GT Bank sues Auto Parts Ltd for loan default

Business News of Tuesday, 10 March 2015

Source: Graphic Online

Court Law Mallat

Guaranty Trust (GT) Bank has sued Auto Parts Limited, an automobile company, at the Commercial Division of the Accra High Court for failing to service a loan facility amounting to GH¢8,868,868.09.

The bank is also praying the court to demand interest on the said amount at its current customary interest rate of 23 per cent per annum from September 15, 2012, till the period that the whole debt is fully repaid or liquidated.

At the last sitting on the case on February 25, 2015, it was disclosed that the court, presided over by Justice Janapare A. Bartels-Kodwo, had previously granted an application by the bank to amend its claim against the defendant to the sum of GH¢8,868,868.09 as the amount outstanding on the consolidated facility granted on September 14, 2012.

The Solicitor for the bank, Ben Haastrup Quornooh, that same day and before the same judge moved an application to recall its witness to the stand to examine him on the sum being claimed by the bank as well as present account statements in support of the claim.

Although the court had previously granted an application to amend the amount being claimed, the court however, declined a recall of the witness.