Having been held liable for the amount of US$1.6million owed to Global Bank Liberia Limited, the Commercial Court has instructed its Sheriffs to sell properties belonging to Monco Liberia limited.
Monco is owned by Mr. Julius Parker, who is a former lawmaker of Charles Taylor’s National Patriotic Party (NPP) government.
In the court’s Writ of Execution to its Sheriff — a copy of which is in the possession of the Daily Observer — said that, “You are hereby commanded to seize and expose for sale land, goods and chattels of the management of MONCO executive director Mr. Julius Parker.”
It furthered that the action was "a result of the final judgment entered against the defendant’s company by the Court on September 23.”
It also instructed: “And if the sum realized thereof be not sufficient to pay the reasonable expense of said seizure and sale, then seize the real properties until it shall have raised the sum of US$1,692,161.24.”
“If you cannot find any assets of interest, land, goods, and chattels of the said defendant, you are hereby ordered to arrest the living body (bodies), of its president and chief executive officer, Mr. Julius S. Parker and all authorized officers of said entity,” the order stated.
The bank, through its managing director, Philips Olujobi, on March 2010, complained to the court, alleging that its then managing director approved a five year credit request for Mr. Julius Parker to the tune of US$1.5 M.
The bank further alleged that it also opened an overdraft account of US$150,000 as a working capital requirement to facilitate normal operations and the renovation of a warehouse complex to store cement.
Before the cement could arrive, according to the bank manager, Mr. Parker requested US$250,000 as direct credit, and that money was approved by the bank.
It was intended for the completion of all work before the arrival of the cement in Liberia.
Global Bank also alleged that the defendant informed it that he had a business undertaking with Ecobank (Liberia), which he was going to use to take care of clearing, logistics, and storage capacity.
When the cement arrived in Liberia, thte bank noticed that defendant Parker did not have the necessary storage capacity, so they approved an additional US$5,940.
In that process, the bank alleged that defendant Parker, on August 30, 2010, made another request, claiming that MONCO owes taxes in the amount of US$217,724, which was again approved, amounting to US$740,000.
When the cement arrived in the country, Mr. Parker informed the bank that a substantial portion of the cement was damaged.
Based on that, the bank prayed the court to rule against the defendant for judgment liable in the amount of US$1.6M including interest of 12%, plus 6% legal interest from the date of the loan up to and including the present.