News / National
FBC Reinsurance takes Interfin to High Court
25 May 2012 at 00:36hrs | Views
FBC Reinsurance Private Limited has taken Interfin Banking Corporation to the High Court claiming repayment of a US$309 790,66 debt.
FBC invested US$901 237 with Interfin, but the bank did not pay back the principal balance of US$281 642 and US$27 148 as outstanding interest.
Interfin is denying the debt, arguing that the amount claimed was not yet due and that the application should be dismissed. The matter is yet to be set down for trial at the High Court.
In the summons issued on February 22 this year, FBC Reinsurance indicated that between April 11 and June 21 last year, it invested various amounts of money with Interfin for an interest. FBC argues that it deposited US$580 090,54 in Interfin on April 11 for 91 days at a rate of 20 percent per annum, giving a total maturity value of US$605 018,32 due on July 11 the same year.
On June 13, 2011, FBC claims it invested another US$108 340,02 for a period of 30 days at an interest rate of 19 percent per annum and the company was expecting to get back a total of US$110 055,40 by July 13.
It deposited another US$62 807,98 for 30 days at an interest rate of 20 percent per annum, giving a total maturity value of US$63 854,78 due on July 20, 2011. On June 21, 2011, FBC again invested US$150 000 for 30 days and it was supposed to get a total of US$152 500 on July 21 the same year.
FBC invested US$901 237 with Interfin, but the bank did not pay back the principal balance of US$281 642 and US$27 148 as outstanding interest.
Interfin is denying the debt, arguing that the amount claimed was not yet due and that the application should be dismissed. The matter is yet to be set down for trial at the High Court.
On June 13, 2011, FBC claims it invested another US$108 340,02 for a period of 30 days at an interest rate of 19 percent per annum and the company was expecting to get back a total of US$110 055,40 by July 13.
It deposited another US$62 807,98 for 30 days at an interest rate of 20 percent per annum, giving a total maturity value of US$63 854,78 due on July 20, 2011. On June 21, 2011, FBC again invested US$150 000 for 30 days and it was supposed to get a total of US$152 500 on July 21 the same year.
Source - Court
