A defense witness has said the US$1.2 million criminal appearance bail bond filed as surety for suspended Managing Director of the National Port Authority (NPA), Matilda W. Parker and two others has met all legal requirements set by the Central Bank of Liberia.
The Underwriting Manager of the Family Dollar Universal Insurance Service Inc., George Gbormoi, further said for any registered insurance company in Liberia to operate as surety it must meet the requirements set by CBL.
He added that a certificate was issued by CBL to Family Dollar dated March 30, 2014 to serve as composite insurance company in Liberia by the Act of 1999 of CBL.
Suspended Parker and two others were indicted this year for alleged economic sabotage, theft of property and criminal conspiracy.
The others are NPA Comptroller Christina Kpabar Paelay and the Chief Executive Officer of Denmar Enterprise, Deneah M. Flomo for allegedly robbing government of US$837,950.
Prosecution lawyers have challenged the validity of the US$1.2 million criminal appearance bond filed on behalf of the suspended NPA Managing Director and her Comptroller by Family Dollar Universal Insurance Service.
In her argument, Solicitor General Betty Blamo argued that an insurance company standing as surety of a defendant must have evidence of assets to commensurate with the amount charged in the writ of arrest or in the indictment.
Cllr. Blamo contended that the company has not shown any evidence or any legal authority that it possesses assets within the Republic of Liberia sufficient enough to cover the obligation being undertaken.
She noted that there was no statement of account attached evidencing the insurance firm’s ability to underwrite its obligation under said bail bond. “There is also no evidence of any other assets of FDUIS,” Cllr. Blamo said.
Cllr. Blamo further indicated that the insurance firm had filed numerous bail bonds to secure the release of many defendants, amounting to over US$5 million plus L$3 million and that these cases are still pending before other courts in Liberia.
But defence lawyers requested the court to grant the criminal appearance bond filed by defendants Parker and others.
Meanwhile trial continues at the Criminal Court “C” Wednesday