By Jane B. Mansaray.
High Court Judge, Justice Bintu Alhadi yesterday in a civil mortgage matter between the Rokel Commercial Bank and Paramount Chief Bai Koblo, ordered the defendant, Paramount Chief Bai Koblo Queen to pay the sum of four Billion two hundred and seventy six Million three hundred and forty two thousand seven hundred and seventy five Leones and seventy five cents (Le4,276,342,775.75) to the plaintiff, Sierra Leone Rokel Commercial Bank as a repayment of monies due and owing to the Rokel Commercial Bank Limited.
The defendant, Osman Allie Kabia also known as Paramount Chief Bai Koblo Queen was in Court on a legal mortgage matter with the said bank as plaintiff on an application by originating summons dated on the 30th January 2015 filed on behalf of the plaintiff asking for the following orders:
Firstly, that the defendant do immediately pay all monies due and owing the plaintiff under mortgage deed dated the 11th May 2010 and 4th October 2012 and duly registered respectively in the record book of mortgages kept in the Office of the Registrar General in Freetown respectively for the payment of the above sum debt and the remainder being interest accrued thereon which said interest continues to accrue at the rate of 15% per annum from 30th November 2014 and remains payable until complete discharge of the above sum.
Secondly, that in the alternative an order be granted for the mortgages to be enforced by the sale of the mortgaged properties situated at No.12 Sani Abacha Street and Pipe Line, Road Wilberforce Loop in Freetown as shown on the survey plans, and that the cost of and incidental to the application herein be provided for the same to be borne by the defendant.
In delivering her judgment, Justice Alhadi said that the terms of the mortgage were clearly documented in the deed which she had no doubt that the defendant knew what he entered into as a literate man.
After due consideration of the evidence herein and the law, Justice Bintu entered judgment in favor of the plaintiff with the following orders, that the defendant is hereby given one month statutory notice from the 19th March 2018 to 18th April 2018 being notice of intention to sell the mortgage properties.
The said sum is to be paid in thirty six monthly installments commencing 31st March 2018 and solicitors costs assessed at thirty Million Leones to be borne by the defendant.
Justice Alhadi made reference to national and local banks operatives and agreement matters particularly in the area of bank interest charged to support the judgment.
Lawyer O. Jalloh represented the plaintiff in the matter while Lawyer Elvis Kargbo represented the defendant in the matter.