Court awards $14 million damages against Stanchart

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The mask 9 years ago

The economy is hitting workers hard and many have run out of ideas.

Boachsoft Finance 2012 software, developed in East Akim Municipality (Akyem-Maase and Bunso) in the Eastern Region of Ghana and in Accra/Sakumono, is help ...
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The economy is hitting workers hard and many have run out of ideas.

Boachsoft Finance 2012 software, developed in East Akim Municipality (Akyem-Maase and Bunso) in the Eastern Region of Ghana and in Accra/Sakumono, is helping many families across the globe to balance the family budget, amortize loans and save for the future.

The next version is set to be released in December 2015. Use only the 2012 version.

For more information on managing family finances read the following article:

blog.boachsoft. com
DAN 9 years ago

getting over by charging fees..Well Bnak of America was sued for $1 million dollars and the lost for calling a customer 1000 times over 2 years to collect on late mortage payment

getting over by charging fees..Well Bnak of America was sued for $1 million dollars and the lost for calling a customer 1000 times over 2 years to collect on late mortage payment
ben 9 years ago

sounds ridiculous. Corruption galore!! what sort of damages are these. Ghana for youoooo

sounds ridiculous. Corruption galore!! what sort of damages are these. Ghana for youoooo
International 9 years ago

Can someone in Ghana recommend a lawyer to me to sue this bank. My money has been held in bondage for 5 years

Can someone in Ghana recommend a lawyer to me to sue this bank. My money has been held in bondage for 5 years
Kunta Kunteh 9 years ago

The best news of 2014. Very, very glad somebody decided to call the bluff of our banks. It is a good lesson and very soon, I will be compiling a dossier on the wrong doings my bank is inflicting on me.
In fact, this judgemen ...
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The best news of 2014. Very, very glad somebody decided to call the bluff of our banks. It is a good lesson and very soon, I will be compiling a dossier on the wrong doings my bank is inflicting on me.
In fact, this judgement has made my day. KUDOS!
FOYOOSIS 9 years ago

The staff of the Ghanaian affiliate of the Standard Chartered Bank is the most incompetent i've ever come accross in my life, at least when it comes to customer serevice.

In the first place, when you try to open a foreign ...
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The staff of the Ghanaian affiliate of the Standard Chartered Bank is the most incompetent i've ever come accross in my life, at least when it comes to customer serevice.

In the first place, when you try to open a foreign account, the staff will treat you as if you've come to beg for a loan and after they've taken you through hell, they will keep on sending you letters with wrong address and postcode when you've infact notified them already and even taken the pain to go to the branch to rectify this.

I'm glad to have almost emptied my foreign savings account with them the last time i visited Ghana, though they kept sending me letters with wrong address/postcode telling me my account is dormant and will be closed, inspite of the few euros i left in my account to keep it running.

Most of the ladies working there are either computer illiterates or they do that deliberately to siphone your foreign account/savings, and what i've realised is that they only tend to smile at you when they know you're coming to withdraw money because either they expect you to"give them something" or they secretly deduct a few notes from your money(don't get me wrong, they are very good at it) knowing you would not bother to check your money before leaving their premises/hall.

They should prepare for more of these court cases!
International 9 years ago

Foyoosis bravo, for this your comment. Some are not victims, so they condemning this judgment. For over a year now, I can't get access to my dollar account.

Foyoosis bravo, for this your comment. Some are not victims, so they condemning this judgment. For over a year now, I can't get access to my dollar account.
KKO 9 years ago

My experience as well! I have made about twenty phone calls about a very simple account statement. The last time I called someone suddenly started speaking Twi, "Mede mennte dea woka nooo!!" Ghana ooo Ghana!

My experience as well! I have made about twenty phone calls about a very simple account statement. The last time I called someone suddenly started speaking Twi, "Mede mennte dea woka nooo!!" Ghana ooo Ghana!
Oppong Kyekyeku 9 years ago

Kunta,

When going to court remember me. If you listen to the treatment meted out to me by that Stanchart, you will stop your case and fight for me

Kunta,

When going to court remember me. If you listen to the treatment meted out to me by that Stanchart, you will stop your case and fight for me
Kwame 9 years ago

The judge must be out of his mind.Does he know the value of a dollar,he thinks dollars are cedis or what? The case should be investigated. Ghanaian judges cannot be trusted, he conniving with the plaintiff and dupe the bank.

