8 December 2011
The First International Bank (Fibank) Ltd, one of several Banking institutions in the country, has dragged COMIUM Liberia and other institutions to the Commercial Court at the Temple of Justice for “delinquent borrowing.” According to a FIBANK press release issued yesterday under the signature of Public Relations Officer, A. Ambulah Mamey, the bank accused COMIUM Liberia and six other business institutions of refusing to honor their indebtedness.
The release quoted the bank’s management as warning that there was no more space for delinquent borrowers, who take loans from commercial banks and often go with impunity. By the lawsuit, the bank said it did not only intend to recover its debts, but also to demonstrate its commitment to maintaining a healthy banking system in Liberia by exposing what it called “economic saboteurs.”
Others accused of delinquent borrowing, according to the release, were Swabplast Industries Inc, Liberia Resource Corporation, Supersonic Phones and Accessories, Hassan Nashar (a Lebanese National) Haikal Trading Center, Architects Construction Consultants, Elias Okolie, and Hendrix C. B. Crabbe.
“This action is also in agreement with recent strategies adopted by regulators and stakeholders in the Liberian Financial Sector to protect banking institutions and also to inform others that with the establishment of the First-track commercial code and court there is no longer any hiding place for those who borrow and , with impunity, refuse to pay back,” the press release said.
Fibank, which has been operating in Liberia for seven years, has also promised in time past to professionally manage and safeguard assets of Liberians and provides excellent banking products and services that would create wealth and reduce poverty. The uncompromising commitment to these promises, the release added, has been, and remained the fuel that propels the engine of its relative success and the pillars that guide the institution. In furtherance of these promises, the release noted further, the bank has embarked on what it termed as aggressive loan recovery efforts. According Mr. Maney, COMIUM’s current indebtedness to the bank stands at more than US $334,000. He gave no further details.
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