Metropolitan Plaza Hotel, situated on Broad Street, Monrovia, was last Thursday shut down by the Commercial Court for defaulting on a US$51,740 loan from Global Bank-Liberia Limited.The hotel’s closure was a result of the final judgment entered against the hotel by the court on November 13, 2013.The bank said it loaned or guaranteed Metropolitan Plaza US$99,000 before the lawsuit, of which US$51,740 is still owned by the company.A.N. Charifz, general manager of the hotel and loan guarantor, was nowhere to be found when the court’s officers went to close it down following a “Writ of Execution” issued by Resident Chief Judge Eva Mappy Morgan, last Thursday.In the execution order, Judge Morgan instructed her court officers that, “If Charifz fails to comply with the order, they should arrest him for contempt of court consistent with 1LCL Revised Chapter 44- enforcement of judgment and orders.”The court further ordered Charifz to pay Global Bank the sum of money necessary to satisfy the judgment adding that “if the money that would be realized from sale of the company’s properties is not sufficient to pay the reasonable expenses, then seize the real properties until it shall have raised the sum of US$51,740.”Judge Morgan also instructed court officers to seize and expose for sale land, goods and chattels of the management of Metropolitan Plaza Hotel.”Immediately, after the sudden closure of the hotel, an employee was heard phoning his fellow workers shouting,” Oh, guys the government has closed the hotel. We and our customers have been left in the cold, especially in this festive Season,”According to financial experts, non-payment on bank loans by business institutions could jeopardize the entire financial system of the country, especially in the post- Ebola recovery period.In August 2013, Global Bank Liberia Limited filed a case in the Commercial Court to recover US$99,000 from Metropolitan Plaza in unpaid loans and interests due the bank.After the company was sued for non-payment, the court ruled on November 3, 2013 that the company was not paying the US$99,000 loan in compliance with the agreement and authorized the bank to sell the company’s mortgaged properties to recover the outstanding debts.The court at the time also ordered the company to settle the outstanding debt within a few months, which it failed to do up to the hotel’s closure last Thursday.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)
Dan Cohen AUTHOR The inventory system DOD uses to report on its leased assets contains inaccurate and incomplete data, encumbering its ability to fully determine the number, size and costs of its leases for real property, the Government Accountability Office (GAO) concluded in a recent report.“The total amount is not entirely known, but it’s likely to be substantial,” Brian Lepore, the agency’s director of defense capabilities and management issues, told Federal News Radio.The agency found that about 15 percent of the lease records in the Real Property Assets Database for fiscal 2011 and 10 percent of the records for FY 2013 were inaccurate. In some cases, DOD recorded the rent for a facility as being higher than the total combined cost of rent, utilities and parking.Most of these errors were in the lease records for the Army, which manages about 80 percent of the leased assets records in the database; however, the Army is aware of these issues and is taking steps to correct future data. GAO also found that the database did not include about 5 percent of the Army’s lease records for FY 2011 and FY 2013.“There is some concern about the reliability of the data,” Lepore said.Furthermore, GAO found that the database does not contain a data element for the square footage for leases in which there are multiple tenants occupying space in the same building, as is the case for some Washington Headquarters Service leases.At one facility, two DOD activities shared about 30,000 square feet of leased space, but the database listed each organization as occupying the entire space, doubling the amount of space listed in the records.Lepore said some people may see this as “nitpicky, but it’s really important for effective financial management to have a good handle on what you are paying to run your operation, and in the absence of that, it’s hard to make really good, effective decisions.”To improve the accuracy and completeness of the data in DOD’s Real Property Assets Database (RPAD), GAO recommended that the Army enforce DOD guidance which states that for multiple assets associated with a single lease, the military departments and the Washington Headquarters Service must provide a breakout of the annual rent plus other costs for each asset on the lease, to avoid overstating costs associated with such leases.The congressional watchdog agency also recommended DOD modify its Real Property Information Model to include a data element to capture the square footage for each lease of space in a single building and also make a corresponding change to its guidance to require that the square footage for each individual lease be reported when multiple leases exist for a single building, to avoid overstating the total square footage assigned to each lease in RPAD.
