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Court orders former Rep. to settle US$1.6m debt

By Fallah Matthews

(mylbsonline.com/Liberia/Sept. 26, 2013)-The Commercial Court at the Temple of Justice in Monrovia has declared former Montserrado County Representative, Julius Parker, liable in the amount of US$1.6m.

According to court records, the case was filed against Mr. Parker by the Management of Global Bank in July, 2013.
The court therefore ordered Mr. Parker to settle his indebtedness with the Bank.

According to the Court, the order is in keeping with the US$1.6m restructured loan agreement he signed with the Bank months ago.

Associate Judge, Richard Klah, reached the decision Monday, September 23, 2013 after he granted Global Bank’s motion for summary judgment to order Mr. Parker to settle his indebtedness with the entity.

Former Representative Parker earlier denied the allegation on grounds that he, the Monco Company and the Global Bank entered into a tripartite agreement.

He said the tripartite agreement stipulates, among other things, that the third party would be responsible for the handling of sales of the cement consignment purchased with the loan.

The Commercial Court has, however, maintained that once a restructured loan agreement was entered into by the parties, where Mr. Parker defaulted in the payment, he is liable to the Global Bank for the amount sued for.

 


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