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<\/a><\/p>\n8 December 2011<\/p>\n
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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 \u201cdelinquent borrowing.\u201d 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.<\/p>\n
The release quoted the bank\u2019s 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 \u201ceconomic saboteurs.\u201d
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.<\/p>\n
\u201cThis action is also in agreement\u00a0 with recent strategies adopted by regulators and stakeholders in the Liberian Financial Sector to protect\u00a0 banking institutions\u00a0 and also\u00a0 to inform others\u00a0 that\u00a0 with the establishment\u00a0 of the First-track commercial code and court there is\u00a0 no longer any hiding place\u00a0 for those who borrow\u00a0 and , with impunity, refuse to pay back,\u201d the press release said.<\/p>\n
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\u2019s current indebtedness to the bank stands at more than US $334,000. He gave no further details.<\/p>\n
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