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FIRST ATLANTIC BANK LIMITED V. LOGWOOD INDUSTRIES LIMITED & ANOR

(2016) JELR 63667 (HC)

High Court  •  SUIT NO.BFS/150/13  •  29 Jan 2016  •  Ghana

Coram
ANGELINA MENSAH-HOMIAH (MRS.) JUSTICE OF THE HIGH COURT

Judgement

JUDGMENT

First Atlantic Bank Limited, formerly known as First Atlantic Merchant Bank Limited, instituted the instant action against Logwood Industries Ltd and K.N. Poku, its Managing Director, claiming an amount of three hundred and thirteen thousand, ninety-six Ghana Cedis and eighty -three pesewas ( GH¢ 313, 096.83). Per the endorsement on its amended writ of summons and statement of claim filed on 18/11/2014, the Plaintiff sought to recover this amount plus interest at the bank's prevailing lending rate from 2nd February, 2013 to the date of full and final payment.

It is the Plaintiff's case that it granted an overdraft facility in the sum of Seventy thousand Ghana Cedis (GH¢70,000.00) ,previously seven hundred million Cedis (¢700,000,000.00), to the 1st Defendant by a facility letter dated 31st May, 2005. The 1st Defendant run into excesses which the Plaintiff agreed to operate as additional facilities on the same terms as the principal facility. The facility was to be repaid in May…

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