LIBERIA: Another Bank, GN Bank Faces US$7M Lawsuit For Action Of Damages

A customer of local bank, the GN Bank in Liberia has filed a Seven Million United States Dollars (US$7M) in action of damages, according to the legal of Counsel of the Complainant, Cllr. Arthur Johnson.

The complainant, Mr. Philip G. Gayetay, owner of  the ‘Young Philip Business Center’, which engages in the sale of assorted merchandise and other businesses in Nimba County.

Cllr. Arthur Johnson to a local online newspaper that the defendant (GN Bank) should be held liable for the action based on facts and legal reasons.

According to the lawsuit, on December 6, 2016, Philips secure an overdraft from GN Bank in the amount of fifteen thousand united states dollars so as to increase stocks at his business center and had since been in compliance up to the incident.

But, defaulted on two payments during the course of the 2017 presidential and representative elections; circumstances he communicated with the bank and recommitted liquidation of his debt.

Court document in possession of this paper quotes complainant Philip at saying “After he had made substantial payment against his financial obligation in the amount of nine thousand five hundred United States dollars (US$9,500.00) with a remaining a balance of seven thousand United States dollars (US$7,000.00) inclusive of interest to be paid over time.”

Following the commitment by Philip, the Bank preceded to the commercial court in action of debt by attachment something that eventually led to the closure of the business center.

During the said closure of the business center, GN bank was obligated to provide security for the Complainant business in the face of the closure as requested by them.

Court document revealed that on July 13, 2018, while Philip was under the full possession and control of the bank, his business was burglarized. The situation was again communicated with Court whose ordered the business be open in the presence of police authority to assessed the extend of the burglary with respect to property loss.

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