Court directs Bond Savings and Loans to pay GHS 300,000 debt owed client

Court directs Bond Savings and Loans to pay GHS 300,000 debt owed client

High Court Judge Justice William Boampong, has ordered Bond Savings and Loans Company Limited, to pay their client, Solomon Ayensu, a total of GHS 307,356 owed him and has also awarded a cost of GHS 35,000.00 against the company.

Mr Solomon Ayensu, through his lawyer Nii Kpakpo Samoa Addo, in June 2023, filed an application before the court seeking an order to compel the company to pay him GHS 307,356 owed him.

The suit follows a demand letter Solomon Ayensu wrote to the company addressed to the managing director of Bond Savings and Loans Limited and dated 19 June 2023, demanding the payment of what is due him which did not receive any attention from the company.

In his suit filed on 26 June 2023, Solomon Ayensu prayed to the court for six (6) reliefs. First, a declaration that Defendant (Bond Saving and Loan Company), breached the contract entered into between Defendant and Plaintiff (Solomon Ayensu) by unlawfully and illegally denying Plaintiff access to funds lodged in his investment account when the maturity date of Plaintiff’s investment with the Defendant had long lapsed.

Second, an order directed at the defendant to pay to Plaintiff GHS 307.356 being the amount due and payable to Plaintiff on his investment with the Defendant Company.

Third, interest on the said GHS 307,356 from 31 January 2023 until the date of final payment.

Fourth, damages against the Defendant for breach of contract. Fifth, cost including legal fees at 25% of the total amount claimed, and lastly, any other order(s) the court may deem fit.

Bond Savings and Loans Company Limited is a non-bank financial institution licensed in 2007 under NBFI law PNDC Law 328 to provide financial services.

The company commenced operations as a finance house in 2008 and acquired a savings and loans license in its fifth year of operation.