Menu

Liberia: ‘No Information To Support Allegations Missing LRD 16 Billion Container,’

The US Embassy near Monrovia has revealed that the independent auditing firm, Kroll’s analysis of the delivery documents provided by the Central Bank of Liberia (CBL) confirms that while new banknotes totaling LRD 15.506 billion were received into the CBL’s reserve vaults, the auditing firm found no information to support allegations that a container of banknotes went missing.

The statement notes that Kroll does however raise concerns regarding the overall accuracy and completeness of the CBL’s internal records. “The Report identifies systemic and procedural weaknesses at the CBL, and identifies shortcomings in Liberia’s fiscal and monetary management processes that are longstanding and continue to the present day,” according to the statement.

Read the full statement below:

The US Embassy in Liberia is pleased to release an independent Review Report (the report) prepared by Kroll Associate Inc. regarding the allegations of the disappearance of new Liberian Dollar banknotes.

The US Embassy sponsored this report on the condition that we, as the client of Kroll, release the report publicly.

In October 2018, the US Embassy, in response to a request to the international community from the Government of Liberia and the Liberian civil society groups, began the process, through the United States Aid for International Development (USAID), to commission an independent Report by a firm with expertise in forensic investigations. The firm chosen was Kroll Associates Inc., (Kroll) a division of Duff & Phelps, LLC.

Their mandate was to research matters stemming from allegations in the press that a container of new Liberian Dollar (LRD) banknotes had “gone missing” upon arrival in Liberia.

Kroll’s analysis of the delivery documents provided by the Central Bank of Liberia (CBL) confirms that new banknotes totaling LRD 15.506 billion were received into the CBL’s reserve vaults. Kroll found no information to support allegations that a container of banknotes went missing. However, Kroll does raise concerns regarding the overall accuracy and completeness of the CBL’s internal records. The Report identifies systemic and procedural weaknesses at the CBL, and identifies shortcomings in Liberia’s fiscal and monetary management processes that are longstanding and continue to the present day.

This Report does not include information that: 1) contains legally restricted and/or commercially sensitive information; 2) would identify individuals who are neither elected nor appointed; or 3) could impinge on the security of Liberia’s banking system, including descriptions of bank security systems. Kroll also provided the Government of Liberia with a technical security assessment of the CBL and security-related information.

We urge that the Report be read in its entirety, and encourage pragmatic responses from the Government of Liberia and its people. Beyond the release, neither Kroll nor the US embassy will offer expanded views on the content of the Report. No information in the report should be interpreted on its own as an indication of improper conduct by any specific individual or individuals without further investigation by appropriate Liberian officials.

The United States remains committed to Liberia’s development and democracy, and trusts that this Independent Review will support improved governance principles, fiscal reforms, and monetary system practices in Liberia. The Report underscores the importance of drawing on international best practices to conduct the economic affairs, including thoroughly documenting transactions to ensure credibility and transparency. We appreciate the resilience of the Liberia as their government works in good faith to address vulnerabilities identified, and to strengthen the integrity of Liberia’s currency, banking system and economy.

No comments

Leave a Reply

Video of the day