(CMR) A man has filed a lawsuit against attorney Anthony Akiwumi after he allegedly borrowed $80,000 from him but neglected to pay back the money and could then not be located.
According to documents filed in the Grand Court last month, James Akinwunmi claimed to gave a bridging loan of KYD 80,000.00 to Akiwumi on 21 June 2022 by way of an electronic bank transfer.
They entered into a verbal agreement followed up by written confirmation by way of text messages confirming the amount of the loan and the date for repayment.
Akiwumi reportedly told the man, who CMR understands is his cousin, he had been approved for a bank loan, but he required a temporary loan and therefore asked for the plaintiff's assistance in June 2022. The lawyer promised to repay the money within two weeks on or before July 6 or the latest, July 24, 2022.
The plaintiff stressed that due to his own contractual, professional and domestic obligations, this money had already been assigned and that he could not assist without a guarantee that this money would be paid by the 10th of July 2022 or the latest, the 24th of July. He also stressed the financial penalties and reputational damage he would incur if this deadline was not met; therefore, if there was any doubt about the repayment date, he could not help with the bridging loan.
According to court documents, Mr. Akiwumi accepted these conditions and gave his assurance to repay the loan within two weeks. On that basis, Mr. Akinwunmi proceeded to transfer the funds to his account. The attorney subsequently failed to repay the loan on the agreed dates and avoided contact with Mr. Akinwunmi, forcing the plaintiff to employ various means to contact him to collect the money owed.
The plaintiff eventually reached him by telephone, and despite the defendant's written assurances that the monies were to be repaid within six to eight weeks, on or before 30th August 2022, no payments have been made.
The plaintiff is now suing for the repayment of the $80,000 and interest at the rate of 2 3/8% until the indebtedness is repaid in full.