K.E. POKU LTD.
V.
NATIONAL INVESTMENT BANK AND ANOTHER

(1989) JELR 65627 (HC)    
High Court  ·  13 Dec 1989 ·  Ghana
CORAM
AMPIAH J.A.
Core Terms Beta
interest
plaintiff-company
defendant-bank
accounts
half per cent
heads of agreement
exhibit d
per cent
plaintiff
contract of guarantee
exhibit b
amended statement of defence
directors of the plaintiff-company
local currency loan
plaintiff-company’s claim
plant crusher
quarterly instalments
stone quarrying machinery
bank’s normal terms
capitalisation provision of this letter
capitalised interests
clause iv
clear statement of its indebtedness
clear variation of the original agreement
conditions of the agreement
conduct of the first defendant
construction company
defendant-bank’s counterclaim
defendant-bank’s witness
earlier grant
exercise of its rights
exhibit a
foreign currency loans
instalment of the moneys
interest payments
loans recovery ordinance
loan transaction
order of injunction
order of the high court
plaintiff-company claims
said heads of agreement
sole discretion of the bank
subject matter of the heads of agreement
such declaration
total principal sum
undisputed facts of this case
various undertakings
view of the nature of accounts
view of the unsatisfactory state of the accounts
whole amount

AMPIAH J.: By the writ of summons, the plaintiff-company claims from the defendant-bank:

“(a) Damages for breach of contract based on the heads of agreement signed between the parties (the plaintiff and the defendant) and a contract of guarantee, both dated 7 October 1971.

(b) An order of the High Court reopening the loan transaction evidenced by the said heads of agreement and the contract of guarantee on the grounds that both the conduct of the first defendant and circumstances not contemplated by the parties to the agreement have substantially changed the terms and conditions of the agreement.

(c) An order of injunction restraining the defendants herein or their agents from selling stone quarrying machinery, plant crusher and accessories situate at Papase on the Nsawam road, the subject matter of the heads of agreement and contract of guarantee.

(d) Damages for libel by innuendo by means of publication of notice of auction in the Ghanaian Times of

11 July 1983.”

The defendant-bank den…

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