NCB sues PNP over outstanding debt
THE National Commercial Bank has brought a law suit against the People's National Party Campaign 2006, Paul Robertson, and Roy Stanley McGarth over an outstanding debt totalling $17 million.
The bank claims that, in September 2006, Robertson and McGarth opened a current account for the purposes of raising funds for the party's 2007 election campaign.
The claim states that an agreement was made between the parties that if the account became overdrawn compound interest at monthly rates set by the bank would be accrued.
The claim also stated that, as at January 23 this year, the bank was owed the sum of $17,897,806.10 in addition to court fees of $2,000 and $10,000 for legal fees.
The bank claims that the defendants have failed or refused to make payments since a sum of $500,000 was paid in January 2008, despite several correspondence being sent to them.