JUDGEMENT
“Cash in savings accounts, short term CDs or money market deposits – is great for an emergency fund...” Suze Orman. Is this applicable to the Plaintiff herein who alleges that he has been deprived of his short term investment? An answer will be provided as the case unfolds.
The Plaintiff’s case is simple. He invested an amount of GHS¢20,000.00 in the Defendant Financial Institution for a period of three months with a fixed interest of GH¢2,100.00. Upon maturity; he withdrew his interest and reinvested the principal of GH¢20,000.00 on the same terms. This time round, the Defendant failed to pay the principal and accrued interest on the due date in spite of several promises to do so.
The Defendant put up its usual “customized” statement of defence to the effect that the Plaintiff has never been its customer and the Company is not indebted to him in any way. The Defendant also denied having any dealings whatsoever with the Plaintiff.
These are the issues to be determined by the cou…