STANDARD CHARTERED BANK GHANA LIMITED V. KANBENS LIMITED & 2 OTHERS

JUDGMENT

This is a debt recovery action in which the Plaintiff bank claimed an amount of GH¢333, 502.24 from the Defendants being the outstanding balance of three credit facilities extended to the 1^st Defendant and interest thereon.

The 1^st Defendant admitted owing an amount of GH¢183, 647.000 in its statement of defence filed on 13/04/2010. Subsequently, the Plaintiff obtained judgment on admission against the Defendants on 24/01/2011 for the sum so admitted.

The Plaintiff’s case was that it granted various facilities totaling GH¢ 291, 647 to the 1^st Defendant at its request. The initial agreed rate of interest was 22.49% per annum. These facilities were to enable the 1^st Defendant finance the purchase of machinery for its business from IKON Ltd and purchase a motor vehicle. The 2^nd Defendant secured the facilities with a legal mortgage over a residential property numbered Plot 8 Blk F Adiembra, Kumasi. In addition, the 2^nd and 3^rd Defendants provided personal guarantees for the repayme…