Court Sustains Insurance Co. US$750,000 Asset

The Judge of Criminal Court “C” at the Temple of Justice in Monrovia yesterday, sustained an objection filed by lawyers representing the suspended Managing Director of the National Port Authority (NPA) and her Comptroller that the US$750,000 reinsurance is an asset, which qualified Family Dollars Universal Insurance Services (FDUIS) to serve as surety for the two defendants.

The Presiding Judge, Peter W. Gbeneweleh, who defines asset as any item that has an economic value, ruled that Family Dollars Universal Insurance Services (FDUIS) cover note which contained 70% quota share subject to a maximum of US$525, 000 assets has an economic value to stand as surety for Matilda Parker and Christiania Kpabar Paelay.

Following the marking of FDUIS’s Article of Incorporation, Certificate of Business Registration, Tax Clearance, Central Bank of Liberia (CBL) Certificate as well as the Ministry of Transport Certificate into evidence to form cogent part of the proceeding, prosecutors raised an issue that the insurance company does not have the asset to commensurate the amount charged in the indictment.

But one of the FDUIS Executives, George S. Gbormoi, who testified as surety for the insurance company, told the cross-examination that the taxes paid to the Liberian Government served as testimony that his company was in good standing to file bonds in Liberia.

Responding to a question of how FDUIS paid its taxes to the Government of Liberia, witness Gbormoi said that taxes were paid at the end of every month.

The cross-examination continues today with the witness on the stand.