ECOBANK GHANA LIMITED vs WIENNEX COMPANY LIMITED & ORS
December 16, 2022
HIGH COURT
GHANA
CORAM
- HER LADYSHIP JUSTICE AFI AGBANU KUDOMOR (MRS.)
Areas of Law
- Civil Procedure
- Banking and Finance Law
- Contract Law
December 16, 2022
HIGH COURT
GHANA
CORAM
AI Generated Summary
An applicant bank sought summary judgment against the respondents for GH¢4,100,340.78, interest at 34% per annum from 7 July 2021, and costs, arising from a GH¢10,000,000.00 loan facility granted to the first respondent on 14 May 2014. As security, the first respondent assigned a G-Note investment and receivables from Unilever Ghana Limited, which the applicant applied in April 2020, including GH¢1,156,114.00 and GH¢3,005,200.35 received from Unilever. The applicant’s statement of account showed an outstanding debit balance, and it asserted that all payments were captured, rendering a plenary trial unnecessary. Although the respondents filed no affidavit in opposition, their defence contended that further payments through Unilever and a mistakenly paid GH¢708,816.38 had been applied, that they could not confirm the outstanding balance, and that, after the facility expired, the parties agreed to waive interest pending a GRA audit. Applying Order 14 of C.I. 47 and Supreme Court authority, the High Court held that triable issues existed—especially regarding the applicable post‑expiry interest—and dismissed the motion.
MOTION ON NOTICE FOR SUMMARY JUDGMENT
Plaintiff Applicant claims against Defendant Respondents the following reliefs:
1. Recovery of the sum of Four Million, One Hundred Thousand, Three Hundred and Forty Ghana Cedis, Seventy-Eight Pesewas (GH¢4,100,340.78) against the Defendants jointly and severally.
2. Interest on the sum of Four Million, One Hundred Thousand, Three Hundred and Forty Ghana Cedis, Seventy-Eight Pesewas (GH¢4,100,340.78) at the rate of 34% per annum from 7th July 2021 till date of final payment against the Defendants jointly and severally.
3. Costs.
According the Applicant, on 14th May 2014 it granted a loan facility of Ten Million Ghana Cedis (GH¢10,000,000.00) to 1st Respondent as per Exhibit A.
That as security for the repayment of the facility, 1st Respondent assigned its G-Note investment of GHC1 million as well as receivables from Unilever Ghana Limited to Applicant.
That on 6th April, 2020, Applicant acting on the said agreement applied the G- Note with a value of One Million, One Hundred and Fifty-Six Thousand, One Hundred and Fourteen Thousand Ghana Cedis (GH¢1,156,114.00) to reduce the outstanding indebtedness on the loan.
That on 30th April 2020, Applicant received an amount of Three Million, Five Thousand, Two Hundred Ghana Cedis Thirty-Five Pesewas (GH¢3,005,200.35) from Unilever on behalf of 1st Respondent which was applied to further reduce the said indebtedness.
Applicant alleges that after applying the receivables from Unilever, Respondents had a debit balance of Four Million, Fifty-Two Thousand, Six Hundred and Twenty-Nine Ghana Cedis (GH¢4,052,629.00 which had increased to Four Million, One Hundred Thousand, Three Hundred and Forty Ghana Cedis, Seventy-Eight Pesewas (GH¢4,100,340.78) as at 7th July 2021 which is indicated on Exhibit B, the statement of account.
That although Respondents admit taking the loan facility, they contend that 1st Respondent has made various payments through Unilever into 1st Respondent’s account with Applicant Bank.
That on 5th August 2020, Applicant used an amount of Seven Hundred and Eight Thousand, Eight Hundred and Sixteen Ghana Cedis, Thirty-Eight Pesewas (GH¢708,816.38) that had been mistakenly paid into 1st Respondent account to defray part of the outstanding debt.
Applicant alleges that all payments made by Respondents have been captured in Exhibit B; which clearly indicates the outstanding balance owed by Respondents; and so there is no need to go through plenary trial t