23 November 2012

Liberia: Afriland First Bank Dragged to Court

The management of Afriland First Bank by and through its Manager/CEO and others have been arraigned before the Monrovia City Court at the Temple of Justice for allegedly conspiring with others to break into the warehouse of Plaintiff Gabriel K. Frimpony, CEO of the FMT Construction Company took and carried away there from several valuable items.

According to the writ of summon which is also in possession of the INQUIRER issued on November 15, 2012, before His Honor Nelson B. Chineh, Associate Magistrate, Monrovia City Court states that the management of Afriland First Bank by and through its Manager or CEO and others have been summoned by the Court to answer to the crime of theft of property, criminal conspiracy, criminal mischief and felonious restraint based upon the oath and complaint filed to the Republic of Liberia through the CEO of FMT Construction Company.

The charge sheet is quoted as saying that Afriland First Bank with wicked intent on July 17, 2012 and November 14, 2012 purposely conspired with others and broke into the warehouse of the company thus exercising unauthorized control over the properties and damaging tangible items.

The writ of summon says the alleged act of the bank has been termed as unlawful, wicked and intentional. It also mentioned that the act is in violation of sections 15.51, 15.5, 10.2 and 14.25 of the New Penal Law of Liberia.

Under the signature of Mr. Hamadou O. Bayo, CEO of the bank, FMT Construction Company on June 14, 2012, after its application with specific reference to overdraft took US$100.00.00 from Afriland First Bank to purchase 100 metric tons of scrap metals from the United Nations Mission in Liberia (UNMIL).

The bank accepted the request and approved a credit facility subject with a mandate that FMT Construction will repay the money in six months at a discount rate of 10% flat and the expiration date is expected by December 31, 2012.

The construction company is claiming that over US$11,924.50 worth of items was forcefully collected by Afriland First Bank CEO and others from the warehouse of FMT Company on Jamaica Road and that the company has already paid US$67,930.89 out of the US$100.00.00 earlier borrowed.

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