Eid moonA meeting of the National Moon Sighting Committee (NMSC) will be held on Friday to review the news of moon sighting of the holy month of Shawal and fix the date of Eid-ul-Fitr of 1,439 Hijri.The meeting will be held at the meeting room of Islamic Foundation (IF) at Baitul Mukarram National Mosque at 7:15pm with religious affairs minister and NMSC president Principal Matiur Rahman in the chair, said an IF press release.If anyone can see the new moon of the holy month of Shawal anywhere in the sky of Bangladesh, he or she is requested to inform the committee dialling the telephone numbers – 9559493, 9559643, 9555947, 9558337 and 9556407 or through the fax numbers – 9563397 and 9555951 or using anyway of communication.
Explore further Journal information: Nature (Phys.org)—A team of researchers at Yale University has conducted an online virtual experiment designed to better understand behavior patterns among people in a society as it relates to wealth inequality. In their paper published in the journal Nature, the team describes their study and results and offer suggestions on how it may relate to the real world. Credit: A. Reese and A. Ro © 2015 Phys.org Do people treat each other differently or cooperate differently with other people if they know that the other person is more or less well off than they are? Anecdotal evidence would suggest that this is likely the case, but proving it is difficult. To learn more, the researchers asked for help from 1,460 online participants–volunteers who agreed to take part in a virtual society game. The idea was that participants could cooperate with others by giving them virtual cash, making things better for everyone. But unbeknownst to the players, several factors were controlled by the researchers, such as how much virtual cash each player started with, allowing for unequal distribution. Also during some games, players were able to see how much cash everyone had, while in other games, they only knew how much they had, making it impossible to compare themselves with others. In any case, game players were told that at the completion of the game, they would be able to redeem their virtual cash for real world money.In studying the results, the researchers found that players that had more money than others, and knew it, tended to be less cooperative—hoarding their money for a big payoff when the game ended. Such players often also benefited from donations given by other players more willing to cooperate by giving to everyone. On the other hand, when players had more virtual money than others, but did not know it, they tended to be just as generous as those that had less money. Thus, the researchers concluded, it was the knowledge of having more wealth that caused those with more money to be more stingy.How the game relates to real life is of course, a matter of conjecture—the researchers suggest that because game players knew they were going to get real money as a payoff at that end, it meant they behaved in a real way, but at the same time acknowledge that when setting up such an experiment there is going to be trade-offs. In this case, that meant taking education level, race and other such factors out of the equation, allowing for measuring only cooperation degree when known inequality existed. More information: Inequality and visibility of wealth in experimental social networks, Nature (2015) DOI: 10.1038/nature15392AbstractHumans prefer relatively equal distributions of resources, yet societies have varying degrees of economic inequality6. To investigate some of the possible determinants and consequences of inequality, here we perform experiments involving a networked public goods game in which subjects interact and gain or lose wealth. Subjects (n = 1,462) were randomly assigned to have higher or lower initial endowments, and were embedded within social networks with three levels of economic inequality (Gini coefficient = 0.0, 0.2, and 0.4). In addition, we manipulated the visibility of the wealth of network neighbours. We show that wealth visibility facilitates the downstream consequences of initial inequality—in initially more unequal situations, wealth visibility leads to greater inequality than when wealth is invisible. This result reflects a heterogeneous response to visibility in richer versus poorer subjects. We also find that making wealth visible has adverse welfare consequences, yielding lower levels of overall cooperation, inter-connectedness, and wealth. High initial levels of economic inequality alone, however, have relatively few deleterious welfare effects.Press release Gamers who buy advantages are respected less by other players Citation: Study results suggest people are less cooperative in unequal societies when wealth inequality is evident (2015, September 10) retrieved 18 August 2019 from https://phys.org/news/2015-09-results-people-cooperative-unequal-societies.html This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.