Mutual Benefits Assurance Company (is actively pursuing a negotiated settlement regarding a si financial obligation amounting to over US$11 million owed to Bea Mountain Mining Company.
This effort comes in the wake of a swift court ruling instructing the enforcement of payment, further complicating MBAC’s attempts to resolve the matter.
Recently, the Commercial Court issued a writ of execution mandating the seizure of MBAC’s assets due to its failure to meet its payment commitment established in an escrow account designed for such disputes.
The judgment against MBAC dates back to May 22, 2022, after a lawsuit filed by BMMC, which alleged MBAC’s inability to fulfill its contractual obligations outlined in four bond instruments.
Judge Chan-Chan A. Paegar signed the writ, which requires the sheriff to confiscate MBAC’s land and other assets to satisfy the outstanding debt of $11,226,573.85. The court has emphasized that if the seizure does not yield sufficient funds to cover the debt, MBAC’s corporate officials must be brought before the court.
In an attempt to avert further legal repercussions, the insurance company has requested a meeting with BMMC to discuss a potential settlement.
A letter dated July 12, 2025, from Cllr. Aloysius Teah Jappah, legal counsel for MBAC, expressed the company’s commitment to resolving the disputes amicably and emphasized the seriousness of the discussions.
“We believe this step reflects the seriousness with which we approach this matter and our desire for a principled and constructive outcome,” Jappah stated in the letter, indicating MBAC’s intent to engage its board members and senior management in the upcoming negotiations.
This latest move marks an attempt by MBAC to navigate a legal landscape marked by previous failures to comply with court orders, including an attempt to resist a similar writ of enforcement issued in April 2023, which led to an unprecedented lockdown of its premises to evade court officers.
The ongoing legal saga has raised questions about the financial stability of the insurance company and its ability to meet its obligations.
BMMC, represented by its General Manager Hall Ozdemir, is appears poised to pursue all necessary legal measures to ensure the enforcement of the judgment.
