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Liberia news

Ex-NOCAL chief sued for US$173,000

Liberia’s former National Oil Company or NOCAL Chief, Mr. Christopher Z. Neyor has been dragged to court by the Guaranty Trust Bank or GT Bank for money he alleged borrowed to established the Morweh Energy Group, a company he formed soon after he was relieved of his post as the country’s infant oil company’s chief executive.

GT Bank is seeking to recover from Mr. Neyor the amount of US$173,490.38.

NOCAL chief

Mr. Neyor, was operating the Morweh Energy Group, when he contested the 2014 senatorial race for Montserrado County, a seat that was won by the former soccer star turned politician George Weah. The bank claims to have granted Mr. Neyor and his Morweh Energy Group a “Time Loan” facility valued US$150,000 on December 22, 2015 for a six- month tenure “to part finance his personal obligations,” with payments equally stipulated at US$25,000 monthly at a rate of 14 percent per annum.

But in an action of debt filed before the Commercial Court at the Temple of in Monrovia Tuesday, 19 July, the bank accused Mr. Neyor of allegedly defaulting beyond a six- month tenure stipulated to make payment, alleging that he “neglected to make any one single payment against the facility.” The bank further claimed that the Time Loan agreement is a legal mortgage agreement entered into by and between Mr. Neyor of Morweh Energy Group and itself-GT Bank based on a mortgage property containing one lot of land situated and lying in Oldest Congo Town,  Montesrrado County.

A court document claims that Mr. Neyor also pledged to “domicile” all of the proceeds from Morweh Energy Group Company by virtue of a domiciliation agreement he allegedly signed. The document adds that Mr. Neyor has defaulted far beyond the six months stipulated in the facility offered to him to the detriment of customers and the public.

“… Hence, Plaintiff avers that Co-Defendant has defaulted far beyond the [tenure] period as stipulated in the Time Loan Agreement and Co-Defendant have refused, failed and neglected to honor his financial obligations in spite of the several written demands to the effect,” Guaranty Trust Bank claims.

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By Winston W. Parley

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