By Aisha Tamba
Principal Magistrate Isatou Janneh-Njie of the Kanifing court yesterday ordered Bakau Nyokoboka Kafo to pay D20,370 to Supersonicz Financial Services for breaching a contract agreement.
The micro-finance institution gave credit to the 52-member kafo in the sum of D200,000 in November 2019 which was to be repaid within six months. Of this amount D13,620.00 remains unpaid.
After failing to recover its money, Supersonicz took the matter to court and said the defendants caused it losses and damages by failing to settle the loan.
It demanded the settlement of the outstanding amount, interest at the rate of 23% per annum from the date of filing the suit to date of judgement and thereafter 4% until final judgement and legal and administrative cost of D5,000.
The three executive members who signed the agreement appeared for the kafo. They told the court that they have paid D4,000 of the outstanding amount.
In her ruling, the magistrate ordered the kafo to pay D20,370 to Supersonicz.