The judge must be out of his mind.Does he know the value of a dollar,he thinks dollars are cedis or what? The case should be investigated. Ghanaian judges cannot be trusted, he conniving with the plaintiff and dupe the bank.
... 9 years ago

Standard chartered is not a small bank. Let them prove themselves innocent. The story is wired. Why would such a bank dishonour making payments when the business man had the cash unless there was an attempt to ruin his busine ...
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Standard chartered is not a small bank. Let them prove themselves innocent. The story is wired. Why would such a bank dishonour making payments when the business man had the cash unless there was an attempt to ruin his business or credibility? Very strange
Albert 9 years ago

I guess u didn't read the article very well.
1. its for a company which probably lost millions of dollars in services and perhaps a contract.
2. there was also the issue with conspiracy and defamation which could have resu ...
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I guess u didn't read the article very well.
1. its for a company which probably lost millions of dollars in services and perhaps a contract.
2. there was also the issue with conspiracy and defamation which could have resulted in the man going to prison.
3. the bank also tried suppress evidence.
You have no idea how much the banks actions may have cost the company. maybe next time read the substance of the issue and not about how u feel..
International 9 years ago

Kwame, you are stupid. Do you know what this bank has been afflicting on it's clients. I am a victim

Kwame, you are stupid. Do you know what this bank has been afflicting on it's clients. I am a victim
BENTSILLE 9 years ago

Will this kind of judgement encourage investors into this country. Stanchard had better closed down completely if this judgement is enforced. How many Ghanaians banks have such a collosal amount in their vault to do budiness ...
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Will this kind of judgement encourage investors into this country. Stanchard had better closed down completely if this judgement is enforced. How many Ghanaians banks have such a collosal amount in their vault to do budiness let alone pay out as judgement debt. Justice dispensation in Ghana be taken a second look at and to realise that Ghanaian economy is among struggling economies even in Africa. Income in this country is also very low compared to other countries that earn their incomes in billions of dollars, if courts will not take the poor economic background of the Ghanaian society into considerations and begin to dispence justice as of Ghana is a rich country, will in effect parralise certain sections of the economy and Ghanaians in the long run will suffer for this kind of senseless rulings.
Kofi 9 years ago

My friend are U suggesting the banks are above the laws of Ghana? The judge have a lot of facts u don't have so donot class all judges as corrupt.

My friend are U suggesting the banks are above the laws of Ghana? The judge have a lot of facts u don't have so donot class all judges as corrupt.
MANNUEL 9 years ago

I advice the British take a second look at all their business in Ghana and consider withdrawing the very vital once that support the Ghanaian economy, there and then the courts that sits in the comfort of their offices will r ...
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I advice the British take a second look at all their business in Ghana and consider withdrawing the very vital once that support the Ghanaian economy, there and then the courts that sits in the comfort of their offices will realise what damages they have caused Ghanaians in general. The bank should consider folding up and withdrawing completely with all their investments in all aspect of Ghanaian economy and I expect Tullow Oil and Barclays and other British Investments in Ghana to do same in solidarity with Stanchart; we'll see whether the Ghanaian economy has the resilience to stand and not collapsed. Stupid and senseless judgement.
stevoo 9 years ago

Manuel, you are stupid. Do you know what this bank is doing against it's clients. I have dollar account. For the past 5 years I have been denied access to this my account because I am not in the country

Manuel, you are stupid. Do you know what this bank is doing against it's clients. I have dollar account. For the past 5 years I have been denied access to this my account because I am not in the country
yaw kusi 9 years ago

What a complete idiot you are MANNUEL. You think the so called business in Ghana are here doing charity? and that if they are not making money in ghana they would still be here? Tullow will not exist without Ghana and Uganda ...
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What a complete idiot you are MANNUEL. You think the so called business in Ghana are here doing charity? and that if they are not making money in ghana they would still be here? Tullow will not exist without Ghana and Uganda if you don't know. You are so brianwashed you deserve to commit sucide. Do you remember BP filling stations? They were here until they said it's no more profitable. Let those banks fold and lets see.
Xyz 9 years ago

Hi Mannuel. ..
Don't get it wrong twisted. SCB needs Ghana more than Ghana needs them...
The margins they make here are much higher than what they make in other jurisdictions. By the way as for the British leaving our mark ...
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Hi Mannuel. ..
Don't get it wrong twisted. SCB needs Ghana more than Ghana needs them...
The margins they make here are much higher than what they make in other jurisdictions. By the way as for the British leaving our market... no way because their economy is DEAD.
stevoo 9 years ago

Bentsil, do you know the meaning of your name. It means 'fool'. Do you know the dubious activities of this bank in Ghana against Ghanaians. Shut up fool.

Bentsil, do you know the meaning of your name. It means 'fool'. Do you know the dubious activities of this bank in Ghana against Ghanaians. Shut up fool.
International 9 years ago

I will be second to take this bank to court for denial me access to my account for the past 5 years. I have never deal with such a stupid bank .

