Dissatisfied with the judgment delivered by the Court of Appeal on 25th March, 2021 in the matter between Lunar Trading Limited (Appellant) and Guaranty Trust Bank (Respondent), the former has sought leave from the court to appeal the judgment in the Supreme Court.
The matter relates to recovery of monies due under two duly registered tripartite legal mortgages and enforcement of the said mortgages dated 8th August and 29th April 2016 in respect of two properties. These mortgages were held by the Respondent for banking facilities granted to the Appellant.
GTB (SL) Limited has proceeded to sell both properties. One of the properties along Spur Road in Freetown was sold to Tima Fishing And Trading Enterprise for the sum of Le5,500,000.000 (Five Billion five hundred million Leones). The other property at Off Spur Road, Wilberforce was sold for Le8,000,000.000 (Eight Billion Leones).
The total amount used as bank guarantee was Le10Billion. In June 2017, the Appellant paid to GTB (SL) Ltd the sum of Le3 Billion leaving a balance of Le7 Billion.
The Chief Justice, Babatunde Edwards is expected to assign the appeal made by Lunar Trading Ltd against GTB (SL) Limited for hearing. The Supreme Court hearing is expected any time from now.
The trial continues.
