The Underwriting Manager of the Family Dollar Universal Insurance Service (FDUIS) has confirmed meeting all the necessary requirements set up by the Central Bank of Liberia (CBL) to stand as surety for the suspended Managing Director of the National Port Authority (NPA) and her Comptroller.
The Liberian government recently indicted Miss Matilda Parker, Christiania KpabarPaelay, along with Deneah M. Flomo on multiple crimes including economic sabotage, theft of property and criminal conspiracy.
Justifying the US$1.2 million criminal appearance bond filed on behalf of the two defendants during the direct-examination yesterday, George S. Gbormoi told the court that for an insurance company to operate in Liberia and also serve as a surety to file a bond for a defendant, must meet the requirements set up by the CBL.
Witness Gbormoi said the first thing must be a certificate from the CBL, which copy was displayed before the court and issued to the FDUIS by the CBL on March 30, 2014 to serve as a composite insurance company in Liberia by an Act of 1999 of the CBL.
The defense witness justified that since CBL has the mandate to regulate all insurance companies operating in Liberia, by evidence of the certificate, gives them authority to issue the bond on behalf of Miss Parker and her Comptroller, Paelay.
Witness Gbormoi described FDUIS as a bonafide and legal insurance company in Liberia, which has met the requirement of US$400,000 in cash and US$350,000 in property in order to obtain a license from the CBL as well as US$750, 000 for reinsurance as required by law.
He assured the court that his company will always produce the living bodies of the defendants whenever they are needed; while the witness is expected to face the cross-examination from the prosecution today at about 2 p.m.
Last week, state prosecutors filed their exception to the bail bond, challenging its validity that the bond was defective and grossly insufficient.