The Civil Law Court for the Sixth Judicial Circuit of Montserrado County presided over by His Honor Assigned Judge Nelson B. Chineh has brought down guilty Global Bank Liberia Limited for ‘Action of Damages for Wrong’, against MONCO Liberia Limited, and further ordered the bank to pay the amount of Two Million Five Hundred Thousand United States Dollars (US$2,500,000.00) as general damages.
According to court records, copies of which are in the possession of GNN-Liberia, on January 27, 2017, the Management of MONCO Liberia Ltd., 1st Plaintiff and Mr. Julius S, Parker, known as 2nd Plaintiff instituted a thirty-count action of damages for wrong against the Management of Global Bank Liberia.
In the lawsuit against Global Bank Liberia Ltd, 2nd Plaintiff, Julius Parker as CEO of MONCO Liberia Limited he traveled to China in 2009, and while there he entered into a transaction supply arrangement with a Chinese company Resources agreed to supply MONCO consignment of 1.5 metric tons of 42.5R Portland grade cement amounting to One Hundred Fifty Million United States Dollars (US$150M) over a period of five years. On the strength of the contract, Mr. Parker (2nd Plaintiff) applied to Defendant Bank for a Letter of Credit for the importation of the 15,000 metric tons of cement.
The facility was approved and Plaintiff renovated and readied its three warehouses and upon terms and conditions agreed that the warehouses be used for the storage and sale of the cement. The complainant however alleges that upon arrival of the cement in Liberia, Defendant, Global Bank Liberia Ltd, prior to this agreement, and even though enough capacity existed in 1st Plaintiff’s warehouses, the Defendant, Global Bank Liberia Ltd unilaterally, illegally and without the knowledge or approval of the 1st Plaintiff, rented a separate warehouse where it illegally transferred, stored and sold 6000 metric tons of cement without any accounting to 1st Plaintiff, thereby further unnecessarily increasing the losses sustained to 1st Plaintiff, which Defendant Bank wrongly assigned to 1st Plaintiff debt liability, an action/decision for which Defendant Bank should be held liable.
The court documents further noted, the complainant that further alleged that Defendant, Global Bank Liberia Ltd unilaterally took over and exercised control over the proceeds realized from, the sale, established an escrow account allegedly in the name of the Plaintiff, but for which Global Bank Liberia Ltd refused and failed to give Plaintiff any financial statement. The Complainant further alleged that Defendant Global Bank Liberia Ltd mismanaged the transaction and filed an Action of Debt against Plaintiff in the Commercial Court for Montserrado County for which Julius Parker was arrested and incarcerated at the Monrovia Central Prison for two days and his property seized, and a Public Sale Notice announced on it, which not only tarnished his public image and excellent reputation, but also inflicted upon him mental anguish, distress, extreme public humiliation and ridicule and also left him emotionally and psychologically broken and traumatized.
The ruling of the court to bring down guilty verdict on Global Bank Liberia Ltd is said to base on the testimonies of several individuals who confirmed the wrong doing on the part of the Defendant Global Bank Liberia Ltd.
Detail of this report will be featured in our subsequent post…..
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