Barclays Bank Ghana Local food importer sues Barclays Bank Ghana $4 million

According to Borealis Foods, Barclays Bank allegedly failed to transfer an amount of funds to its client in Turkey, making the company lose 40 percent of the contract in question.

  • Published: , Refreshed:
Barclays Bank Ghana play

Barclays Bank Ghana

(Barclays Bank Ghana)
24/7 Live - Subscribe to the Pulse Newsletter!

Barclays Bank Ghana Limited has been sued by  Borealis Foods Ghana Ltd, a food import company for damages incurred due to the bank’s failure to  carry out some transactions, causing the company to lose a contract worth 10 million dollars.

According to Borealis Foods, Barclays Bank  allegedly failed to transfer an amount of  funds to its client in Turkey, making the company lose 40 percent of the contract in question.

In the statement of claim filed at the High Court in Accra, Borealis Foods Ghana Ltd said it presented a First Atlantic Bank Cheque with a face value of GHC200,000 to Barclays on November 9, 2015. Barclays Bank, Ghana, on the next day credited the company’s cedi account but deducted same from the account on December 15, 2015 without any reason or consent.

READ MORE: Barclays Africa Group Barclays Sells 12.2% Stake in African Unit for $879 Million

The company said, when Barclays Bank Ghana’s attention was drawn to the issue, the Bank accredited the company’s account on March 29, 2016.

Borealis then asked Barclays Bank to convert the GHC 200,000 to 50,000 dollars to be deposited in  its U.S Dollar account with the Bank, for onward transfer to Ozkaya Gida San TIC Ltd STI, a Turkish company it had signed a 10 million-dollar contract with. The transfer was for part payment for goods supplied to the Borealis Foods Ghana Ltd.

Barclays Bank Ghana, then presented a SWIFT receipt dated April 7, 2016, according to Borealis Food, to confirm that it had transferred the 50,000 dollars to the Turkish Company, an amount the Turkish Company says it never received, though Barclays had deducted charges for the transaction.

On April 14, 2016, however, Borealis says it requested for a statement of its accounts and realized that Barclays had reversed the 50,000 dollar back into its dollar account, converted the said same into Cedis and had deposited the cedi equivalent back into its Ghana Cedi account.

“The defendant (Barclays) again deducted the GHC200,000 from its Ghana Cedi account and have failed, neglected and refused to credit the Plaintiff’s account,” it said, emphasizing that Barclays breached its duty to transfer funds to the Turkish company, resulting in the termination of the contract.

According to Borealis,  Barclays’ conduct of “crediting its account and deducting the amount credited without any reason or the plaintiff’s consent is a breach of the banker customer relationship between the plaintiff and the defendant”.

 It is consequently praying the court for general damages and compensatory damages for the loss of the 40 per cent profit from the contract, as well as cost including legal fees.

Pulse Business has tried to contact Barclays Bank for a response to this suit but at the time of publication were unsuccesful.

We will follow-up with Barclays' comment when it is made avaiable.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email:

Recommended Articles

Recommended Videos

Top Articles

1 Menzgold Ghana Don't deposit money with Menzgold – BoG cautions public againbullet
2 MoMo Ghanaians to make int’l payments with mobile money as MTN...bullet
3 2018 World Happiness Report Somalia is a happier place to live than...bullet
4 Nepotism In Ghana NLA boss awards sister-in-law 11 contracts in...bullet
5 Salaries In 2018 Here are the dates public workers will be paid...bullet
6 Banking In Ghana Ghanaian banks resist the use of crypto currencybullet
7 Prisons Recruitment Prison Service extends recruitment exercisebullet
8 Police Service Debt Vodafone cuts off line to Ghana Police...bullet
9 Menzgold Ghana Investment company closes down its Gold...bullet
10 Nima Flagstaff House We'll return to vote for you in...bullet

Top Videos

1 New Discovery Ghana discovers new mineral, lithium in commercial quantitiesbullet
2 Support Finance minister buys Kantanka carbullet
3 Forbes 2018 Africa's billionaires rich listbullet
4 Money Alert Meet Africa's richest womanbullet
5 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
6 New Phone Nokia’s MWC 2018 Event in Under 10 Minutesbullet
7 Tech 6 reasons you should buy an iPhone SE instead of any of...bullet
8 New Phone Nokia’s MWC 2018 event in 7 minutesbullet
9 Bozoma Saint John 10 quotes from Uber top official,...bullet
10 Plane Crash Starbow suspends operations following...bullet