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CBL Governor To Testify In Court “C” Thursday
Date Uploaded: Mar 31, 2017

Temple Of Justice

 

CBL Governor To Testify In Court “C” Thursday

By Ballah M. Kollie

MONROVIA, March 29 (LINA) – Criminal Court “C” Judge Yamie Quiqui Gbeisay Wednesday granted prosecution’s request to subpoena Central Bank of Liberia (CBL) Executive Governor Milton A. Weeks to testify to the bank’s policy on commercial banks in the country.

According to prosecution’s submission, Governor Weeks will primarily focus on the CBL policy on how the originals of customers’ checks are managed and how long they are to keep them in their storage.

The subpoena was triggered by the disappearance of the originals of the June 23 and August 31, 2010 checks belonging to Cllr. H. Varney Sherman and

his Sherman and Sherman Law firm.

While on the witness stand, International Bank headquarters Branch Manager Edwin Kamanda revealed that since June 1, 2010 the bank has reserved all originals of transacted or processed checks.

He further said as a policy of the bank, customers’ documents are disposed of after five years, an assertion to which the CBL Governor is expected to testify as to its policy on commercial banks and the duration for the safe-keeping of customers’ documents before they are destroyed.

Following the issuance of a subpoena on IB in January this year in which the bank was requested to produce the account statement of Cllr. Sherman and his Sherman and Sherman Incorporated, the bank has produced nearly 90 percent of the subject documents, leaving out the two missing checks.

It can be recalled that the June 25 account statement which was supposedly packaged in the same folder with the June 23 check, was turned over to the court in January this year.

The bank insisted that while the checks cannot be found, the bank statement is a substitute as it constitutes the recording of all transactions covering the concerned period.

Meanwhile, Governor Weeks is expected to appear in court on Thursday afternoon with CBL policy on commercial banks and to also testify on such policy.

LINA BMK/TSS/PTK

 

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