Standard Chartered Bank recently sued its former Loans Manager, Mr. Baboucarr Loum to Banjul Magistrates' Court before Magistrate Lamin George, for the recovery of the sum of D716, 743.22, being the monies owed by the defendant to the plaintiff. The interest on the said loan amounts to a rate of 24 percent per annum until payment further or other relief and cost.
According to the particulars of claim, the defendant was granted a building loan by the bank, which was to be secured by a mortgage over his leasehold property, situated at Brusubi Housing Estate Phase 2 Extension Plot No E. 615, at an interest rate of 7.5 percent.
The agreement was evidenced in writing by a facility letter, dated the 18 May 2006.
The term of agreement states that the defendant would provide security for the loan, make monthly payments and if he defaults on any of the facility, the whole sum would become due and payable, and he would be held responsible to pay the cost, fees and all expenses associated with recovery.
But the defendant had failed to perfect his security even though sufficient opportunities were given to him to do so. The defendant did write to Social Security and Housing Finance Corporation (SSHFC) informing them to deposit his title deeds when it was completed with the plaintiff as security but the plaintiff was subsequently informed the defendant has failed to make all necessary payments which would have enabled SSHFC to deposit same with the plaintiff.
In performance of the agreement, the plaintiff credited the defendant's account with the inititial sum of GMD 150,000.00, which the defendant fully utilised. The defendant's services was later terminated by the plaintiff after it was discovered that the defendant has abused his position as Loans Manager by making unauthorised and unlawful transactions in customers' account, including his own staff account.
He was thereafter written letters and telephoned to repay his outstanding loan, but the defendant has failed, refused or neglected to pay same and the plaintiff caused its solicitor to write to the defendant a letter, dated 3rd November 2008, demanding settlement of the said sum owed.
The plaintiff has also incurred legal costs and other expenses for recovery of the said sum, owed amounting to D36, 512.53, which according to the terms of the loan agreement the defendant committed himself to pay making the total sum outstanding D716, 743.22, and the loan facility continues to accrue interest and penalty for which the plaintiffs can only be compensated by interest on the amounts owing at the rate of 24 percent per annum until payment.
The defense counsel, Lamin Camara at this point applied for the case to be adjourned for forth night.
