Following International Bank’s (IBank) contention that it took the decision to destroy two of several checks belonging to co-defendant Varney Sherman due to a Central of Bank of
Liberia (CBL) regulation, the CBL will appear at Criminal Court ‘C’ today to testify about the credibility of that statement.
CBL is also expected to explain whether or not IBank’s contention is part of the CBL’s regulation.
CBL’s appearance is based on a request by state lawyers to have the bank explain its regulations for commercial banks on the storage of customers’ processed checks.
International Bank had earlier testified that the regulation gives it authority to destroy any of its customers’ banking information, including checks processed and stored, after five years.
Co-defendant Sherman’s checks are dated June 25 and August 31, 2010, in the amount of US$50,000 and US$200,000 respectively.
IBank said due to that regulation they were able to destroy the two checks, although several other checks from the same period (June and August 2010) processed for Sherman have been turned over to the prosecution.
The prosecution claimed that IBank, through Sherman’s account, made the two check payments to co-defendant Richard Tolbert, former National Investment Commission chairman, to support the campaign activities of the ruling Unity Party (UP), where Sherman served as chairman.
It is alleged that the payment was intended for the passage of Public Procurement Concession Commission (PPCC) Act that was before the legislature to award Wologizi Mountain, in Lofa County, to Sable Mining, a UK based mining company, without the company going through any competitive bidding process, according to state lawyers.