Criminal Court “C” Judge Peter W. Gbeneweleh, on Tuesday ruled, accepting the US$1.2 million insurance bond filed by defendants Matilda W. Parker and Christiana Kpobor Paelay.
“A careful perusal of the insurance bond, filed by the defendants, shows that the said bond met the requirements to execute the criminal appearance bond in the case,” Judge Gbeneweleh ruled on Tuesday.
According to him, primary objective or purpose of the criminal appearance bond is to secure the appearance of the defendants before a court of competent jurisdiction.
The Criminal Court “C” Judge indicated that the surety during the examination answered in the affirmative that the defendants will appear before the court whenever needed, declaring that “the bond is therefore valid”.
Tuesday’s ruling followed arguments by prosecution that the bond was defective and grossly insufficient. At Monday’s arguments, prosecution however admitted that the bond met some of the requirements.
But they pointed out that the Insurance Company (Family Dollars and Universal Insurance Service), did not show any assets.
It can be recalled that defendants Matilda W. Parker and Christiana K. Paelay were indicted by the grand jury for Montserrado County for the alleged crime of economic sabotage, theft of property, criminal conspiracy in the amount of US$ 837,950.00.
They obtained an insurance bond from the Family Dollars Universal Insurance Company Service, as a surety in the tone of US$1.2M to insure their appearance before the court, which was filed before the court on July 21, 2015 and approved by the court.
Judge Gbeneweleh, further said the defense on the other hand filed a 25-count motion for justification on July 29,2015, contented among other thing that the amount charged in the indictment is US$837,950.00 which fall in the category of first degree felony punishable by fine of US$10,000.00 and maximum imprisonment of ten years multiplied by US$ 25.00 per month which equals to US$3,000.00.
According to him, the surety was examined consistent with law and justified before the court that the Insurance Company has US$400,000.00, and US$ 350,000.00 worth of property as requirement of the Central Bank to grant a certificate authorizing them to establish as reinsuring entity value US$750,000.00 also as requirement by the CBL.