1.1 Plaintiff is a local banking institution. 1st defendant is a corporate entity and a customer of the bank, whilst 2nd defendant is its managing director, who plaintiff bank claims executed a Contract of Indemnity that guaranteed and secured repayment personally of a loan facility the bank granted 1st defendant, which the bank claims had fallen due and had remained unpaid.
1.2 Plaintiff commenced this suit by a writ of summons on December 14, 2016 initially against 1st defendant. On January 12, 2018, upon leave of the court, plaintiff joined 2nd defendant to the suit, culminating in the amendment of the writ for the following reliefs against defendants jointly and severally:
a Recovery of One Million Five Hundred and Forty Nine Thousand Three Hundred and Nine Cedis and Sixty-Five Pesewas. (GH¢1, 549,309.65) being unpaid balance on the loan facility granted the Defendants.
b Interest on the above sum at the rate of 33.16% per annum from 7th September, 2014 until the date o…