GN Bank Faces US$272.8K, L$7.6M in Damages

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Groupe Nduom Bank (GN Bank) Liberia Limited

The Groupe Nduom Bank (GN Bank) Liberia Limited, owned by the Ghana Growth Fund Company, has been sued at the Civil Law Court in Monrovia by Young Philip Business Center, a Liberian-owned business that engages in the sale of assorted merchandise.

Located in Ganta, Nimba County’s commercial hub, the Young Philip Business Center is seeking US$272,849 and L$7,651,975, including US$250,000 as general and punitive damages against the bank.

In the business Center’s “Action of Damages for Wrong” suit, dated January 3, 2019, the business through it lawyer Arthur Johnson, claimed that on December 6, 2016, it secured US$15,000 as overdraft from the bank.

“And, they have been paying their obligation as stipulated, and sometime during the course of the 2017 general elections, they defaulted on two payments under the term, which circumstances they communicated with the bank, and also recommended to the liquidation of said financial obligation.

“By then, the suit claimed that Young Philip Business Center had made substantial payment against its financial obligation in the amount of US$9,500, inclusive of interest to be paid over time.

“But, GN Bank, being unreasonable, proceeded to the Commercial Court at the Temple of Justice, where it filed an ‘Action of Debt by Attachment’, which eventually led to the closure of the business center,” the lawyer said.

Shortly afterward, the bank was placed in possession of all assets of the business center for the prime purpose of providing security protection to its facility.

The suit further alleged that in the face of the closure, the bank on May 21, 2018, also hired the services of the Alarm Respond Security Guard Service to provide the security protection for the business center.

Against that backdrop, the lawsuit claimed that on July 13, 2018, they discovered that the business was burglarized, and as a result, they subsequently informed the very Commercial Court to authorize the opening of the business center with the presence of officers from the Liberia National Police (LNP) for the purpose of assessing the extent of the burglary with respect to property loss.

It was during that exercise, the court record claimed that the company’s accountant observed that significant portion of the goods in the business center was stolen, amounting to US$272,849 L$7,651,975 including US$250,000 as general and punitive damages.

However, up to press time last night, the Daily Observer was not able to obtain a copy of the bank’s response to the allegation.

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