GN Bank Sued!

-For Over US$7million

By R. Joyclyn Wea

GN Bank has been sued and dragged to court by one of its clients over an action of damages for wrong in the tone of over US$7 million dollars.

Philip Gayepay’s legal Counsel, Cllr. Arthur Johnson said the defendant (GN Bank) should be held liable for the action of facts and legal reasons.

Gayepay is a Liberian Businessman and owner of Young Philip Business Center engaged in the sale of assorted merchandise and other business-related activities in Nimba County.

On December 6, 2016, Philip Gayepay according to the lawsuit secured an overdraft from GN Bank in the amount of fifteen thousand United States Dollars to increase stocks at his business center and had since been in compliance up to the incident.

But later defaulted on two payments during the course of the 2017 Presidential and Representative Elections; circumstances he communicated with the bank and recommitted to liquidation of his debt.

The court’s document quoted complainant Philip as saying “After he had made substantial payment against his financial obligation in the amount of US$9,500.00, the balance of US$7,000.00 inclusive of interest was left to be paid over time.”

Following the commitment by Philip, the Bank preceded to the commercial court in action of debt by attachment something that eventually led to the closure of the business center.

During the closure of the business center, GN Bank was obligated to provide security for the Complainant’s business in the face of the closure as requested by them.

Court’s document revealed that on July 13, 2018, while Philip was under the full possession and control of the bank, his business was burglarized. The situation was again communicated with the Court that ordered the business to be opened in the presence of police authority to assess the extent of the burglary with respect to property loss. TNR

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