Ecobank Liberia Limited, one of two banking institutions charged by the government for their alleged role played in the misapplication of US$5,062,419.10, on Monday, June 22 surrendered to the jurisdiction of Criminal Court ‘C’ at the Temple of Justice, where the bank is expected to be tried on various charges that include economic sabotage.
The bank came under the court’s authority with a condition. They were indicted on June 2, 2020, by the Grand Jury of Montserrado County stationed at another court, the Criminal Court ‘A’, of duping two Czech Republic brothers, Pavel and Martin Miloschewsky, who had transferred US$5,062,419.10 in both cash and equipment to the country through Senate Secretary Nanborlor Singbeh for the establishment of MHM Eko-Liberia, a rock crushing company. Singbeh, the indictment alleges, convinced the Miloschewsky brothers, who later transferred the amount US$2,495,109 to Singbeh’s bogus and purported accounts at the Ecobank, and US$102,000 to Afriland First Bank.
However, the bank in its conditional application, argued that the court should grant them leave to appear before it without filing a bail… on its personal recognizance, consistent with provision of the law.
In defense of their argument that is subject to challenge by the government, the bank further argued that it is a banking institution licensed and regulated by the Central Bank of Liberia (CBL), and hence there is absolutely no possibility that it (bank)) is going to leave or attempt to leave the bailiwick of the Republic of Liberia. Accordingly, the bank said, there is no need for it to post an appearance bond because, “as Liberia largest bank and financial institution … our appearance at and during the case out of which this request grows is certain at all times.”
Therefore, the bank pleads “that even though it is not necessary, this Honorable Court may however, require the Central Bank of Liberia, which is the regulatory agency for the bank and other financial institutions operating within the Republic of Liberia, to ensure that until it (bank) is tried and at the conclusion of said trial, it (bank) is absolved of the charges contained in the indictment.” Ecobank added: “the bank shall at all times remain or have a presence in Liberia.”
The indictment against Ecobank grew from an investigative report conducted by the Liberia Anti- Corruption Commission (LACC) through the Attorney-In-Fact of two Czech Republic brothers, Pavel and Martin Miloschewsky, Hans Armstrong, a British national. Other defendants include George […]
