Sky Insurance in Trouble Over US$3.5m Bond


Sky Insurance Company, one of several companies authorized to bail people out of jail, has fallen in trouble to the tone of US$3.5 million after seven of the ten persons whose bond it secured failed to show up in court for their case yesterday at the Temple of Justice.
The defendants were former employees of the First International Bank (FIB) arrested in 2013 and charged with multiple crimes for their involvement in the disappearance of US$1.2m from the bank.

The company took the initiative to surrender properties worth over US$3.5 million as a surety to release them from jail so that they would be allowed to appear each time they are required in court.
To the disbelief of the court and the prosecution at yesterday’s hearing, when Judge Peter Gbeneweleh called the case, none of seven defendants were physically in court.

Cllr. Milton Taylor, representing the company and without any written communication, begged the court to give them up to tomorrow Wednesday to bring the defendants to court.
Cllr. Taylor also asked the court to include the remaining three defendants, whom he claimed did not file any bond and at the same time are not behind bars.

After hours of argument, Judge Gbeneweleh in his ruling granted the request and issued a writ of contempt for the company to show reason, if any, why it failed to appear in court along with the co-defendants.
He also ordered the court to issue a notice of assignment to be served on all the legal counsels representing the defendants.
Credible information gathered by the Daily Observer had it that many of the defendants bailed out of jail have fled the country.

According to legal experts, if that is the case where the defendants are reportedly on the run, the company will be held liable to pay the US$1.2m plus any additional expense.
“Since the money in question is US$1.2m and if the defendants fail to appear on Wednesday, or are not brought in within the time allowed, the company would have to pay the US$1.2m plus any fees incurred including court charges,” the legal experts added.


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