STANBIC BANK GHANA LTD. vs G. S. PLANT POOL & ORS

WHEREAS:

A. By a Writ of Summons and a Statement of Claim filed at the Registry of this Court on 10th June, 2022, Plaintiff claimed against Defendants jointly and severally the following reliefs:

a. An order for recovery of the total sum of Six Million, Eight Hundred and Fifty-Three Thousand, three Hundred and Sixteen Ghana Cedis, Seventy-Eight Pesewas (GH¢6,852,316.78) being balance due and owing as at 31st March, 2022 on the account of finance lease facilitates extended to 1st and 4th Defendants from 2011 to 2014, repayment of which Defendants have failed, refused or neglected to settle despite several demand notices and compromised agreements.

b. Interest on the sum of Six Million, Eight Hundred and Fifty-Three Thousand, three Hundred and Sixteen Ghana Cedis, Seventy-Eight Pesewas (GH¢6,852,316.78) from 31st March 2022 up to and inclusive of date of final payment.

c. Costs including Lawyer’s fees.

2. The Plaintiff has agreed to a compromised figure of Five Million, One Hundred and Fifteen Thousand Ghana Cedis (GH¢5,115,000.00) with the Defendants to settle this matter as follows:

Quarterly Installment Amount GH¢

i. February – March, 2023 - 300,000.00

ii. April – June, 2023 - 500,000.00

iii. July – September, 2023 - 500,000.00

iv. October – December, 2023 - 500,000.00

v. January – March, 2024 - 500,000.00

vi. April – June, 2024 - 500,000.00

vii. July – September, 2024 - 500,000.00

viii. October – December, 2024 - 550,000.00

ix. January – March, 2025 - 600,000.00

x. April – June, 2025 - 665,000.00

TOTAL - 5,115,000.00

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3. In the event of Defendants’ failure to make installment payments on any due date stated herein, interest at the agreed reate of 29% p.a. shall become due and immediately payable on the original recoverable sum of Five Million, One Hundred and Fifteen Thousand Ghana Cedis (GH¢5,115,000.00) less payments made whereupon the Plaintiff shall be entitled to levy execution for the recovery of the sum remaining with interest until the date of final payment.

4. The Terms of Settlement shall be entered as Consent Judgment.

DATED IN ACCRA, THIS 7TH DAY OF FEBRUARY, 2023.

(SGD) (SGD)

___________________________ ___________________________

PLAINTIFF ACTING 2ND DEFENDANT

THROUGH HEAD OF LEGAL FOR HIMSELF AND ALL DEFENDANTS

(SGD) (SGD)

___________________________ ___________________________

WITNESS FOR PLA