KWABENA AMPONSAH vs IDEAL FINANCE LIMITED

On the 29th August, 2018, the Plaintiff issued a Writ of Summons against the Defendant for the immediate payment of the sum of GH¢1, 840, 177. 71 with interest at 30% or calculated on pro rata basis from 28th July, 2018 to date of final payment.

The Defendant entered an appearance and filed a defence on the 18th October, 2018. After pre-trial settlement has broken down, the matter was referred to this Court for trial.

On the 18th April, 2019, the Court ordered parties to file their witness statements and checklists for case management to be conducted.

The Defendant was represented by its lawyer Mr. Archie Danso.

The Defendant however failed or neglected to comply with the case management orders.

On the 3rd June, 2019 in compliance with Order 32 rule 7A (3) (b) of C. I. 47 as amended.

The Court struck out the Defence of the Defendant for non-compliance with the order made by the Court on the 18th April, 2019. The Defendant was accordingly served with hearing notice for the Plaintiff to prove his claim on the 2nd July, 2019. Despite being served with hearing notice the Defendant failed to attend Court to contest the trial.

The case of the Plaintiff is that the Plaintiff is an account holder Number 00103748 with the Defendant.

Plaintiff made a fixed deposit investment with Defendant for 182 days valued the sum of GH¢1, 600, 726. 56. The parties agreed to an interest at the rate of 30%per annum and the interest payable on the sum invested was GH¢239, 451. 15. It is the case of Plaintiff that the investment matured on the 27th July, 2018 with the total investment reading GH¢1, 840, 177. 71. The Plaintiff stated that he was issued with an investment certificate No. FDC IFL/FD/430101/8, dated 29th January, 2018. On the 18th July, 2018, the Plaintiff notified the Defendant of his intention to withdraw the investment per an email at 4: 50 p. m. upon the maturity of the investment.

It is further the case of the Plaintiff that, the Defendant issued a cheque No. 013547 for the sum of GH¢600, 000. 00 drawn on Guaranty Trust Bank to the Plaintiff as partial payment.

The said cheque was dishonoured upon presentation by the Plaintiff due to insufficient funds.

This fact was brought to the attention of the Defendant but after series of meetings, the Defendant could not pay the accrued investment of the Plaintiff.

The Plaintiff therefore brought this action.

The only issue which I have to resolve in this matter is as to whether or not the Plaintiff is entitled