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Court Fines LBDI U$300 For Delayed Response
Date Uploaded: Jan 05, 2017

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Court Fines LBDI U$300 For Delayed Response
By Ballah M. Kollie

MONROVIA, January 4 (LINA) - For failing to adhere to a 72-hour deadline of Criminal Court “C”, the management of the Liberia Bank for Development and Investment (LBDI) has been fined US$300 payable within 24 hours.

The decision reached on Wednesday, January 4, grew out of the case in which state prosecutors through the court subpoenaed eight commercial banks to produce the bank statements of individuals indicted in the Sable Mining alleged bribery case.

Following the filling of the subpoena on December 22, all the other banks complied with the exception of LBDI.

The motion for the subpoena was contested by the legal team of co-defendant Varney Sherman and the Sherman and Sherman Law Firm.
Varney Sherman, Sherman and Sherman Incorporated, former Speaker of the House of Representative J. Alex Tyler, E. C .B. Jones, Christopher Onanuga and the UK-based Sable Mining are being tried by the Government of Liberia for allegedly giving and receiving bribe in the tone of U$950,000 to change the public procurement law of Liberia.

The change was intended to grant Sable Mining company access to the iron ore rich Wologizi Mountain.

The motion was heard on December 22, denied and the banks ordered by Criminal Court “C” Judge Yamie Gbeisay to, in 72 hours beginning December 23, turn over the requested document to the Clerk of Court.

In his ruling, Judge Gbeisay observed that LBDI did not give any justifiable reason why it did not meet up with the court’s deadline, adding, “This is not my first experience with this bank in disobeying court order.”

The bank Wednesday submitted the requested document but was slapped with the fine for submitting the document late and to also serve as a deterrent to would-be violators.

According to the ruling, unless the statutory period for payment is keenly observed, the president or any other manager- in- charge will be detained at the Monrovia Central Prison while the management complies with the court order.
LINA BMK/TSS/PTK

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