By Garmah Never Lomo, garmahlomo@gmail.com
TEMPLE OF JUSTICE, Monrovia- A prominent Lebanese businessman in Liberia, George Haddad and two others have been dragged to court on multiple charges, ranging from theft of property in the tune of US$891,641.57.
The charges have been filed by CIL. Risk and Asset Management Limited (CRAM) represented by its group chairman, Dr. Akin Ogunbiyi.
Haddad, owner of the Bridgeway Company and Prestige Motors in Monrovia; and others were indicated on multiple crimes–Theft of property by Deception, Misapplication of entrusted property Criminal Conspiracy and Criminal facilitation by the Grand Jury of Montserrado County
Mr. Haddad was summoned on Monday, February 22,2021and brought under the jurisdiction of the court, with the case being transferred to Criminal Court C from Criminal Court A.
George Haddad, Professor Dew Tuan Wleh Mayson, Patricia F. Fahnbulleh and Cape Maritime by and thru its manager, Bridgeway Corporation by and thru its manager.
Count one of the indictment states during the period 2008 up to and including 2019, Co-defendant Das Holding Inc. represented by Prof. Dew Tuan Wleh Mayson and George Haddad and the private Prosecutor, CIL Risk management limited, a Nigerian investment and fund management company and associate company of Mutual Benefits Assurance company, Liberia. It was represented by its Group manager Dr. Akin Ogunbiyi entered into a memorandum of Agreement, Das was responsible to secure the contract of supply for the commodities including rice, sugar, cement among others.
To secure appropriate permits from the government of Liberia, and all other statutory bodies; received and clear consignments from the port of Liberia; market and distribute the products ensure that sales proceeds are paid into receiving bank account before goods are delivered set up an appropriate accounting and control process to manage the sales and distribution of products; set up an expense account to cater for the day to day running of the venture; keep accurate records of all transactions, correspondences etc. involving the business and to ensure that CRAM have un-impeded access to all accounting records 3.1f and record 3.1i.
Count two Under section 3.2a-d of the memorandum of Agreement, the private prosecutrix, CIL Risk management limited was responsible to provide funds required for financing the project. It was determined according to the estimate cost; provide a supervising officer which shall ensure that the daily operation report prepared by DAS is accurate and agrees with underlying records; set up a receiving bank account for the proceeds of sales and DAS shall ensure that all proceeds are paid into the designated accounts, same day or latest at the opening of the next business day.
Funds from this account will be disbursed on the following basis (I) repayment of cost of goods and loans to CRAM (ii) disbursement of expense account and (iii) distribution of profits between DSA and CRAM at the percentage rate of 65% and 35% respectively.
The court record also says based on the aforesaid memorandum of Agreement, the private prosecutrix CRAM made available to DAS Holding Inc. US$253,100.00 representing the following US$ 200,000.00 as advance payment through a July 1,2008 communication from the management of Mutual Benefits Assurance Inc, an associate company of CRAM to the managing Director of Ecobank Liberia LTD under the Caption Collapse of time deposit Investigation into the Ecobank account of DAS Holding Inc with account #11210014032017 as per Ecobank credit advice of July 3,2008.
This transferred amount was advanced to augment the cost of importing the first consignments of cement to Liberia as agreed upon by the parties; and additional expenses incurred totaling Naira 12m or its equivalent US$53,100.00 which was brought to the notice of CRAM via a July 2008 letter.
Meanwhile, Judge Blamo Dixon reviewed the bail bond filed by the defendant George Haddad and has approved it, which is one-half of the physical established account of bail.