Liberian NewsUncategorised

Documents on controversial missing billions at the CBL-Says Milton Weeks

(Last Updated On: November 10, 2018)

-“Ask the current Governor to help with the documents,” he tells House Hearing

By Mark N. Mengonfia, mmenginfia@gmail.com

Former Central Bank of Liberia (CBL) Executive Governor, Milton Weeks said on Thursday that he understood the communication from the House of Representatives to mean that he should go ahead to print additional money and infuse it into the Liberian economy.

By the end of the day, the CBL printed up to fifteen billion new Liberian dollars banknotes, which arrived in the country during and after former President Ellen Johnson Sirleaf left office on January 22, 2018. But the CDC government confirmed in September that nearly ten billion of the new money in containers was lifted from the Freeport of Monrovia and the RIA and could not be traced.

Appearing before the plenary of the extended session of the House of Representatives on Thursday, November 8, 2018 the former CBL governor said they (Lawmakers and the CBL) well communicated and the commutation he received made him to have gone ahead to print the additional Liberian dollar banknotes.

Speaking under oath, Mr. Weeks informed House that all of the documents and transaction that led to the printing of the billions money were all legal and that the money is not missing as has been claimed.

He said that all of the documents relating to deliveries of the printed money are with the CBL, adding that he could not take them with him while leaving office.

“Ask the current Governor to help with the documents,” Mr. Weeks said.

He was asked to interprat their (lawmakers) communication written him which led to the printing of the additional money.

The former CBL boss said that they were told to replace all of the legacy banknotes (Liberty) with the newly printed banknotes; and by that, he said since the money that was in the vault was insufficient to replace all of the legacy banknotes.

According to him, the printing of any money should be what he called confidential because of it security nature.

“It was because of that I concluded that the House of Representatives have given their approval to print the additional banknotes,” former Governor Weeks added.

The communication from the Liberian legislature reads as saying: “We present our compliments and by directive of the Plenary of the Senate and the House of Representatives, respectively apprise you that in separate discussions on the declining state of the Liberian economy, the Legislature has made the following decision to wit: That the Government of Liberia should continue to use the United States dollars and Liberian dollars until at such time when the country’s export base has increased significantly.”

It went on to say: “That the Central Bank of Liberia is hereby requested to replace the legacy notes Liberty completely with the newly printed banknotes so that there will be a single type of Liberian currency, thus facilitating proper control of money supply, and that the Central Bank of Liberia is authorized to introduce coins in lower denomination into the economy, to allow fractional transaction which would help to minimize inflation.”

The legislature went on to say in their letter that: “Meanwhile, the Legislature would request that you furnish this body with the appropriate details of the volume and denomination of the new banknotes prior to the printing and the minting of coins.”

Also appearing for questioning in connection with the missing billions was Deputy Commissioner General of the Revenue Authority (LRA), Decontee King Sackie who informed the house of representatives that to her knowledge, the LRA between 2016 to 2018 processed 25 40-foot containers for the CBL.

She did not say if those 25 40-foot containers had money or not, but said 8 of those vessels were cleared in 2016 while the remaining were cleared between 2017 and 2018.

Former Minister of Justice and Attorney General, Cllr. Frederick Doe  Cherue also appeared before the lawmakers on Thursday.

He said that he only got to know about the missing billions through the help of the Liberian media publications and radio talk shows.

Cllr. Cherue, who was one-time a Senator for River Gee County, said that during the time he was Attorney General for Liberia, he did not see any contract that spoke of printing of any money.

For his part, former House Speaker, James Emmanuel Nuquay told the plenary that the former CBL boss acted his own way to have gone ahead and print the controversial additional 10 billion Liberian Dollars.

Interpreting the House decision, which was communicated to the than CBL governor, Nuquary said “the letter is very clear, there is nothing in there that say the CBL should print new banknotes”.

Former Speaker went on to say “ what plenary told him was that he should infuse the already printed banknotes into the market and if there is a need to print additional, he should have us informed, he did not.”

It was against that backdrop that some members of the House of Representatives angrily requested that the former CBL boss has lied under oath and that he should be reminded at the Central Parson until investigation into the matter is concluded.

Representatives Edwin Snowe said, “this hearing should be changed to a criminal investigation you have brought this body to public disrepute. For too long we have been insulted by Liberians and this issue has scared potential investors.”

CDC’s Montserrado County District #8 Lawmaker, Acarous Moses Gray said the action of the former CBL governor usurped the authority of the House of Representatives and that due process should be served him so that he faces the law.

According to Gray, the action of the former CBL boss was a clear deception to them.

Meanwhile, the missing billions hearing was later suspended to provide time for former Deputy Governors of the CBL to also appear before the House of Representatives, before any action or decision can be reached.

But the huge and yet unanswered question the Liberia public are asking remains, “Where really is the mission billions?”

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