I will be second to take this bank to court for denial me access to my account for the past 5 years. I have never deal with such a stupid bank .
Annorwuo 9 years ago

Overturn this 'fantastic' judgement,meant to teach some of these foreign entities that they cannot take our people for granted! And who cares if this bank decides to close shop,since the banking sector in this country is ove ...
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Overturn this 'fantastic' judgement,meant to teach some of these foreign entities that they cannot take our people for granted! And who cares if this bank decides to close shop,since the banking sector in this country is over-saturated anyway!
JJ 9 years ago

And then Barclays, and SGSS, Ecobank, Stanbic, UT, Zenith, HFC, etc....
A $14M judgment is ridiculously excessive.

And then Barclays, and SGSS, Ecobank, Stanbic, UT, Zenith, HFC, etc....
A $14M judgment is ridiculously excessive.
Joe 9 years ago

This is reall corruption indeed? How much is this judge worth? How much did that so called businessman lose as a result of the bank dishoniring his cheque? Ghanaian judges God is watching u ooo!!! Remember Hebrews 9:27 " it i ...
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This is reall corruption indeed? How much is this judge worth? How much did that so called businessman lose as a result of the bank dishoniring his cheque? Ghanaian judges God is watching u ooo!!! Remember Hebrews 9:27 " it is appointed unto man to die once and after that judgement "
Joe 9 years ago

The bank must go to appeal court to seek redress immediately this stupid money must not be paid for that man to get his share of the booties

The bank must go to appeal court to seek redress immediately this stupid money must not be paid for that man to get his share of the booties
COS90 9 years ago

the judge wants his share of the money to be givn to nana addo to do his losing campaign. ofori atta is branch of nana addo family tree.

the judge wants his share of the money to be givn to nana addo to do his losing campaign. ofori atta is branch of nana addo family tree.
ike 9 years ago

I.am more than happy.some of u are not dealing with this bank so u don't know how bad their services are.last year AMA sued them for gh500000 n u thoutht they have learnt a lesson from it.they will continue

I.am more than happy.some of u are not dealing with this bank so u don't know how bad their services are.last year AMA sued them for gh500000 n u thoutht they have learnt a lesson from it.they will continue
jay 9 years ago

Don't comment on this issue because you have nothing to do.

Don't comment on this issue because you have nothing to do.
cycus 9 years ago

Joe,or what ever your name is. Awarding damages is a punitive measure to avoid it from happening to others in the future. Imaging creating a very good name in terms of business and somebody out of jealousy trying to bring you ...
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Joe,or what ever your name is. Awarding damages is a punitive measure to avoid it from happening to others in the future. Imaging creating a very good name in terms of business and somebody out of jealousy trying to bring you down overnight. I think its a good example for others to follow.well done judge.
john bull 9 years ago

