The management of the Monrovia Oil Trading Company (MOTC), registered and operating under the laws of Liberia, has expressed its concern over persistent media report, which the management says distorts and misrepresent its ownership and control of Ducor Petroleum.
According to a press release from the MOTC, the company, in the press release writes to address the deliberate and purposeful misinformation campaign against its ownership of Ducor and also current litigation at the Commercial Court between it and Amos Brosius.
The MOTC says it is the founder and owner of Ducor and its subsidiary. This fact, the management says, is in the registration records of the company. It also says that Amos Brosius also admitted to this fact in his pleading in the Commercial Court.
MOTC says that it hired Amos Brosius to run Ducor as a manager on specific terms and conditions, which include: a) Brosius was given a 10% share in Ducor with the balance 90% retained by the MOTC; and b) To pay him compensation consisting of defined monthly salary and a 2% commission on monthly sales.
The release says that Brosius was removed by the Board of Directors and shareholders for stated reasons. When he could not account for a significant amount of Ducor funds, MOTC, being a 90% shareholder, filed a Petition for Accounting against him. The Petition asked the Court to have Brosius account for his stewardship of the company.
MOTC, the release says, has legal title over Ducor and its accounts at all times upon the registration of Ducor up to the filing of the Commercial Court and even after the case was filed, but the operational control was delegated to Brosius until the discovery of irregularities and operational control was turned over to MOTC.