An ex-official of the now bankrupt National Oil Company of Liberia or NOCAL, Mr. Isreal Ankinsanya has been indicted for alleged money laundering, after allegedly exposing a commercial bank Guaranty Trust to a loss totaling US$650,000 surrounding a default loan agreement.
After being indicted by the Grand Jury for Montserrado County,the Criminal Court “C” at the Temple of Justice in Monrovia has issued a writ of arrest dated 27 June against the SIRR Marketing Inc. CEO Mr. Ankinsanya, instructing its sheriff to arrest and bring him before the court to answer the charge.
The indictment says on 24th October 2012, Mr. Ankinsanya, former Vice President for Public Affairs for NOCAL executed a loan agreement with Guaranty Trust Bank and used properties on 16th Street, [Sinkor], and Duazon, Margibi County respectively [as collateral].
“That the defendant knew or had reasons to know that the property subject of the collateral used [for] the obtainment of the loan in the amount of …(USD 650,000.00) from the Guaranty Trust Bank had been used or was being used in previous loan from another banking institution,” the indictment says further.
He faces accusation of allegedly presenting to the bank deeds representing ownership and authority of the subject properties, and that following the default, an action was taken against him. It says upon enforcing a judgment against the properties, it was discovered that the defendant concealed and disguised movement or ownership of the property …, exposing the bank to financial loss of US$650,000 “without fear of the Laws.”
Prosecution accused Mr. Ankinsanya of deliberately using the properties as guaranty for the loan obtained from Guaranty Trust Bank, adding that the act violates the law. His indictment came several months after the Supreme Court of Liberia in 2015 mandated the Civil Law Court to put Mr. Ankinsanya’s houses in Sinkor and Duazon on sale for the amount of US$1,050,238.15and LD$13,475.00, having upheld an earlier ruling of the Civil Law Court in a case involving the International Bank or IB versus SIRR Marketing Corporation which Mr. Ankinsanya is said to own.
By Winston W. Parley -Editing by Jonathan Browne