The Sixth Judicial Circuit Civil Law Court at the Temple of Justice has found Global Bank Liberia Limited guilty and ordered the bank to pay $2.5 million United States dollars as general damages to the Management of Monco Liberia Limited in an action of damages for wrong lawsuit filed by the company.
"Wherefore and in view of the foregoing, it is the holding of this court that defendant (bank) be adjudged liable to the 1st plaintiff (Monco Liberia), in the action of damages for wrong. The defendant, Global Bank is ruled to pay the amount of two million five hundred thousand United States dollars (US 2,500,000.00) as general damages to 1st plaintiff," the assigned Circuit Judge of the Civil Law Court, Nelson B. Chineh said in his ruling on Friday, September 1, 2023.
Unity Party Standard Bearer Joseph Boakai has condemned the acts of extracting resources from Liberia with no regards to the development of communities from which these resources are taken.
He said even the roads leading to these mines are impassable while citizens of these areas continue to live in abject poverty.
Due to multiple external shocks since the outbreak of the COVID-19 pandemic, sub-Saharan Africa (SSA) is facing acute debt distress and new highs in the cost of foreign capital.
India's move to impose a 20% duty on exports of parboiled rice has prompted buyers and sellers to postpone shipments of around 500,000 metric tonnes to after mid-October to avoid paying the tax, three leading exporters told Reuters on Tuesday.
Morocco’s Tangier Med Port’s Authority has made a commitment to help with the development of Liberia’s seaports infrastructure to reduce cost and expand trade in the West African nation.
American mining firm High Power Exploration Inc Chief Executive Officer Bronwyn Barnes will be traveling to Monrovia as company likens planned investment package for the redevelopment of the railway linking Nimba iron ore project in Guinea to Liberia’s Buchannan seaport to that of the Angola-DRC corridor project.
Liberia authorities’ hope of earning fortune through the usage of its railway and seaport facilities by multinational corporations operating in neighboring Guinea to export iron ore and other minerals appears lost as superpower China backs an ambitious railroad project in the West African country.
With Liberia struggling to meet increased demand for electricity despite more than $400 million spent on post war energy restoration programs, the country’s power utility has devised a short term solution as authorities work on an ambitious $500 million project to stem decades of power deficit.
The Central Bank of Liberia is reporting a loss of $28.2 million United States dollars in annual revenue for 2022 mainly on account of poor yields on treasury bills and market interest.
