The Minister of Finance, Augustine Nganfuan has announced in Monrovia that an international investment group, the Hamsah Investments Limited and Wall Capital Limited has sued the Liberian Government in a British High Court in London for a Summary Judgment to enforce a 2002 New York judgment for over US$ 20million.

Making the disclosure Thursday in Monrovia at a news conference, Minister Ngafuan said as the country struggles with challenges of post war reconstruction and development amidst difficulties which the Government inherited from the years of civil wars, and the effects of the recent global financial crisis on the country's economy which is imposing strains on Liberian budget and limiting the country effectively reduce poverty it is unfortunate to note that the country has to be taken to court by investors.

Minister Nganfuan said the original loan was contracted in 1978 between the Republic of Liberia and Chemical Bank of New York, in the tune not to exceed Us$15 million and was intended to finance the acquisition and improvement of the assets of a refinery in Monrovia by the republic of Liberia or the Liberian Petroleum Refinery Company (LPRC).

He disclosed during the conference that payments were due to commence in August 1980 and be completed in August 1985, but said it is not clear whether any payments were made to service the loan during the time as there are no records in the Ministry of Finance.

The Liberian Finance Minister pointed out that in 2002 at the height of Liberia crisis, a fund called Sifida and FH International purchased the debt and obtained a court judgment in new York to enforce the terms of loan, the country was never represented at the New York trial and the claimants obtained a default judgment in new York, which means that there was never an opportunity to raise any legal issues. Noting that "the claimants were awarded 18.38million including principal interest and legal costs".

He also stated that in 2006 the debt was sold to Red Barn and FH International, in June 2007, met for the first time with its commercial creditors and announced its offer of a debt buy-back, Red Barn and FH International were present at such meeting. with all of this , 's commercial creditors were offered a deal to settle 's outstanding debts.

Minister Nganfuan further stated that in 2007 the debt was again resold to current claimants Hamsah and Wall, along with the rights to enforce the New York judgment of 2002, again there is no information about how much, if anything these funds paid for the loan. On the 18th of June 2008 they also removed to enforce the claim in London one day before the time limit for enforcing the New York Judgment expired.

According to the Finance Minister, Liberia does not know who is behind the companies that are bringing the claim as they are both registered in tax havens in the Caribbean, based on the original loan agreement and the validity of the New York Judgment, Liberia has been treating these creditors in accordance with HIPC requirements in order to settle its owed and restore its standing in the International community.

In 2007, total debt stood at approximatelyus$4.7 billion representing more than 700% of 's GDP and over 2300% of the value of the country's annual exports. On January 12, 2009, sent formal offer to all of its commercial creditors to purchase outstanding claims for roughly three cents on the dollar. A total of U.S. $39 million were raised through generous contributions from the World Bank as well as bilateral donors to enable buy back its commercial debts.

He said the deal was concluded on April14 2009 with commercial creditors representing roughly 99 percent of total commercial claims participating.

Under this arrangement a total of U.S $1.2 billion in commercial debt were purchased at an agreed discount rate of 3 cents for a dollars. Hamsahand Wall were the only claimants who refused to accept the offer of 3 cents on dollar. instead insisted on full payment of their claims.

The Liberian Finance Minister said his priority is to ensure every dollar available to the Government is spent on addressing the real human emergency in Liberia, reducing infant and maternal mortality, improving literacy and numeracy skills, building roads to ensure that those living in the interior of Liberia are not cut from basic supplies or increasing educational opportunities for the country's youth to ensure that peace is more appealing to the population than a return to war.

Finance Minister Nganfuan said in the midst of all this turbulence and other challenges the government and people of Liberia remain committed to righting the wrongs of the past taking the country out of economic doldrums and fighting injustice.