In L$16B Case: Gov’t Questions Insurance Company Financial Standing

Alphonso Toweh
Read Time:2 Minute, 32 Second

R Joyclyn Wea

The Government of Liberia through its team of prosecutors wants the Judge of Criminal Court “C” set aside the ‘Bail Bond’ of three of the recent indicted Board Members of the Central Bank of Liberia until sufficient security is provided by the surety Accident and Casualty Insurance Company (ACCICO).

David Farhat, Elsie Dossen, and Kollie Tamba were among the recent CBL Board of Governors indicted by the state in connection with the missing Liberian dollar bank notes.

The State indicated that a bail bond in a case of economic sabotage should commensurate with the amount charged in the indictment hence, “I order for the bail bond to be sufficient, it must be in the amount of money charged in the indictment guarantee with sufficient security to uphold the obligation contained therein,” prosecution said.

Prosecution maintains that there is no reinsurance cover note attached to the co-defendants bond to lend any support to the sufficiency of the bond or to further enhance the ability of the surety to underwrite the value of said bond.

Prosecution further stated that under the statute of the Republic of Liberia, bail bond must have a security for the fulfillment of the condition of the bond which is allegedly lacking in said bond.

“In the instance case, the bail bond posted in favor of co-defendants David M. Farhat, Elsie Dossen Badio, and Kollie Tamba is utterly defective for it lacks sufficient security that will guarantee the fulfillment of the conditions of said bond, contrary to the affidavit of surety tendered by the surety.

Prosecution emphasizes that Accident and Casualty Insurance Company (ACCICO), as surety has filed numerous bail bonds to secure the release of many party defendants amounting to USD$1,805,433.10 and which cases are still pending before other courts. Therefore, the surety has the obligation to show asset to commensurate with the encumbrance it already has in those pending cases, plus additional assets to qualify as surety in the present case.

The co-defendants surety ACCICO has not shown any asset or assets sufficient to cover the obligation it has undertaken in the instant case, neither has it shown assets sufficient to cover the other bonds to which it is already serving as surety exclusive of the current bond filed in this case.

There is no statement of account attach to the bail bond filed by surety evidencing the capacity of ACCICO’s ability to underwrite obligation under the bail bond.

Had ACCICO attach bank statement to the bond, it would have put prosecution or the court in a better position to make determination as to whether or not the corporation has a good financial standing to underwrite the amount of 2.6 billion as contained in the indictment in the event that the defendants are unable to live up to the terms and conditions of the bond.

Accordingly; the Court on Wednesday, June 24, 2020 denied government plea and grants the surety ACCICO right to stand for the three indictees. TNR

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About Post Author

Alphonso Toweh

Alphonso Toweh Alphonso has  been in the profession for over twenty years. He has worked for many international media outlets including: West Africa Magazine, Africa Week Magazine, African Observer and did occasional reporting for CNN, BBC World Service, Sunday Times, NPR, Radio Deutchewells, Radio Netherlands. He is the current correspondent for Reuters. Mr. Toweh holds first MA with honors in International Relations and a candidate for second master in International Peace studies and Conflict Resolution.
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