Credit: Melvin Jackson
Capitol Hill, Monrovia – Madam Nora Finda Bundoo has filed a new US$8 million criminal insurance bond backed by two insurance companies in an effort to meet the bail requirements imposed by Criminal Court “C” after the court rejected previous bond arrangements. According to documents given to Criminal Court “C,” two insurance companies underwrite the most recent criminal appearance bond: ACICO Insurance Company provides the remaining US$6 million, and the American Underwriter Group guarantees US$2 million.
Bundoo has made three efforts to meet the court’s bail terms in the well-known corruption and asset recovery case being prosecuted by the Ministry of Justice and the Assets Recovery and Property Retrieval Task Force (AREPT). According to court documents, prosecutors challenged Madam Bundoo’s initial bond in a request to justify sureties, claiming that the sureties and pledged properties did not meet the legal requirements for criminal appearance bonds. Judge Ousman F. Feika rejected the initial bail and gave the defense 72 hours to submit a new one after hearing arguments from both parties.
A second bond package backed by property valuation bonds was then filed by the defense. Prosecutors, however, objected once more, claiming that one of the properties was significantly encumbered and had already been pledged in multiple court procedures. After assessment, Judge Feika decided that because the property’s current obligations exceeded its claimed worth, it could not legitimately support the bond.
The court additionally determined that, given the gravity of the accusations, the overall value of the second bond package was much less than what it deemed adequate. As a result, Judge Feika rejected the bond, set Bundoo’s bail at US$8 million, and mandated that she stay in detention until she provided a suitable criminal appearance bond.
Bundoo’s legal team has now presented a third bond package in response to that decision, but this time it is based on insurance guarantees rather than property sureties. The document states that the bond is split between two insurers, with ACICO Insurance Company guaranteeing the remaining US$6 million and the American Underwriter Group taking on liability for US$2 million, bringing the total security to the US$8 million required by the court.
A criminal appearance bond, as defined by Liberian law, guarantees that an accused individual will appear in court when needed. If accepted by the court, the bond permits the defendant to stay free while awaiting trial, subject to any requirements set down by the court. In order to ascertain whether the newly filed insurance bond properly complies with Liberia’s Criminal Procedure Law and whether the participating insurers have the financial and legal competence to guarantee the amount pledged, the bond is anticipated to be subject to judicial scrutiny.
Before the court determines whether to accept or reject the most recent submission, prosecutors from AREPT and the Ministry of Justice are anticipated to examine the bond. Bundoo, a former high-ranking official in former President George Weah’s government, is one of many defendants accused of money laundering, property theft, misappropriation of public funds, criminal conspiracy, forgery, and criminal facilitation. The case is still continuing before Criminal Court “C” at the Temple of Justice, despite her denial of all accusations.
