FRANSTEL LIMITED V. MERCHANT BANK LIMITED

JUDGMENT

The Plaintiff Company commenced the instant action against the Defendant Bank on 03/10/06. By its amended writ of summons and statement of claim filed on 31/10/13, the Plaintiff claimed five reliefs, namely:

a. An order for recovery of cash the sum of four hundred and fifty million cedis ( ¢450,000,000.00) being monies the defendant demanded from the Plaintiff as a deposit for the opening of Letters of Credit for the Plaintiff for importation of sugar.

b. Interest on all monies payable to the Plaintiff at the prevailing bank rate from 1^st December, 2004 to date of final payment.

c. Damages for breach of contract

d. Cash the sum of GH¢916, 976.02 being anticipated profit lost by the Plaintiff as a result of the defendant's breach of the contract to open Letters of Credit for the Plaintiff.

e. Cash the sum of $90,000.00 representing 3% of the contract sum of $3,000,000.00 the Plaintiff forfeited to Zar Limited as a result of the abrogation of that contract, which abrogation was occas…