Monrovia – The management of the Guaranty Trust Bank has filed a lawsuit against the former Deputy Minister of Commerce, Ahmed Bah and wife Mouna Cooper Bah, at the Commercial Court at the Temple of Justice on action of debt.
Report by Kennedy L. Yangian [email protected]
The bank complained that the former deputy minister represented himself as an owner of an unfinished building project in Marshall and was granted a credit facility and subsequently executed a tripartite mortage agreement with the bank to secure time loan agreement to that effect.
The complaint stated that the defendant’s wife, Mouna Cooper Bah, a Liberian residing in 27 Hampton Street Manchester NH 03103, consented to mortgage their unfinished building through a power of attorney in favor of her husband.
The bank further told the court that co-defendant Alpha Bah was granted the time loan facility valued at US$60,000 to partly finance the construction of their unfinished Marshall project which was about 40-50% completed and that the said credit facility was given to the co-defendant in good faith to complete his project but he has decided not to honor and has defaulted far beyond tenure period of 24 months as stipulated in the agreement which was entered into on April 13, 2015.
“Plaintiff contends that the said time loan was granted to the co-defendant for the amount stated at the rate of 12% per annum, a tenure period of 24 months,” said the plaintiff’s complaint.
According to the bank, the tender mortgage was based on a mortgaged property containing 10.5 lots of land situated and lying in Ben Town, Shiefflien, Margibi County.
The plaintiff continued that despite the terms and condition of the agreement between the parties, Alpha Bah left the country, neglecting and defaulting to repay the timely loan when it became due. And that the plaintiff made several demands to the defendant in an effort to recover the said credit amount short of litigation but to no avail.
According to the plaintiff, they hired the services of an external lawyer at the rate of 5% of the outstanding amount to file this suit to recover the outstanding loan from the defendant.
Now, the plaintiff claimed that the defendants are jointly severally liable to the bank in the amount of US$76,751.25 as of July 2016 plus any other costs of recovery arising from the recovery of the facility.
The plaintiff alleged that that this action of debt will lie to recover from the said defendants the amount of US$76,351.25 plus all cost of recovery consistent with the said time loan agreement.
“Wherefore and in view of the foregoing, plaintiff prays your honour and the court to adjudge the defendant liable jointly and severally for the full and just amount of US$76, 751.25 as principal outstanding plus 12% interest and cost of recovery and ruled all other costs associated with this suit against defendants and grant unto plaintiff all relief your honor may deem just, legal and equitable as the law provides,” stated the Plaintiff’s complaint.
Support Independent Journalism
Your support helps FrontPage Africa continue delivering independent, credible, and impactful journalism. Every contribution strengthens our ability to investigate, inform, and hold power accountable while keeping quality journalism accessible to our readers.
Support our journalism or subscribe to receive the latest FrontPage Africa stories and updates.
