Thursday, October 29, 2020

MFH Group sues Eco Bank claiming for over 4 million dalasis

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The MFH Group Limited has sued Eco Bank (Gambia) Limited claiming for over four and a half million dalasis for breach of contract among other claims.

According to the particulars of claim, the MFH Group is a registered company and is engaged in the business of acting as a distributor for a number of international consumer product companies. The Group has a current account with the Eco Bank. It is claiming for D 4,537,850 (four million five hundred and thirty-seven eight hundred and fifty dalsis) from the Bank.

The Group, in the claim, stated that in July 2018 while they were reconciling their account, they discovered that the Bank was not crediting their savings into their account despite the said money was handed to the bank tellers as per the normal practice. According to the claim, the Group conducted its own internal due diligence and discovered signed and stamped slips issued by the Eco Bank indicating that the bank was in receipt of the said sum of money. The Group, in the claim, said the money did not reflect in their account statement. The deposit slips issued to them by the Eco Bank teller bearing the bank’s stamp was pleaded by the Group.

The MFH Group said they have notified the Eco Bank about the uncredited sums and they have made several demands through correspondence and meetings with the Bank for the money to be credited, but the bank refused and failed to credit the money into their account.

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The Group is also claiming for interest at the rate of 18% per annum pursuant to Section 7 of the Law of England Application Act on the sum of D 4,537,850 as well as damages for the breach of contract.

The contractual agreement, according to the claim, is that Eco Bank will assign and authorise one of its tellers to routinely collect cash from the business locations of MFH Group. Also, the assigned and authorised teller shall, upon validation of each amount to be deposited by the MFH Group, issue a deposit slip bearing the teller’s signature and the Eco Bank’s stamp as proof of cash collected. Additionally, the bank shall credit any amount receipt from the MFH Group into their current account or any other account held by the Group at the Eco Bank upon receipt of the deposited fund.

According to the claim, on the 26th February 2019, Monica Gomez, the assigned and authorised employee of the Eco Bank, for the cash collection from the business locations of the MFH Group was charged with theft. The Group pleaded the true certified charge sheet to support their case.

“The Defendant’s failure and its continued resistance to perform its contractual obligation according to the claim is unacceptable,” stated the claims.

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