By Dyujay Jackson
Civil Law Court ’A’ Judge Kennedy Peabody has rule granting a motion for enlargement of time pray for by 14 insurance companies in Liberia.
Judge Kennedy Peabody however gave the FIU and the CBL ten days to filed it’s answer to the petitioners petition for enlargement of time.
The insurance companies according to our judicial correspondent petition the court for a judicial review against the Central Bank of Liberia and the Financial Intelligence Unit .
In their petition the institutions alleged among other things that the CBL and the FIU fined them arbitrarily in the amount of $1.5 million Liberian Dollars each.
These institutions through their managing directors revealed that the bank and the FIU fined is due to their alleged failure to file cash transaction report (CTR ) and suspicious transaction report (STR) since their establishment and especially after December 2019 to 2022.
Those insurance company fined are Sky insurance, Secure Risk ,Sunu assurances ,Saar insurance, Palm insurance, Medicare insurance, others are Mutual benefits assurance, Insurance company of Africa, Blue Cross insurance, Accident and Casualty insurance, American Underwrite group , accident and general life insurance, Activa International insurance, and the Liberia insurance Association companies.
The respondent also alleged that they were not given due process at the time of the hearing leading to the imposition of fines.
But judge Peabody in his ruling Tuesday said that for transparency and fair play and that the petitioners have filed their actions seeking judicial review is in itself a justification for the court to grant the motion for enlargement of time.
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