Equatorial Guinea Not Responsible for MICAJA COFIDES Accusations

The sentence passed by the Supreme Court of Justice for the Central African Economic and Monetary Community (CEMAC) declares the Republic of Equatorial Guinea free from liability and not responsible for the accusations that the country has been subjected to by the so-called company MICAJA COFIDES. We attach the text of the sentence (in French).

The T&E Office and Agency, of which Sergio Esono Abeso Tomo is a senior attorney, has achieved yet another victory in an international dispute in favour of the State of the Republic of Equatorial Guinea. The so-called company COFIDES MICAJA requested the report from the Central African Banking Commission (COBAC) prior to establishment authorisation, which must be signed by the Finance Minister for Republic of Equatorial Guinea, Miguel Engonga Obiang.

Subsequent to the Finance Minister having transferred the document to the COBAC, this CEMAC organisation had not yet transferred the report for publication in the Official State Bulletin of the corresponding establishment authorisation, according to Miguel Engonga Obiang.

Far from using the resources before the CEMAC Court of Law which were expected in the regulatory rule of the activity of CEMAC’s microfinances against COBAC’s silence, the developers at COFIDES MICAJA decided to open an unauthorised microfinance establishment, which is identical to a commercial bank.

The Republic of Equatorial Guinea government proceeded to close the illegally-opened establishment, appealing to the COFIDES MICAJA developers before the Supreme Court of Justice.

Designated by the Finance and Budget Minister, the T&E Office and Agency designed the State’s defence strategy, impugning the incompetence by the Supreme Court of Justice for the CEMAC among other extremes, for not being a competent organisation in matters of administrative acts by countries which are members of the CEMAC.

The public meeting took place on 27th March in the Court of Justice for the CEMAC and the sentence in favour of the State was notified on 10th April.

Source: Official Web Page of the Government of the Republic of Equatorial Guinea

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