UNIVERSAL MERCHANT BANK LTD. V. JF-K COMPANY LTD. & 2 ORS.

IRENE CHARITY LARBI J.A.

(1) On 19^th May, 2010 the Plaintiff in this case, Merchant Bank Ghana Limited commenced an action against the Defendants claiming for the following reliefs:-

“a) An order for the recovery of the sum of (Gh₵4,345,270.54) being balance due as at April 30, 2010 an account of credit facilities extended to the 1^st Defendant company on 15^th January, 2009 repayment of which was guaranteed by 2^nd and 3^rd Defendant but settlements of which Defendants have failed to make good several demand notices notwithstanding.

b) Interest on the said sum at the rate of 32% per annum calculated daily on the outstanding debt balances at the close of each day and applied monthly from 1^st May 2010 up and inclusive of date of final payment.

c) Costs including lawyer’s fees assessed at 10% of the aggregate sum due and payable under the facility.

(2) The parties entered into negotiations and as a result executed Terms of Settlement which was filed at the Registry of the High Court, Commercia…