“From the evidence presented to the court, the plaintiff/respondent Dr. Olaf Grabowski showed the financial contribution he made to the 1st defendant company in accordance with the agreement entered into on the 24th of May 2016. In his supplemental affidavit sworn to on the 22nd of June 2016, he showed the transfers he made from his bank account he owned jointly with his wife to purchase machinery and equipment for German Drilling Group, the 1st defendant/applicant, various amounts were made to the benefit of the company, which indicated that the 1st defendant company, German Drilling Group benefitted,” words as in ruling delivered by Hon. Justice Bintu Alhadi on 17th July 2017.
Furthered: “the defendants showed the exhibits attached to their supplemental affidavit of 21st of June 2017 and affidavit in support of 2nd February 2017 did not show any nexus between its expenditure and the purported payments made to Dr. Olaf Grabowski to purchase the said machinery and equipment for the company. The defendants therefore have not been able to satisfy the court that, Dr. Olaf Grabowski did not spend his own money but that of the defendants.”
This, however, has seen the learned Justice ordering that the affairs of German Drilling Group be investigated by a competent inspector to be appointed by the court in accordance with section 268 (2) (a) (c) and (d) of the Companies Act of 2009, which implies that Fawaz, others would have to unavoidably account for the `assets and finances of the company as at 12th September 2016 to date.
It was undoubtedly confirmed also that Olaf has been able to prove to the court by exhibit attached that payments were made out of his bank account to purchase machinery and equipment for the benefit of GDG Company.
To this, has seen the court stating in clear terms that Olaf do have the capacity to institute proceedings/action against the celebrated Lebanese businessman Abdul Hamid Fawaz (2nd defendant), his follower Archibald Arcute (3rd defendant) for breach of contract entered into on 24th May 2016.
Even though a local tabloid yesterday published on its frontage, claiming on the other hand that ‘Olaf, all along, had carried himself as majority shareholder, but that the Fast Track Commercial Court has proven that he is not,’ the court also has stated in the very ruling that Olaf has the ‘capacity’ to institute action for breach of contract against Fawaz and Archibald, which in other words perfectly had explained how Fawaz and hanger-on Archibald Arcute, may have suspiciously enticed Olaf into spending his hard earned money into the company (GDG) in a way compelling him not only own a share in the company, but to a certain extent the majority shareholder.
The ruling further forced the institution of an investigation, which by suggestion, will see Fawaz and cohort (persons believed to have been running the affairs of the company) fully account for the finances and assets of the company as at September 2016 to date.
It seems as though Fawaz bears the greatest in relation to the assets and finances of GDG shortly after he had caused the police offer charges of fraud and embezzlement against Olaf as then CEO of the company, took over as owner until the latest ruling by Justice Alhadi.
It is true on 9th September 2016, Fawaz complained Olaf to the police on behalf of GDG Company, claiming that he (Olaf) had conspired to defrauding and embezzling funds of the company which he claimed amount to USD 122,000.
Olaf is said to have come to Sierra Leone in 2011 and was into oil business, but later caught up with Fawaz who happens to have snatched him from a Sierra Leonean businessman (name withheld) on alleged selfish raison d’être hence his making of Olaf his personal adviser on every aspects of business.
That after Olaf abandoned his SL Exploration Company, went into a business transaction with Fawaz, the result of which saw the formation of German Drilling Group, with a twenty-five-year old French businessman, Archibald Arcaute, as one of the foreign investors.
As a local partner, Fawaz was initially given 10% share, later 25%, which was upped to have been 32.5%.
Police sources say Fawaz fell out with Olaf and so complained him of conspiracy to defraud to the police, and then have him arrested and detained for days before he was charged to the court.
Olaf, who initially was accused of conspiracy to defraud, had his accusation changed to embezzlement of company’s money to the tune of nine hundred and eight thousand United States dollars.
It is a fact that Fawaz is one of Lebanese businessmen that has been receiving immeasurable contracts from government, making millions of profits.
One of such is a contract given him for the construction of a contemporary cultural center at Aberdeen in exchange of half of the parcel of land, which many say ‘was a bad deal.’