Monrovia — The Management of Mutual Benefits Assurance Company (MBAC) on Friday, April 21, escape a writ of execution over an action of debt worth over US$ 11,226,573.85 by the Commercial Court of Liberia.
The writ of execution was issued and approved by Commercial Court Judge Eva Mappy Morgan to Emmanuel Morris, Acting Sheriff of the Commercial Court, or his deputy for implementation.
A sheriff of the Commercial Court had gone to execute the court's order, when the company's management escaped locking the entity's premises, but could not carry out said order after the management refused to show up and received the writ.
According to the writ, the Sheriff was commanded to seize and expose for sale the land, goods, and chattels of Mutual Benefits Assurance Company in the cause of action.
The court document further noted that if the sum realized therefrom is not sufficient to pay the reasonable expense of said seizure and sale, then the real properties should.be seized until the company raised the sum of US$ 11,226,573.85.
"However, if you can't find any assert, of interest, land, goods, the and chattels of the defendant, you are hereby ordered to bring Mutual Benefits Assurance Company before the judge of this court to be dealt with in keeping with the law" the Writ of Execution stated.
It can be recalled that the plaintiff Bea Mountain Mining Corporation (BMC) filed a lawsuit against Mutual Benefits Assurance Company Construction Contracts for Aureus Mining.
Accordingly, Mutual Benefits Assurance Company issued various bonds for and on behalf of International Construction Engineer (ICE) but, Aureus Mining demanded payment on the bonds when ICE breached the contract.
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However, ICE denied Aureus Mining's allegation of breaching and countered the claim.
The matter was submitted d for Arbitration between ICE and Aureus and an arbitral award was rendered in favor of Aureus Mining.
Aureus now seeks to collect from Mutual Benefits Assurance Company about US$14,000,000.00 on the bonds MBAC issued.
But Mutual Benefits Assurance Company further filed an Action of Debt against MBAC to collect 14 Million, a judgment issued against MBAC by award plus interest.
The writ under the signature of J. Amos F. Gbowah, clerk of the court, instructed that upon receiving from the said sale or otherwise, said sum of money, they are further commanded to pay over to the complainant.
The writ noted: "Upon receive-named said sale or otherwise, said sum of money, you are further commanded to judgment to the above-named plaintiff in these proceedings, the sum of money necessary to satisfy the judgment herein, and reserve unto yourself the said costs of court and you will make your official returns endorsed on the back of this writ as to the form and manner of its service."
