THE ROYAL LIMITED V. UNITED STEEL AND TRADING CO. LTD AND 2 OTHERS

BAFFOUR, J.

Plaintiff claims the following reliefs endorsed on its writ issued against the defendant:

a. Recovery of the sum of Thirty-Four Million, Three Hundred and Seventy-One Thousand, One Hundred and Eighty –Nine Ghana Cedis and Twenty-Nine Pesewas Gh¢34,371,189.29

b. Recovery of interest on the said sum, at the contractual default compound interest rate of 42.5% per annum accruing from day to day and compounded monthly till date of final payment

c. Cost including legal fees on a full indemnity basis

d. Such further order(s) as the court may deem fit.

The factual basis for the claim of the Plaintiff can be summarized as follows: That Defendant by a board resolution resolved to request banking credit facility from the Plaintiff Bank. And by a deferred letter of credit Plaintiff granted an amount of USD$7,330,000.00 to the 1^st Defendant institution for which 2^nd and 3^rd Defendants being directors of the 1^st Defendant gave personal guarantees among other securities for the due repayment o…