GH - GCB BANK PLC vs OB AGYEMAN TRANSPORT SERVICES LTD & ANOTHER

A motion on notice for preservation pursuant to Order 25 Rule 2 of C.I. 47 was filed in the Registry of this Court on the 12th of September, 2022 against the Respondents by the Applicant praying for the following reliefs:

· An order for preservation of twenty-three (23) trucks used as security for credit facilities granted the 1st Defendant/Respondent (1st Respondent) pending the final determination of this suit. The Applicant has a charge over all twenty-three (23) trucks.

· An order for the preservation of the twenty-three (23) trucks used as security for the credit facilities granted the 1st Respondent is of outmost necessity. This would prevent irreparable damage and wear and tear to the said trucks such that when Judgment is granted in favour of the Applicant, the trucks would not have undergone wear and tear and as the Respondents may not have enough assets to satisfy the Judgment of this Honourable Court.

The application has its antecedents in an action mounted by the Plaintiff against the Defendants through a Writ issued in the Registry of this Court on 25th August 2022 for the following reliefs:

1. Recovery of the sum of Six Million, Two Hundred and Eighty-Six Thousand, Four Hundred And Ninety-Two Ghana Cedis, Twenty-Seven Pesewas (GHC 6,286,492.27) as at 30th May 2022.

2. Interest on the sum of Six Million, Two Hundred and Eighty-Six Thousand, Four Hundred And Ninety-Two Ghana Cedis, Twenty-Seven Pesewas (GHC 6, 286,492.27) at the agreed interest rate of 25% per annum from 1st June, 2022 till date of final payment.

3. Default charge of 10% per annum on the sum of Six Million, Two Hundred And Eighty-Six Thousand, Four Hundred And Ninety-Two Ghana Cedis, Twenty-Seven Pesewas (GHC 6, 286,492.27) from 1st June till date of final payment; and

4. Costs.

The case of the Applicant is in an Affidavit deposed to by one Kwame Adana, Head of Recoveries of the Applicant. In Sum, the Applicant had given three (3) credit facilities to the Respondent on the 22nd of August, 2019 by way of overdraft, midterm loans 1 and 2. The1st Respondent provided as security for the repayment of the facilities certain vehicles, namely

a. A charge over ten (10) trucks financed by the Applicant valued at (GHC 1,200,000.00)

b. Charge over eight (8) trucks and trailers also financed by the Applicant and valued at GHC 3,100,000.00; and

c. Charge over five (5) additional trucks with trailers purchased by the 1st Respondent and valued at (CHC1,937,500.00).

1st Responde