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High Court orders Bond Savings and Loans to pay 350K owed their client

Solomon Ayensu sued Bond Savings and Loans limited after the company failed to respond to his demand notice requesting payment of his monies

High Court presided over by Justice William  Boampong, has ordered Bond Savings and Loans Company Limited, to pay their client, Solomon Ayensu, a total of three hundred and seven thousand three hundred and fifty-six cedis and fifty pesewas (GHc 307,356.50) owed him and has also awarded cost of GHc 35,000.00 against the company.

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 three hundred and seven thousand three hundred and fifty-six cedis and fifty pesewas (GHc 307,356.50) 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.

Reliefs sought

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 three hundred and seven thousand three hundred and fifty six cedis and fifty pesewas (GHc 307.356.50) being the amount due and payable to Plaintiff on his investment with the Defendant Company.

Third, interest on the said three hundred and seven thousand three hundred and fifty-six cedis and fifty pesewas (GHS 307,356.50) 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.

By Court

Justice William Boampong in his 23 November 2023 ruling stated that “the case of the Plaintiff (Solomon Ayensu) is that, somewhere in 2022 the Applicant (Solomon Ayensu) opened an investment account with the Defendant/Respondent company.

“As of 31 January 2023, the amount due the Applicant from his investment with the Respondent company was GHc 307,356.50 per. The Applicant has also made several attempts to assess the funds standing to his credit in his investment account but all his attempts had proved futile.

“The Applicant has also made several demands on the Respondent to release the funds rightly due him but all his demands have been met with excuses. The Applicant is therefore of the view that the Defendant has no defence in this suit and prays for a Summary Judgment” the ruling of the court read.

“From the records, the Defendant/Respondent had been served with the present application and the Affidavit in Support of same but the Defendant had not reacted to same. Defendant is therefore deemed to have admitted all the facts as contained in the affidavit in support of this application.

“I accordingly enter summary judgment in favour of the Plaintiff/Applicant against Defendant/Respondent on all the reliefs as endorsed on the plaintiff’s Writ of Summons. Cost of GHc 35,000.00 [is awarded] against the Defendant/Respondent in favour of Plaintiff/Applicant” Justice William Boampong further ruled.

The Company

Bond Savings and Loans Company Limited according to its website, (www.bond.com.gh), 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.

From humble beginnings, Bond has confidently navigated through the turbulent courses of the financial services industry with distinction. Bond is now a household name and takes pride in its wide portfolio of loyal customers who have not just passed through its corridors but customers who have been with the company since inception in fulfillment of the proposition to support and be with them every step of the way.

As a savings and loans company licensed and supervised by the Bank of Ghana, it is an establishment authorized to mobilize deposits and provide financial support like any other bank. Bond specializes in and delivers an array of financing solutions that best serve the exact needs of the client.

Products and services at Bond are structured to enable customers to enjoy the benefits of one-stop financing solutions. These financing solutions are anchored on the strongest ethical and professional standards in the industry to build and maintain mutual trust, integrity, honesty, and fairness, among other core bonding values.

Reporting by Wilberforce Asare in Accra
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