Insurance Company Defends Parker’s Bond

0
773
Matilda Parker1.jpg

Immediately after government asked Criminal Court ‘C’ to dismiss Family Dollar Universal Insurance’s US$1.2 million bond, arguing it does not have the assets and legal requirements under the law to do so, the company yesterday appeared before the court and provided enough clarity on the matter.
The bond was intended to prevent the court from ordering the imprisonment of two of their clients, suspended National Port Authority (NPA) managing director, Matilda Parker and her Comptroller, Christina Kpabar-Paelay, both of whom are accused of stealing US$837,950 from the NPA.
Most importantly, Judge Peter Gbeneweleh was the same person, who received and approved of the bond, with the power vested in him to decide whether or not it is defective as being alleged by government.
Interestingly, the Judge yesterday postponed further hearing of the matter until today, at which time, the insurance company witness, George Gbormai, would be cross examined by state lawyers.
Prior to Judge Gbeneweleh’s decision, George Gbormai, an executive of the insurance company, who provided justification of their bond, openly told the court that government allegation was far beyond the truth.
Gbormai who is the underwriting manager of the insurance company alleged that they met all legal requirements to do bond business throughout the country as prescribed under the Act creating the Central Bank of Liberia (CBL).
“For a company to operate as a surety in this country, that institution must have met all requirements set-up by the CBL and we did so,” the underwriting manager explained further.
He said after they met the requirements on March 30, 2014, CBL issued a certificate to the company, thereby giving them the legal rights to do bond business.
“We provided US$400,000 and L$350,000 properties value before we were licensed by the CBL,” wondering, “So where does government get their information that we are not legally qualify to do such business.”
Mr. Gbormai contended further that they also paid additional US$750,000 worth of assets to ensure that defendants’ day to day appearance wherever they are needed by the court was secured through them.
He alleged that his company presented it tax clearance for the month of June, while submitting the bond to the court, making it legitimate to file any bond for individual that would approach them to do so.
Dispelling government claims that their company has filed several bonds valued over US$10 million for other defendants, besides the challenged one, which they contended disqualifying them from filing anything for the two suspended NPA executives, Gbormai strongly responded, “it is false and misleading.”
“How could we do so, when the CBL gave us the authority to operate in 2014?” he rhetorically asked.

Authors

LEAVE A REPLY

Please enter your comment!
Please enter your name here