GOLDEN PETROLEUM LIMITED vs PETROL XP & ORS

WHEREAS:

1. The Plaintiff on the 10th day of December, 2021 issued out a Writ of Summons and Statement of Claim out of this Honourable Court against the Defendants claiming reliefs therein endorsed as follows:

a. A declaration that the Memorandum of Understanding (MOU) dated 2nd day of April 2019 and entered by both Parties is valid and binding on both Parties.

b. An order directed at the Defendants to discharge the tax liabilities arising from the use of Plaintiff’s trading licence to lift petroleum products which taxes the Defendants have refused to settle.

c. An order lifting the corporate veil of the 1st Defendant and treating 2nd to 7th Defendants as being the same as the 1st Defendant and being jointly and severally liable for the liabilities of the 1st Defendant.

d. An order for the recovery of the assessed sum of outstanding fees owed by the Defendants for the use of the Plaintiff’s licence to lift petroleum products from 2nd day of April, 2019 until the final determination of this suit.

e. Damages for loss of income.

f. Damages for breach of contract, deceit and fraud.

g. Cost including Lawyer’s fees assessed according to the Ghana Bar Association scales of fees.

h. Any further Orders as this Honourable Court may deem meet.

2. The Defendants on the 24th day of February, 2022 filed their Statement of Defence in response to the Plaintiff’s Statement of Claim.

3. However, the Plaintiff and the Defendants being desirous of settling this suit have agreed to amicable settlement of all matters in dispute between them.

NOW THE PLAINTIFF AND DEFENDANTS EXPRESSLY STATE AND MUTUALLY AGREE THAT THE INSTANT SUIT BE SETTLED FULLY AND FINALLY AS FOLLOWS:

a. It is hereby resolved that the Defendants pay the sum of Two Million, Five Hundred Thousand Ghana Cedis (GH¢2,500,000.00) being the principal sum of liabilities, the Defendants owed to the Plaintiff.

b. The Plaintiff has agreed to waive the interest accrued thereon.

c. Accordingly, the above-mentioned sum shall be paid within the period of Eighteen (18) months from the date of execution of these Terms of Settlement.

d. The Defendants have further agreed to make a lump sum payment of Two Hundred Thousand Ghana Cedis (GH¢200,000.00) on/or before 28th April, 2023.

e. Consequently, the balance hereto being Two Million, Three Hundred Ghana Cedis (GH¢2,300,000.00) shall be paid in equal installment in the sum of One Hundred and Twenty – Seventy Thousand, Seven Hundred and Seventy – Seven Ghana C