DALEX FINANCE & LEASING CO. LTD VS EBENEZER DANZEL AMANOR & ORS
2016
HIGH COURT
GHANA
CORAM
- HIS LORDSHIP GEORGE K. KOOMSON (J).
Areas of Law
- Banking and Finance Law
- Corporate Law
- Contract Law
- Evidence Law
2016
HIGH COURT
GHANA
CORAM
AI Generated Summary
On July 18, 2016, judgment was rendered favoring the plaintiff against the 1st and 2nd defendants, holding them liable for loans totaling GHS 8,140,418.30, while dismissing the claims against the 3rd defendant. The case involved fraudulent guarantees allegedly made by an official of the 3rd defendant, making the security unenforceable due to non-registration. The court ultimately held the 1st and 2nd defendants liable for the debt and pierced the corporate veil, holding the 1st defendant personally liable due to fraudulent conduct. The counterclaims of the 1st and 2nd defendants were dismissed.
On the 18th of July, 2016, I entered judgment for the plaintiff against the 1st and 2nd defendants and dismissed the plaintiff’s claim against the 3rd defendant. I also dismissed the counterclaim of the 1st and 2nd defendants. I reserved my reasons to today, which I now proceed to give.
By its writ of summons filed on the 13th of March, 2014, the plaintiff asked for the following reliefs:
A. A declaration that the 1st, 2nd, and 3rd defendants are jointly and severally liable to the plaintiff for:
i) The sum of GHS 3,152,226.20 (Three Million One Hundred and Fifty-Two Thousand Two Hundred and Twenty-Six Ghana Cedi Twenty Pesewas) being loan granted to the 1st and 2nd defendants together with accrued interest on the 17th day of February, 2013.
ii) The sum of GHS 221,229.22 being loan granted to the 2nd defendant together with accrued interest as of the 13th day of February, 2013, all totaling the sum of GHS 8,140,418.30.
B. Interest on the said sum of GHS 3,152,226.20 at a compound interest of 4.7% per month from the 18th of February, 2013, till the date of final payment.
C. Interest on the sum of GHS 4,766,926.88 at a compound interest of 4.0% per month from the 18th day of February, 2013, till the date of final payment.
D. Interest on the sum of GHS 221,229.22 at a compound interest of 4.0% per month from the 14th of February, 2013, till the date of final payment.
E. Costs inclusive of legal fees.
The 1st and 2nd defendants had also, in a counterclaim, asked for:
a. A declaration that the total indebtedness and the computation of the interest on the credit facilities granted to the 2nd defendant are inaccurate and that the plaintiff is not entitled to the GHS 8,140,418.30.
b. A declaration that the interest on the credit facilities granted to the 2nd defendant is punitive penalty rates in events of default that have ultimately rendered the facilities altogether harsh, inequitable, unconscionable, and offensive, and that a fair and equitable commercial interest rate be used instead of the said penalty rates.
c. An order for accounts to be gone into.
d. General damages for professional negligence on the part of the plaintiff.
e. Costs.
f. Any further or other relief.
The case of the plaintiff is that on or about the 1st of May, 2012, it was approached by the first defendant, who informed it that the 2nd defendant had executed the contract for the supply of telecommunication materials to the 3rd defendant. The total cost of the items supplied