The judge of the Commercial Court has ordered the assets of Mr. Israel Akinsanya, Vice President for Public Affairs at the National Oil Company of Liberia or NOCAL seized in favor of the Guarantee Trust Bank, a local commercial bank.
Commercial Court Judge Eva Mappy Morgan issued the order Tuesday following Mr. Akinsanya's failure to repay an amount of US$700, 000 he borrowed from the bank as a loan before his ascension as Vice President for Public Affairs at the lucrative National Oil Company.
The assets to be seized include Mr. Akinsanya's dwelling home off the Robertsfield Highway and his family home in Sinkor, Central Monrovia. According to Cllr. Nebalee Warner, the lawyer representing GTBank, the two homes were properties, he (Akinsanya) pledged as collaterals for the US700, 000 loan.
He said Akinsanya failed to honor payment schedules agreed upon with the bank since the taking of the loan. Similar action was recently taken against the President of Urban Builder, a local firm, Mr. Ignatius Clay also for his default in paying back thousands of dollars he borrowed from the International Bank of Liberia (Ltd).
The International Bank Liberia Limited was also represented at the Commercial Court by Cllr. Warner. More details to follow later in the Akinsanya case.