Published: January 27, 2025
MONROVIA – The Civil Law Court has ruled that Ecobank Liberia Limited must pay Genesis Liberia the sum of US$155,863.76, declaring Genesis as the rightful owner of the disputed funds. Circuit Judge Scheaplor R. Dunbar delivered the decision on January 15, 2025, following a prolonged legal battle concerning missing deposits allegedly mishandled by the respondent bank.
In his ruling, Judge Dunbar determined that Genesis Liberia’s request for declaratory relief filed by Genesis Liberia, was valid. The court’s decision comes after months of intense legal arguments, arbitration proceedings, and scrutiny of financial records.
Genesis Liberia, represented by its General Manager George F. Howard, filed the petition in March 2024. The company claimed that Ecobank Liberia failed to credit US$155,863.76 to its operational account despite the check being cleared through the Central Bank of Liberia (CBL). Instead, the funds were allegedly deposited into an “unknown account” numbered USD102550001, a claim that was substantiated during arbitration proceedings facilitated by the Commercial Court.
During the arbitration, Ecobank admitted that the check, issued by UNDP in favor of Genesis Liberia, had been located within its banking system. However, it was not deposited into Genesis’ designated account. Instead, the check was routed through the CBL Clearing House and ultimately reflected in the UNDP account at Ecobank. Genesis argued that this unexplained routing caused financial losses, including foreclosure proceedings initiated by Ecobank over unpaid loan obligations.
Judge Dunbar cited Section 43.1 of Liberia’s Civil Procedure Law, which authorizes courts to issue declaratory judgments to establish rights and legal relationships. He emphasized that Ecobank’s admissions during arbitration confirmed Genesis Liberia’s entitlement to the disputed funds.
“This court takes judicial notice of an admission made by the respondent, through its representative on the Board of Arbitration, that the check for US$155,863.76 was found within the respondent’s banking system but was not credited to the petitioner’s account,” Judge Dunbar noted. “The discovery of the check in the respondent’s system constitutes an admission of receipt.”
The court ordered Ecobank to credit the amount of US$155,863.76 to Genesis Liberia’s account and apply it toward the petitioner’s outstanding loan obligations. The balance on the loan had stood at US$210,482.09 before arbitration proceedings reduced it to US$119,788.13.
Genesis Liberia also raised concerns about an additional sum of US$90,693.96, which it alleged was improperly deposited into a “facility write-off” account without its knowledge. While this issue was addressed during arbitration, the court’s ruling primarily focused on the US$155,863.76 check.
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