Q. Karmue, was a little boy when he tried to escape the devastation with his mother Neyor and four siblings. View Chris Neyor's profile for competitors, acquisition history, news and more.
NOCAL former CEO loses home for US$173K bank debt
Temple of Justice Commercial Court marshals are now willing to sell the home of Christopher Z. Neyor, former Chief Executive Officer (CEO) of the National Oil Company of Liberia (NOCAL), as the Guaranty Trust Bank (GTBank) seeks to win back $173,490. Neyor and its Morweh Energy Group are indebted to the Group.
Noyor used his old road, Sinkor, home as security to lend US$150,000 for a six-month term, a loan claiming the bench that he is incapable of serving. Neyors has deliberately refused to pay off its $150,000 in debts, which includes 14% interest on the mortgage and 17% attorneys' fee, bringing the amount to $173,490.38, according to the BN.
On December 22, 2015, he took over the "Time Loan Facility" as CEO of Morweh Energy Group, a Liberi-acquired business. In addition, Neyor has entered into a Domiciliation Arrangement which promises the sale of all Morweh's property, which includes his home, if he does not comply with the term of the mortgage. As part of a Domicilement Arrangement, the banks will obtain a clear identification key that will identify the arrangement between the banks and the client, Atty.
The Neyor Tribunal took Neyor to trial on Tuesday 4 October. Unfortunately, the decree was given in front of the courthouse that he and his spouse are out of the state. Some of Neyor's previous trial appointments were disregarded. Jonathan Massaquoi, one of the bank's attorneys, called on the tribunal to bring the accused (Neyor and Morweh Energy Group) to account for the amount of $173,490.
Thirty-eight, and the collection costs specified in the contract of sale. It' s not clear whether Neyor would participate in the Tuesday hearings; if not, the courthouse can probably order him to sell his house. Atty Massaquoi, the bank's attorney, alleged that the line of credit provided for six identical instalments or USD 25,000 per month.
"However, the defendant, Neyor, declined and failed to make a sole settlement against the facility," lodged a complaint with the judge. It alleged that 14% of the" Time Loan Facility" had been awarded to the Group. It also said that it sent several notices to Mr Neyor before taking the case to trial.
This lawsuit cited a plot of real estate in the oldest city in Congo as some of Neyor's securities for the credit he had previously recorded in favour of the Central Banks during the credits. After several unsuccessful efforts to reclaim the amount from Neyor, the attorney said to the courthouse that they used the assistance of an outside attorney amounting to 17 per cent of the amount due to bring the case against the accused before the parentace.
"The purpose of this lawsuit is to reclaim from the respondent the standard amount of US$173,490. 38, plus all other expenses of recovering in accordance with the time loan agreement," argued the bench in the lawsuit. Neyor may be reminded that he challenged but failed to win the 2014 Senate elections for Montserrado County.
In an interview with the Daily Observer, a lawyer said that the Commercial Court is currently congested with cases of borrower who are not able to pay back the various sums they have lent from a doze. "Failure to stop this tendency could cause several banks to collapse because they may not be able to recoup billions of US dollar in loans," the analyst noted.
In the opinion of the experts, more than 20 Libyan companies have been deprived of their property in the last two years alone, most of them their only home, as their lenders used the lawful means to reclaim indefinite sums of funds that they had previously lent from banks.