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Ex-LBDI Employee Detained For “Stealing” US$399.2k
Date Uploaded: Jan 24, 2017

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Ex-LBDI Employee Detained For “Stealing” US$399.2k
By Comfort M. Johnson

MONROVIA, January 22 (LINA) – A former employee of the Liberia Bank for Development and Investment (LBDI), Philip Chea, has been detained for allegedly stealing US$399,231.21 form the bank’s accounts.

Defendant Chea was on January 15 arrested by Police based upon a complaint filed by the Vice President of Audit and Compliance of LBDI, Mr. Francis Jomah, in which he alleged that while the defendant served as Officer in-Charge of Credit and Administration, he used a fraudulent loan scheme to steal US$399,231.21 from
the bank.

According to the Police charge sheet, between January 2014 and January 2017 the defendant used his assigned ID card to give out eight separate loans from the bank’s account totaling US$399,231.21 and single-handedly used another user ID card to authorize the payments.

The defendant was on Friday arraigned before the Monrovia City Court to answer to the charges of criminal conspiracy, criminal facilitation, misapplication of entrusted property, theft of property and money laundering brought against him.

According to the police charge sheet, the defendant intentionally used his position as credit administrator to steal from the bank’s account, adding that the defendant also conspired and colluded with co-defendant Jeff Kersiah, also an employee of the bank, who is at large, to open an account at the Bushrod Island LBDI branch with an initial deposit of US$25 on January 11 for the sole purpose of concealing money stolen from the bank.

The Police charge sheet asserted that on January 13, the defendant loaned out money to his cohort, co-defendant Kersiah, in an amount totaling US$5,938 and criminally authorized the payment.

It added that on January 14, the defendant deposited into the account of co-defendant Kersiah US$3,200 at the LBDI Paynesville branch as proceeds received from the loan transaction.

During Police investigation, he denied the allegation levied against him, but the investigation thought it wise to charge defendant Chea, Kersiah and cohorts who are at large with criminal conspiracy, criminal facilitation, misapplication of entrusted property, theft of property, and money laundering.

No date has been set for the trial.
LINA CMJ/TSS/PTK

 

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