Governor of West Virginia sues bank with the latest twist for his business

Charleston, West Virginia (AP) — West Virginia Governor Jim Justice and his company are suing another bank lender.

Republican Governor’s coal and hospitality business filed a lawsuit against Virginia-based Carter Bank and Trust on Monday over allegations of fraud. I personally have the remaining $ 368 million in loan debt.

Proceedings news, Justice said on Tuesday Personal Guarantee of $ 700 Million Loans Taken by his coal company from a bankrupt British lender.

Republican governor shot a bankruptcy of Greensill Capital UK on Tuesday, saying “this is an incredible burden for our family.” I sued Mr. Greensil in court.

Justice’s business faces several other issues, including a total of $ 3.2 million in fines from the federal government and a proceeding against allegations that his company was unable to supply coal.

In a recent lawsuit, Justice’s company is seeking $ 421 million in damages from Carter Bank for fraud. Justice is after the death of bank founder Worth Carter in 2017. Says that close business relationships have collapsed dramatically. West Virginia Metro News report About the proceedings.

Court documents call Carter the “legend of the bank,” and Justice and he were so intimate that he made an eueueu remark at the funeral. For nearly 16 years, Justice’s companies have been 770,500 from lenders. We have obtained over $ 10,000 in loans and have repaid $ 407 million so far.

However, Justice claims that the new leader who took over Carter Bank was hostile after his death. According to the complaint, banking officials extended loan payments related to the decline of his coal business. It is said that the handshake contract regarding the loan was canceled. Instead of writing on paper, the complaint ignored follow-up communications from Justice’s business and forced them into “repressive” loan terms.

“The mutually beneficial and trust-backed relationship with the late Worth Carter, helping the judiciary survive difficult times, was unexpectedly replaced by the cold silence of the new Carter Bank.” The document states.

In early October 2017, the bank stated that the loan was in default and demanded a repayment of approximately $ 268 million within 10 days, instead of an orally agreed extension of repayment, according to court documents. ..

A day later, the bank repeatedly proposed unwilling changes to lending terms, but plaintiffs said they “have had to comply.”

The proceedings have accused new bank leaders Ritz van Dyck and Philis Carabatakis of “dragging a rug of trust and confidence from under the judiciary.” The proceedings also alleged some other cases of “malicious” practice.

A spokeswoman for the bank did not immediately return an email asking for comment.

Faced with a question about debt to Greensill at a press conference on Tuesday, Justice briefly hinted at a personal guarantee of a loan held by Carter Bank and Trust.

“I personally guaranteed the loan. Whenever the loan flowed from Carter Bank to another bank via Greensil, it was personally guaranteed. It has been so for a very long time. It was, “he said.

Governor of West Virginia sues bank with the latest twist for his business

Source link Governor of West Virginia sues bank with the latest twist for his business

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