Liberia: Court Denies GN Bank's Argument Over U.S.$272.8 Million, L$7.6m in Damages

A legal argument proffered by the Groupe Ndoum Bank (GN Bank) Liberia Limited, owned by the Ghana Growth Fund Company, that the bank should not be held responsible for the alleged burglary at the Young Philip Business Center, in Ganta, Nimba County, from which the enterprise sustained serious loses, has been rejected by the Civil Law Court 'A' in Monrovia.

In the wake of the burglary, 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, because the burglary occurred after the Commercial Court had already placed the business center in the possession of the bank, due to the Young Philip Business Center's failure to settle its obligation in the amount of US$15,000 .

...

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.