By Bernadette H. Carreon
Horizon news staff

The Pacific Savings Bank receiver filed a Civil Action suit against Delegate Mario Gulibert to claim an amount of over $900,000 for unpaid loans the lawmaker acquired from the defunct bank.
Based on Civil Action No.07-035, the PSB receiver in seeking a judgment in the amount of $974,527.49 from Gulibert , his five children and their guardians for unpaid loans plus interest as of January 18,2007.
According to the complaint, commencing on or about Jan. 2, 2002 until on or about May 26, 2005, Gulibert received several payments from the PSB in the form of loans.
The first loan Gulibert allegedly made was Loan No. 03-6702 with a principal amount of $498,171. 52 which carries an interest rate of 12 percent.
The complaint said that Loan No. 03-6792 appears to be a consolidated loan for two other loans which are No. 3-1770 in the amount of $38,798.72 and No. 3-4739 in the amount of $459,372.80.
Loan No. 03-6792 required monthly payments of $5,485.30 to begin on Feb. 1, 2002 through Sept. 19,2021.
The complaint said that some payments have been reportedly made towards the balance, but it does not approach the $5,485.30 monthly figure.
Instead the payments allegedly made by the defendant from Jan. 2002 through May 2005 period are for $100 per month with no monthly payment exceeding $1,100.
The loan required immediate payment and that on or about April 6, 2005, Gulibert reportedly executed another loan agreement with PSB, in the agreement he promised to pay the principal amount of $743,752.23 plus 12 percent simple interest.
The day before Gulibert signed the loan document, bank computer records indicate that Gulibert balance was $743,752.23.
However, Gulibert has made less than $12,000 in payments.
Then another loan agreement was executed for the principal amount of $824,918.24 dated May 26,2005 carrying a 12 percent interest rate, the complaint said although Gulibert did not sign the agreement , he signed a Trust Deed-Leasehold Interest as security for loan.
Under the deed of trust, Gulibert used a real estate property in Koror as security for his loan.
However, the complaint said that since May 26,2005, Gulibert has made less than $12,00 in payments toward the loan.
The complaint also stated that after PSB was put into receiver on Nov.7, 2006, Gulibert executed a deed of transfer for four properties to Angaur to five of his children.
The complaint said, "Mario Gulibert’s deed of transfer is part of an effort to shield his assets from evade, hinder put assets beyond the scope of defraud and or delay his creditors."
The complaint is also seeking judgment against Gulibert and his children to void and rescind the deed of transfer.
The receiver has also sought a permanent injunction against Gulibert prohibiting him from "waste impairment, lease, granting of use rights to, encumbrance and alienation of the properties without the consent of the plaintiff."
Assistant Attorney General Christopher L. Hale who handled the case said that " the lawsuit is designed to recover money from the bank as well as to thwart an attempt to frustrate loan collection."
He added, "other than that, the civil action has just begun and it would therefore be improper to comment further."