Labenense Businessman Haddad Released on More than US$1 Million Bail

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Mr. George Haddad.jpg
Mr. George Haddad

A Lebanese businessman and owner of Bridgeway Corporation, George Haddad,who was charged with multiple crimes including theft of property by deception and misappropriation of entrusted property on Monday February 22, arrived at Criminal Court’C’ at the Temple of Justice for his arraignment. He will remain free on US$1,333,645 million bail, pending trial.

Haddad, who was dressed in a light blue shirt and a blue pair of trousers, surrendered immediately after the court issued a writ of ne exeat republica, a request from the court to restrain a person from leaving the jurisdiction of the court pending an action.

Haddad was Charged along with Prof. Dew Tuan Wleh Mayson, Patricia F. Fahnbulleh, Cape Maritime and Bridgeway Corporation, for a second-degree felony in relation to a 2008 and 2019 alleged misappropriation of US$891,641.57 secured as a loan agreement with CIL Risk & Asset Management Limited, (CRAM) a Nigerian Investment and fund management company, an associate company of Mutual Benefits Assurance PLC, the parent company of Mutual Benefits Assurance Company, Liberia.

CRAM allegedly entered into the loan agreement with DAS Holding Inc. owned by Haddad and Mayson, which CRAM’s Group Chairman:Dr. Akin Ogunbiyi, a Nigerian national, is opting for restitution and other legal fees. 

The Memorandum of Understanding (MoU) between CRAM and DAS reached the court after CRAM claimed that DAS failed to make full disclosure as to the profit generated from an investment of US$200,000 and refund of the additional operational expense by CRAM.

CRAM claimed that on June 3, 2008, they entered into a Memoradum of Understanding MoU with DAS to secure the contract to supply the commondities that include (rice, sugar cement among others) on the local market.

They agreed that fund realized from the sale of the commodities should be disbursed on the following basis: Repayment of cost of goods and loans to CRAM; disbursement of expenses account, and distribution of profits between DAS and CRAM at the percentage rate of 65percent and 35 percent representively.

And, it was based upon the agreement that CRAM made available to DAS Holding Inc that amount of US$253,100 representing the following: US$200,000 as advanced payment in July 1,2008, through the management of Mutual Benefits Assurance Company Liberia at Ecobank Liberia Limited under the captioned, ‘Collapse of time Deposit Investment’ 

Later, CRAM claimed that for them to import the first consignment of cement to Liberia as agreed upon, CRAM incurred additional expenses totaling Naira 12 million or its equivalent of US$53,100.

The court records claim that DAS failed to account for the amount from July 1, 2008 to January 31, 2021, and a ten (10) per annum was accrued totaling US$638,541.57 thus making the total amount to be US$891,641.57.

However, Haddad said he had no comment on his way in and out of court as he was arraigned on these charges punishable by five to 10 years behind bars and an ungspecified amount of fine.

Meanwhile, a close confidant of Haddad said Haddad was aware of the transaction with DAS and CRAM.

The source also claimed that Haddad holds ten percent in the DAS Holding Inc, but said Haddad did not benefit from the sale of the consignment.

The source further explained that it was the Government that seized and subsequently sold the consignment, but said the goods was stored in a warehouse prior to government’s confiscation.

2 COMMENTS

  1. Lebanese Economy is a “Wreck”

     

    It’s ironic that as Liberians, we place our economy in the hands of the Lebanese while their economy in Lebanon is a wreck. Too bad, we don’t seem to muster the “know-how” to run our own economy and resources while people from all over the world “flock” to Liberia to “take advantage” of the opportunities “we have but cannot see”  

     https://www.aljazeera.com/news/2021/4/12/infographic-how-much-do-everyday-items-costs-in-lebanon

    Infographic: How much do basic necessities cost in Lebanon?
    An economic crash has driven nearly half of Lebanon’s six million people into poverty.

    By 

    Mohammed Hussein

    12 Apr 2021

    Lebanon is suffering from its worst economic crisis in 30 years. Across the country, tens of thousands of people have lost their jobs and millions more struggle to buy basic necessities – all amid the continuing coronavirus pandemic.

    The crisis has caused the value of the Lebanese pound – or lira – to plummet to record lows. Lebanon imports about 80 percent of the goods it consumes, so a weak lira has had a serious effect on people’s purchasing power. Food items today cost about five times more than they did in 2019.

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