….-As Eco Bank Goes After Debtors
MONROVIA-Eco-Bank Liberia Limited is seeking the prosecution of all debtors of the Bank including the Millennium Construction Incorporated and Mutual Benefits Assurance Company for thousands of United States dollars.
The Bank’s Board of Directors reached a decision recently to prosecute all debtors and has instructed its extended law firm, Global Law Partners and Associate Incorporated to begin legal proceedings against the debtors as provided by Law.
The Board’s 11 counts complaint extended the law firm lead lawyer, ClIr. John Saah Nyumah instituting an action of debt by attachment and garnishment against Millennium Construction Incorporated (1st Defendant) and Mutual Benefits Assurance Company (2nd defendant) at the Commercial Court.
The complaint further accused Millennium Construction Incorporated and Mutual Benefits Assurance Company of being indebted to the Bank in the tone of about US$171,854.
Millennium Construction Incorporated took the amount in question as loan on March 31, 2022, and Mutual Benefits Assurance Company (2nd defendant) served as surety for the company.
Though the loan agreement will expire on September 30, 2023, Cllr. Nyumah revealed that the 1st defendant is refusing to pay the monthly installment of about US$9,547 plus the accrued interest agreed upon; claiming that said action will compel the defendants to pay the amount in question.
Court has since confirmed the Bank’s legal action and indicating that only Mutual Benefits Assurance Company (2nd defendant) is currently under the jurisdiction of the Court, while Millennium Construction incorporated (1st Defendant) is still on the run.