff further claims against the 3rd Defendant the following: D. Judicial sale of the mortgaged property with Registration Number 019/Z6622/1 located at Adjiringano belonging to Matic Enterprise used as Security for the loan facility.

PLAINTIFF’S CASE The Plaintiff is a bank incorporated and operating under the laws of this country.

The 1st Defendant, a company incorporated under the laws of Ghana is its client with the 2nd Defendant as 1st Defendant’s Managing Director and the alter ego of the 1st Defendant who personally guaranteed a loan facility taken by the 1st Defendant Company.

Whilst the 3rd Defendant as the Proprietress of Matic Enterprise executed a Mortgage of Property with Registration Number 019/Z6622/1 located at Adjiringano as Security for the facility 1st Defendant took.

Plaintiff contends that by various offer letters dated 23rd April, 2010, and 14th June, 2010 it granted overdraft and credit facilities in the amount Three Hundred and Forty Thousand Ghana Cedis(GH¢340, 000. 00) to the 1st Defendant Company.

It accepted these offers on 27th April, 2010 and 15th June, 2010 respectively.

The said facilities attracted interest of 34. 5%, a default charge of 2% flat on the facility amount outstanding upon expiry and a penal rate of 12% above the Bank’s lending interest rate on drawings in excess of the approved facility and on balances outstanding upon expiry.

Upon the request of the 1st Defendant, Plaintiff established Letters of Credit on its behalf valued at One Hundred and Seventy-Two Thousand, Seven Hundred and Eighty-Nine US Dollars (US$172, 789. 00) and One Hundred and Thirteen Thousand, One Hundred and Forty-Four Euros (€113, 144. 00). It is the Plaintiff’s case that the 1st Defendant failed to liquidate its indebtedness to it and when same was due and requested for a rescheduling of payment which the Plaintiff agreed to.

This was by an offer letter dated 23rd August, 2012 and same was accepted by the 1st Defendant on 14th September, 2012. By virtue