Standard Chartered Bank Ghana
Limited suffered a heavy legal blow
last Wednesday when the Fast Track
High Court ordered it to pay $14
million to a businessman for
wrongfully refusing to honour
cheques issued by him.
Th ...
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Standard Chartered Bank Ghana
Limited suffered a heavy legal blow
last Wednesday when the Fast Track
High Court ordered it to pay $14
million to a businessman for
wrongfully refusing to honour
cheques issued by him.
The bank was also slapped with GH
¢30,000 cost, and further directed to
pay the amount with interest, with
effect from August 2012 to the day of
final payment.
Mr Akwasi Boakye Osei, the plaintiff
in the case, had prayed the court to
award a total of $18.7 billion in
special and general damages but
the court, after considering the
evidence adduced in the case,
settled on $14 million.
The court, presided over by Mr
Justice K. A. Ofori-Atta, held that the
plaintiff and his witnesses had led
ample evidence to warrant the grant
of his claims.
It, however, held that the plaintiff
failed to justify lead specific
evidence on why special damages of
$2.1 billion should be awarded to
him and, accordingly, refused to
grant it.
Case of Plaintiff
Mr Osei, a customer of Standard
Chartered Bank brought the action
against the bank in May 2014 after
the bank failed to honour five
cheques he had issued to two
churches, the Accra Metropolitan
Assembly (AMA), the Internal
Revenue Service (IRS) and an
outdoor advertising company.
His beef was that the bank had
caused him embarrassment, huge
financial losses, the potential to face
court action from revenue agencies
and the threat to lose his property
following threats from the Accra
Metropolitan Assembly (AMA) to
auction his property on the Oxford
Street, Osu to defray his
indebtedness to the assembly.
The plaintiff said it had at all
material times had enough funds in
his accounts but the bank kept
dishonouring his cheques despite
his giving the green light to the
bank to honour his cheques.
“Defendants consistently refusing to
honour plaintiff’s cheques when at
all material times the plaintiff’s
account with the defendant’s at Osu
Branch, Accra was on credit and
defendant had sought for and
plaintiff had confirmed that
payments be made,” the plaintiff
had argued.
Particulars of Loss and Damages
Listing the particulars of loss and
damages as a result of the bank’s
inaction, Mr Osei said, among others,
that he had lost business with DDP
Outdoors Ltd to the tune of $2
million; $15 million loss of business
prospects in Adwoa Adjeiwaa
building; $1 million loss of image to
two churches and loss of $45 million
revenue due to the refusal of
tenants at Adwoa Adjeiwaa building
to renew their tenancy.
According to the plaintiff, the bank
had caused him to lose the prospect
of raising funds to undertake a
multi-million project similar to the
Adwoa Adjeiwaa building project.
He said due to the bank’s failure to
honour a February 13, 2012 cheque
he had issued to the IRS, the IRS
had withdrawn a five per cent
withholding tax granted to one of his
properties.
“By reason of the matters aforesaid,
plaintiff has been injured in his
businesses and has been put into
considerable trouble, inconvenience,
expense and has suffered loss and
damage,” the plaintiff averred in his
amended statement of claim.
He gave an outline of the particulars
relating to the extent of damage he
had suffered and said “even though
the plaintiff paid several millions of
dollars being rent income from
plaintiff’s Adwoa Adjeiwaa house
and income from his warehouses at
Tema into Accra Business Bay
Limited, One World Real Estate
Management Limited and Ghana
Heights Limited accounts with the
defendant bank, the defendant
continuously refused to honour
cheques drawn on the account of
the said companies with the
defendant bank on the grounds that
the accounts were dormant, even
though at all material times that the
defendant failed to honour the
cheques, there were sufficient funds
in the respective accounts,” the
plaintiff averred.
Standard Chartered Bank denies
In its statement of defence, the bank
denied the plaintiff’s claims and
said it acted in accordance with best
banking practices to protect the
plaintiff from fraudsters.
According to the bank, it could not
reach the plaintiff to confirm
whether or not payment should be
made to some payees while at some
material times, he did not have
enough funds to match the face
value of some of his cheques.
“The defendant further avers that
the plaintiff’s alleged loss of image
with the two churches and the
projection of future loss as
unilaterally determined by the
plaintiff for 15 years relating to the
Adwoa Adjeiwaa Building and Tema
Warehouse are not only fanciful but
also ludicrous and unreasonable as
they are totally unrelated to the
plaintiff’s banking transactions with
the defendant.
“The defendant avers that the
position is the same for the other
particulars of loss and damages.”
It also denied claims that it had
conspired with its officers to injure
the plaintiff and his businesses and
further refuted plaintiff’s assertion
that he had suffered losses because
of the defendant.
The bank argued that “the plaintiff’s
economic forecast has no bearing
directly or indirectly with the
running of his personal account with
the defendant and the whopping
sums of money projected by the
plaintiff is a figment of his own
imagination”.
The defendant stated among other
issues that “the strenuous attempt
to connect the plaintiff’s personal
account with his so-called three
companies is an afterthought which
totally undermines the plaintiff’s
conspiracy theory against his own
bank (the defendant)”.
Describing the plaintiff’s claims as
ridiculous, the bank averred that
“the plaintiff is wrongly allocating
blame for his personal problems
which have as now assumed
corporate gab,” adding that “the
plaintiff is not entitled to his
mandatory claim or any at all”.
Decision of Court
But in a two-hour-long judgement,
the court was of the view that the
plaintiff was entitled to some of his
claims and submitted that the
bank’s decision to write “account
dormant” on the plaintiff’s cheque
to the IRS exposed the plaintiff to
criminal prosecution from the IRS
and also risked being blacklisted in
the banking industry for up to three
years.
The court held that the bank had
subjected Mr Osei to ridicule and
humiliation in its refusal to honour
the plaintiff’s cheques a number of
times.
It also accepted Mr Osei’s
explanation that his account at the
bank was not dormant as was being
alleged by the defendant.
Mr Justice Ofori-Atta said there was
no basis for the bank to dishonour
the plaintiff’s cheques and
accordingly entered judgement
against the bank.
The parties called 10 witnesses each.
Cost
Counsel for the plaintiff, Mr J. K.
Agyemang, pleaded with the court to
award $1.4 million cost against the
bank but counsel for the bank, Mr
Samuel Atta Akyea, opposed the
request.
Mr Akyea argued that value of the
five cheques which were
dishonoured by the bank did not
total $100,000 and also reminded
the court that “you said no direct
special damages. You have only
awarded general damages,” and
urged the court to allow the parties
to bear their own costs.
Mr Agyemang did not take kindly to
Mr Akyea’s statement and said “the
plaintiff succeeded and is entitled to
cost”.
He described the bank’s action as
irresponsible and said it was
surprising the lawyer now had the
“audacity to say we are not entitled
to cost”.
He advised the the defendant’s
counsel to plead for a reduction and
“not to say we are not entitled to
cost”.
The court eventually awarded GH
¢30,000 cost in favour of Mr Osei.

Court awards $14 million damages against Stanchart

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