Hon. Justice Bintu Alhadi on 17th July ruled to the favour of a German Lawyer, Olaf Grabowki, as against a celebrated Lebanese businessman Abdul Hamid Fawaz vis-à-vis who owns majority share in Germany Drilling Company.
The July ruling states however that Olaf as the plaintiff has no capacity to institute action against the German Drilling Company as shareholder, but has the legal authority to sue Fawaz and follower Archibald Arcute for breach of contract entered into on 24th May 2016.
“In order to assist the court in establishing a true and fair assessment of the investment made by Olaf and the amount of profit that has been generated by the plaintiff/defendant company from the 12th of September 2016 to date, it is incumbent on the court to invoke section 268 of the companies Act No. 5 of 2009,” Justice Alhadi stated in her ruling.
She further orders that the affairs of GDG is to 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, which seemingly implies that Fawaz, others would have to account for both the `assets and finances of the company as at 12th September 2016 to date.
It was confirmed too 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.
This, by implication, shows how persons believed to have been running the affairs of the company since September 2016 may have to fully account for its finances and assets.
And by extension, it seems as though Fawaz bears the greatest in relation to the assets, profits and finances of GDG shortly after he dismisses Olaf as CEO and took over as owner of the company until the recent 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.
Although the earlier 17 count charges by the police were withdrawn, replacing same with fresher ones, which allege that Olaf, who acts as CEO and largest shareholder of GDG Company, is blameworthy of fraud allegations, the matter is yet to reach ruling at the High Court.
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 Fawaz is one of Lebanese businessmen that have received 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.
Olaf, we are told, is a lawyer called to the bar in his home country Germany in 1988, some twenty eight years ago.