CAL BANK GH LTD vs DARK IKES COMPANY LTD. & ORS

The Plaintiff claims as per a Writ of Summons and Statement of Claim issued out of the Registry of this Court on the 19th Day of June 2019, the following claims:

Recovery of an amount of GHC 4,387,987.23.

Interest on the above amount at the agreed interest rate of 33.5% per annum plus interest from 11th February 2019 till date of final payment.

Damages for breach of contract

An order for judicial sale of following Mortgage Properties

Mortgage of property lying and situate at Kwasi Nyarko near Nsawam in the Eastern region

Mortgatge of property lying and situate at Ashongman, Accra

Mortgage of property lying and situate at Kwafokurom, Akuapim surety mortgage of property lying and situate being parcel no. 21, Block 1, Section 037, Baatsonaa, Accra

Cost including legal cost.

Case of the Plaintiff

The Plaintiff is a bank incorporated under the laws of Ghana and carrying on the business of banking in the country. The 1st Defendant is a company incorporated under the laws of Ghana and a customer of the Plaintiff and the 2nd, 3rd and 4th Defendants are its Directors. The Plaintiff avers that in August 2015 per a Facility Agreement, it granted the 1st Defendant an Overdraft Facility of GHC150,000.00 which expired on 23rd September 2017 at the applicable interest rate of 31.50% per annum plus penal interest of 10% upon default. The Plaintiff avers that on or about August 2015 per a Facility Agreement, it granted the 1st Defendant a Medium Term Loan of GHC600,000.00 which expired on 30th September 2018 at the applicable interest rate of 31.50% per annum plus penal interest of 10% upon default. The Plaintiff avers that in or about August 2015 per a Facility Agreement, it granted the 1st Defendant a Bank Guarantee of GHC400,000.00 which expired on 27th September 2016 at the applicable interest rate of 31.50% per annum plus penal interest of 10% upon default. The Plaintiff avers that in or about 20th June 2016 per a Facility Agreement, it granted the 1st Defendant a Temporary Overdraft of GHC350,000.00 which expired on 16th September 2016 at the applicable interest rate of 33.5% per annum plus penal interest of 10% upon default. The Plaintiff avers further that, the above facilities were supported by a Joint and Several Guarantee of the Directors being the 2nd, 3rd, and 4th Defendants and also an Assignment of contract proceeds due to the 1st Defendant. The Plaintiff avers the 2nd Defendant as the Managing Director on behalf of the 1st Defendant gave an Undert