Bility Not Owing LBDI -Clears Arrears Before Debtors List Released

MONROVIA  – The recent seemingly unprecedented media leak of alleged bigwig debtors who defaulted on their loan payment from the Liberia Bank for Development and Investment (LBDI) has left a cross section of the Liberian people shocked over the fact that huge amount of depositors’ money are in the hands of bigwigs being unable to be recollected by the bank. But Musa Hassan Bility, a renowned businessman is one individual who did settle all his obligations with the bank since October 24, 2022 far before the list of defaulters became public.

According to a document in the possession of this paper, dated October 24, 2022 and referenced: “Full Settlement of Indebtedness” between the LBDI and businessman Bility, the bank acknowledged that Mr. Bility has cleared all outstanding indebtedness with the Liberia Bank for Development & Investment (LBDI), and that said commercial loan was liquidated on October 23, 2022.

“However, if you have a checking account that you don’t wish to continue using please contact our Banking Operation Department (BOD) to have the account properly closed to avoid future charges from accruing. Please take this very seriously, otherwise any charge that may occur as a result of abandonment, you will be required to settle,” the bank cautioned.”

Meanwhile, another document in the possession of this paper, referenced: Settlement of Collateral Document(s)” between the LBDI and Mr. Bility clears the businessman of SRIMEX Commercial Loan.

“We are hereby releasing the below collateral document to you due to the following reasons(s). One original Warranty Deed from Alhaji G.V. Kromah to Musa Hassan Bility, and containing (0.81C) lot acre of land and no more. Situated at Sinkor, Oldest Congo Town, Montserrado County. Probated on January 3rd, 2007, Volume #AA-07, pages #1-2,” the document stated.

The full disclosure of businessman Musa Hassan Bility’s loan settlement comes in the wake of recent remarks from US Ambassador Michael McCarthy chiding “rich” Liberian businesses and individuals, for spurring the slump in financial activities at the Liberia Bank for Development and Investment (LBDI).

“Strangely, it is wealthier consumers who have stained Liberia’s reputation,” the Ambassador told journalists at a news conference last week. “In some cases, rich business people with valuable property and ample resources stashed away in other countries are refusing to pay high dollar debts that they accrued in Liberia. When confronted with this fact, they even resort at times to threats against the bank officials. Let me ask you – how can the Liberia Bank for Development and Investment issue small and medium loans to start new businesses when the loan defaults by wealthy borrowers have left them with few funds to lend?” Ambassador McCarthy had wondered.

Lending his voice to the debate, IMF Chief of Mission, Christoph Klingen, also recently noted in a communication to Finance Minister Samuel Tweah the importance of the Central Bank of Liberia reinstating a resident supervisor to safeguard LBDI’s balance sheet.