Monrovia — The Sixth Judicial Circuit Civil Law Court at the Temple of Justice has adjudged Global Bank Liberia Limited guilty and ordered the bank to pay 2.5 million United States dollars as general damages to the Management of Monco Liberia Limited in an action of damages for a wrong lawsuit, filed by the company.
Monco Liberia, owned by former lawmaker and superintendent of Montserrado County Julius S. Parker; is engaged in a wide range of businesses including wholesale and retail petroleum and the distribution of its related products; as well as real estate development, cement operation and has warehouses in Montserrado and Grand Bassa counties.
Judge Chineh, making the judgment against the bank said, during the entire trial, Monco Liberia established by the prevalence of the evidence that it sustained a loss, detriment, or injuries in their persons, property, or rights and that the loss, detriment, or injuries sustained, were a direct and comparable result of defendant conduct for which damages can be awarded as a matter of law.
"Wherefore and given the foregoing, it is the holding of this court that the defendant (bank) be adjudged liable to the 1st plaintiff (Monco Liberia), in the action of damages for wrong. The defendant, Global Bank is ruled to pay the amount of two million five hundred thousand United States dollars (US 2,500,000.00) as general damages to 1st plaintiff," the assigned circuit judge of the Civil Law Court, Nelson B. Chineh, noted in his ruling against the bank on Friday, September 1.
The court's final judgment noted, that on January 27, 2017, the Management of Monco Liberia Ltd., 1st complainant and Mr. Julius S. Parker, 2nd complainant instituted a thirty (30) count action of damages for wrong against the Management of Global Bank Liberia.
According to the complainant, Mr. Parker, CEO of Monco Liberia, traveled to China in 2009, and while there, he entered into a transactional supply arrangement with a Chinese company, HOATAI Resources China, under which HOATAI Resources China agreed to supply Monco consignment of 1.5 million metric tons of 42.5 R Portland grade cement, amounting to US150 million over five years.
On the strength of the contract, the complainant applied to the defendant, Global Bank for a letter of credit for the importation of the 15, 000 metric tons of cement.
The facility was approved and the complainant renovated its three warehouses and upon terms and conditions, agreed that the warehouses be used for the storage and sale of the cement.
The complainant, however, alleges that upon arrival of the cement in Liberia, the defendant, Global Bank Liberia Limited, contrary to this prior agreement, and even though enough storage capacity existed in the 1st plaintiff's warehouses, "unilaterally, illegally and without the knowledge or approval of the 1st complainant," rented a separate warehouse where it illegally transferred, stored and sold six thousand (6000) metric tons of cement without any account, thereby further unnecessarily increasing the loses sustained to 1st complainant, which defendant Bank wrongly assigned to 1st complainant debt liability.
The complainant further alleges that the defendant unilaterally took over and exercised control over the proceeds realized from the sale, and established an escrow account allegedly in the name of the complainant, but the bank refused to give any financial statement.
The complainant noted that the defendant mismanaged the transaction and filed an action of debt against the suer in the Commercial Court in Monrovia for which Mr. Parker was arrested, jailed, property seized and a public sale notice announced on it, which not only tarnished his public image and excellent reputation but also inflicted upon him mental distress, public humiliation and left psychological trauma.
On June 27, during the June Term of Court, the complainant rested with the production of both verbal and documentary evidence from its witnesses.
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Key amongst those witnesses who testified during the entire trial were former LBDI President John Davis, an expert witness; complainant Julius Parker and his daughter Mrs. Bendu Parker; and Mr. Prosper Ouoei and Bruce Honorate Kacou both ACE Global representatives, who handled the cement at UCI warehouse.
Judge Chineh noted that these witnesses' testimonies were crucial to the discharge and sale of the consignment of cement, including the tripartite agreement for the discharge of the consignment from the vessel, storage, sales, delivery from storage, and the handling of the proceeds.
The judge maintained that the defendant, Global Bank Liberia Limited, did not dispute the expert opinion given and did not bring any other expert witness to rebut the witnesses; hence, their testimonies must be deemed admitted and credited, for which the defendant was adjudged guilty.
