MOTC Clarifies Ducor Petroleum Ownership, Rejects US$3M Deposit At LBDI
The Monrovia Oil Trading Company (MOTC), a legally registered company under the Liberian laws has publicly clarified assertion by Amos Brosius’ campaign to defame the company and probably the Chief Judge of the Commercial Court of Liberia, and the Liberia Judiciary.
The MOTC in a press statement, expressed that it is disappointed by the persistent and long-running media reports that distort and misrepresentation of ownership of and control of the Ducor Petroleum.
The Company said it considers it as an apparently deliberate and purposeful misinformation campaign against the company’s ownership of the Ducor as well as the current litigation at the Commercial Court between it and Mr. Brosius.
The Company narrated that it formed and owned Ducor as it subsidiary and this fact is borne out by the registration records of Ducor which admitted to by Brosius in his testimony at the Commercial Court.
The Company further clarified that it hired Mr. Brosius to run Ducor as its Manager on specific written terms and conditions among which are offering 10% shares with the balance 90% held and retained by the MOTC, and paying him compensation consisting of defined base monthly sales made by Ducor presumably through his efforts.
MOTC said as 90% shareholder of Ducor, it filed a Petition for Accounting against Mr. Brosius when he could not account for significant funds for Ducor and that he was subsequently removed by the Board of Directors and shareholders of the company.
The Company than requested the Court to have him do what every agent/officer of corporation is obliged to do and that was to account for his stewardship of the company. The MOTC explained that it has legal title over Ducor and its accounts at all limes upon its registration up to the filing of the Petition before the Commercial Court and even after the case was filed but the managerial/operational control wa delegated to Mr. Brosius until their discovery of irregularities and the operational control was returned to MOTC and this was based on the agreement between Mr. Brosius and the MOTC as reflected in the Bank opening forms and signature mandate on the file of LBDI.
The MOTC stated that Mr. Brosius and it, as parties in the uit, never agreed that the Ducor account be closed or frozen and so Judge Eva Mappy Morgan’s order concerning the account asked that it be frozen, and that no operation would take place without the court’s order.
The company said this order was neither an agreement of the parties nor the result of any preliminary injunction prayed for by Mr. Brosius and for which he had provided an appropriate bond.
“The Court conceded the merit of MOTC’s case and Judge Mappy Morgan’s order was appropriately modified, with the mutual agreement of the parties that the amount of US$212,704.3 representing the combined value of some checks deposited in the account be escrowed at Afriland Bank in order not to be used unilaterally by MOTC,” the company testified.
The company dispelled notions that Ducor’s account is a corporate account and not a personal account noting that, “References in the media reports and Mr. Brosius assertion of MOTC’s operating his account is therefore wholly unfortunate,”