Business News of Friday, 21 December 2012

Source: thebftonline

Ramona Complex ordered to pay GT-Bank

The Commercial Services Division of the Accra Fast Track High Court, presided over by Mrs. Barbara Ackah-Yensu, has ordered management of Ramona Complex to pay Guaranty Trust Bank GHC 1,152,046 plus interest calculated from January 2012 till date of final payment.

The amount represents the total debt that the company owes the Bank for facilities acquired between November 2007 and September 2008.

B&FT gathered that GT-Bank gave series of substantial credit facilities to Ramona Complex between November 2007 and September 2008 through a legal mortgage on property and a personal guarantee from the managing director of the debtor-company.

The company was to make bullet payments on both principal and interest at the end of tenure of the facility, which it failed to honour despite repeated demands from the Bank.

GT-Bank recalled the facility and further caused a unit of summons to be issued against Ramona Complex and its manager, as the first and second defendants respectively.

The Bank demanded payment of the sum of GHC 1,242,008, being the outstanding balance on the facility as at 1st June, 2010 as well as interest on the amount at the prevailing bank rate from 1st June, 2010 till final payment.

In the alternative, the Bank sought the judicial sale of the mortgage property which the company used as security for the facility.

Prior to its final judgement, the High Court had entered judgement in favour of the plaintiff and further appointed a financial expert to assist the court determine the defendant’s indebtedness.

Subsequently, the financial expert tendered his report on the accounts following which the Court on December 4, 2012 gave final judgement that the defendant was indebted to GT-Bank to the tune of the stated amount, together with interest from January 2012 till date of final payment.