GH - SECOROC GHANA LIMITED vs BCM GHANA LIMITED & ORS

WHEREAS:

A. On the 17th day of January 2022, Plaintiff commenced this action against Defendants herein for the following reliefs endorsed on the Amended Writ of Summons and Statement of Claim:

Against 1st Defendant:

(i) An order of recovery of US$15,847,987.22 being the amount owed by 1st Defendant to Plaintiff as at 30th December, 2020;

(ii) Interest on the amount of US$15,847,987.22 at the prevailing commercial bank rate from 30th December, 2020 till date of final payment.

Against 2nd Defendant:

(i) An order of recovery of US$545,903.54 being the amount of owed by 2nd Defendant to Plaintiff as at 30 December 2020;

(ii) Interest on the amount of US$545,903.54 at the prevailing commercial bank rate from 30th December, 2020 till date of final payment.

Against 3rd Defendant:

(i) An order of recovery of US$101,848.63 being the amount owed by 3rd Defendant to Plaintiff as at 30th December, 2020;

(ii) Interest on the amount of US$101,848.63 at the prevailing commercial bank rate from 30th December, 2020 till date of final payment.

Against 4th Defendant:

(i) An order of recovery of US$1,988,484.68 being the amount owed by 4th Defendant to Plaintiff as at 30th December, 2020;

(ii) Interest on the amount of US$1,988,484.68 at the prevailing commercial bank rate from 30th December, 2020 till date of final payment.

Against Defendants, jointly and severally:

(iii) Damages for breach of contract:

(iv) Costs including the cost of litigation and legal fees.

Or Alternatively:

Against 1st Defendant only:

(i) An order recovery of US$18,484,224.7 being the amount owed by Defendants to Plaintiff as at 30th December, 2020;

(ii) Interest on the amount of US$18,484,224.07 at the prevailing commercial bank rate from 30th December, 2020 till date of final payment;

(iii) Damages for breach of contract; and

(iv) Costs including the cost of litigation and legal fees.

B. 1st Defendant entered appearance on 7th February 2022 and filed its Statement of Defence on 28th February, 2022.

C. Parties have agreed to settle the matter amicably and have entered into the terms stated hereunder.

NOW THESE TERMS OF SETTLEMENT WITNESS AS FOLLOWS:

1. 1st Defendant assumes liability for the indebtedness of 2nd, 3rd and 4th Defendants for purposes of this suit only.

2. The indebtedness of 1st, 2nd, 3rd and 4th Defendants to Plaintiff as at 30th December, 2020 stood at US$18, 484,224.07.

3. Plaintiff acknowledges receipt of US$617,443.00 from 1st Defendant, acting for and

WHEREAS:

A. On the 17th day of January 2022, Plaintiff commenced this action against Defendants herein for the following reliefs endorsed on the Amended Writ of Summons and Statement of Claim:

Against 1st Defendant:

(i) An order of recovery of US$15,847,987.22 being the amount owed by 1st Defendant to Plaintiff as at 30th December, 2020;

(ii) Interest on the amount of US$15,847,987.22 at the prevailing commercial bank rate from 30th December, 2020 till date of final payment.

Against 2nd Defendant:

(i) An order of recovery of US$545,903.54 being the amount of owed by 2nd Defendant to Plaintiff as at 30 December 2020;

(ii) Interest on the amount of US$545,903.54 at the prevailing commercial bank rate from 30th December, 2020 till date of final payment.

Against 3rd Defendant:

(i) An order of recovery of US$101,848.63 being the amount owed by 3rd Defendant to Plaintiff as at 30th December, 2020;

(ii) Interest on the amount of US$101,848.63 at the prevailing commercial bank rate from 30th December, 2020 till date of final payment.

Against 4th Defendant:

(i) An order of recovery of US$1,988,484.68 being the amount owed by 4th Defendant to Plaintiff as at 30th December, 2020;

(ii) Interest on the amount of US$1,988,484.68 at the prevailing commercial bank rate from 30th December, 2020 till date of final payment.

Against Defendants, jointly and severally:

(iii) Damages for breach of contract:

(iv) Costs including the cost of litigation and legal fees.

Or Alternatively:

Against 1st Defendant only:

(i) An order recovery of US$18,484,224.7 being the amount owed by Defendants to Plaintiff as at 30th December, 2020;

(ii) Interest on the amount of US$18,484,224.07 at the prevailing commercial bank rate from 30th December, 2020 till date of final payment;

(iii) Damages for breach of contract; and

(iv) Costs including the cost of litigation and legal fees.

B. 1st Defendant entered appearance on 7th February 2022 and filed its Statement of Defence on 28th February, 2022.

C. Parties have agreed to settle the matter amicably and have entered into the terms stated hereunder.

NOW THESE TERMS OF SETTLEMENT WITNESS AS FOLLOWS:

1. 1st Defendant assumes liability for the indebtedness of 2nd, 3rd and 4th Defendants for purposes of this suit only.

2. The indebtedness of 1st, 2nd, 3rd and 4th Defendants to Plaintiff as at 30th December, 2020 stood at US$18, 484,224.07.

3. Plaintiff acknowledges receipt of US$617,443.00 from 1st Defendant, acting for and

SECOROC GHANA LIMITED vs BCM GHANA LIMITED & ORS

Areas of Law

JUDGMENT