GHANA REVENUE AUTHORITY V. SIC INSURANCE COMPANY LIMITED

JUDGMENT

SOWAH, J.A.

BACKGROUND FACTS

This is an appeal from the judgment of the High Court (Commercial Division) Accra dated 16^th June 2016.

The plaintiffs’ writ of summons sought the following reliefs from the defendant:

i. Payment of the bond security of Gh¢5,000,000.00

ii. Interest on (i) above at the prevailing commercial bank rate from the date of notice until date of final payment

iii. Costs

The basis of the claim was a Warehouse Bond issued by the defendant company guaranteeing payment of all revenue lost arising from non-payment of customs and excise duties on goods warehoused under bond by Novel Commodities Ghana Ltd. The Bond security was for GH¢5 million and was for the period 10^th April 2013 to 9^th April 2014.

In a statement of defence, the defendant though admitting the facts pertaining to the issuance of the Bond and her obligations thereunder denied that there was any justification for the formal demand on her for the bond security. She called for strict proof of the purported …