Several banking institutions are now seeking legal action to recover millions of United States dollars that they gave out as loans to individuals, including former government officials.
One such person is the former Deputy Commence Minister Alphajour Ahmed Bah and his wife Mouna Cooper-Bah, who the Guaranty Trust Bank (GT Bank) claimed it disbursed the amount of US$60,000 for the completion of their unfinished building project on Marshall Highway, Margibi
County, on the basis of a tripartite mortgage agreement.
The couple and the bank entered into the Time Loan Agreement on April 13, 2015 for a 12 percent per annum interest, with a period of twenty-four months (2 years).
But the bank, in its complaint to the Commercial Court, alleged that the defendants defrauded the loans, and is seeking the court’s intervention to hold them responsible to repay an amount of US$76,751.25, including any other costs of recovery consistent with the agreement.
The project, the bank further said was about 40 to 50 percent completed when the Bahs requested for the loan.
Madam Bah, who resides at 27 Hampton Street, Manchester, in the USA, consented to mortgage their building through a Power-of- Attorney, in favor of her husband, according to the document.
Being serious about the loan, the Bahs also mortgaged their 10.5 lots of land situated in Ben Town, Schiefflin, Margibi County. They again promised to domicile rental proceeds from the properties as additional collateral for the loan.
Despite the terms and conditions of the agreement, the court records claimed, the defendants (Bahs) left the country, without any knowledge of the financial institution and have neglected to repay said loan.
Besides, the bank further claimed that it made several demands to the Bahs, in an effort to recover the money, but to no avail.
The court is a legal alternative to recover the money, including other expenses. However, the Bahs are yet to respond to the GT Bank’s claim.