Monrovia –The Monrovia Metropolis Courtroom has ordered the incarceration of an American nationwide, Leonard Wayne Kragness, following his indictment for allegedly defrauding a overseas firm and the Authorities of Liberia of over US$4.8 billion in mineral property and income.
By Victoria G. Wesseh
Kragness, together with Liberian nationals Koisee L. N. Garmo II and Fahn Garmo, is accused of felony conspiracy, felony facilitation, forgery, and theft of property in violation of Sections 15.70, 15.51, 10.4, and 10.2 of the New Penal Legislation of Liberia.
“You might be hereby commanded to arrest the residing our bodies of Leonard Wayne Kragness… and forthwith carry them earlier than the Monrovia Metropolis Courtroom, Temple of Justice Constructing, Montserrado County to reply to the cost,” Stipendiary Justice of the Peace L. Ben Barco said within the court docket’s arrest warrant.
The costs stem from a criticism filed by Fida Sardor Hussian, a overseas businessman, who alleges that Kragness, whereas serving as an worker liable for submitting mineral exploration licenses for 3 mining blocks, conspired with co-defendants to misrepresent possession of these licenses and siphon firm funds.
Kragness allegedly colluded with legal professional Koisee L. N. Garmo II, purporting to be the one hundred pc shareholder of Sinoe Mining and Exploration Inc. Garmo, performing as authorized counsel, allegedly drafted and signed an attestation letter addressed to Mr. Erwin Mulder, CEO of Ace International B.V. in The Hague, Netherlands, falsely asserting Kragness’s possession standing.
The alleged deception resulted within the lack of three mineral blocks (Blocks 1, 2, and three) valued at an estimated US$4,819,321,807, in accordance with court docket paperwork. The Authorities of Liberia is claimed to have been disadvantaged of serious potential income consequently.
Between August 2012 and April 2024, Kragness reportedly withdrew US$3,544,035 from the corporate’s account with out authorization. The funds had been allegedly transferred to an account belonging to his private firm, AA Agro, at Ecobank Liberia. Vital withdrawals cited embody US$60,000 and US$90,500, with none accredited by the corporate’s CEO or board.
On July 13, 2024, a proper discover was despatched to Kragness demanding an evidence for the withdrawals. He reportedly failed to reply and minimize off communications totally.
No matter whether or not the funds had been obtained by loans, funding, or different sources, court docket information assert that their withdrawal violated firm bylaws and nationwide monetary rules. Prosecutors argue that the misuse of funds for private profit constituted a felony offense and resulted in substantial hurt to Globe Minerals Mining Inc.
The case additional alleges felony collusion involving Kragness, Garmo II, and Fahn Garmo, who’re mentioned to have cast mineral exploration paperwork associated to Greenstone Assets Liberia Ltd. and used them to falsely get hold of or switch rights tied to Kalisma Assets Inc.
Key proof contains fraudulent Mineral Exploration Licenses (MEL 6100051392 and MEL 7011524) and unauthorized use of proprietary geological stories, together with the NI 43-101 Technical Report and Feasibility Research dated April 9, 2024, and Could 9, 2017. These research, which had been absolutely financed by the complainant, had been allegedly utilized by Kragness to have interaction in unauthorized enterprise transactions with Ace International B.V.
In a previous case dated April 17, 2022, Cllr. Garmo II allegedly licensed that Kragness was the only real proprietor of Sinoe Mining and Exploration Inc. and that the corporate held the licenses for Kalisma Assets Inc. Nonetheless, investigators have confirmed that each claims had been false on the time of certification.
“This letter of attestation confirms that I, Mr. Koisee I.N. Garmo, II… am authorized counsel for the Grantor, Mr. Leonard Wayne Kragness… and that the shopper is prepared, keen, and capable of take part in an asset funding or monetization transaction,” reads a letter now cited as key proof within the case.
Investigators argue that the certifications had been deliberately fraudulent and a part of a broader scheme to divert firm property and mislead worldwide traders.
