Africa

Liberia: CBL Scandal Defendants Charged With Economic Crimes; Plead “Not Guilty”

The basis for the arrest of senior Central Bank of Liberia (CBL) officials in the financial scandal is now in the possession of West African Journal Magazine.

Monrovia City Court Writ of Arrest

Monrovia City Court Writ of Arrest

The Writ of Arrest charges the crimes Economic Sabotage, Misuse of Public Money, Property or Records and Disbursement and Expenditure of Public Money, Criminal Conspiracy and Criminal Facilitation.

The Writ commands the arrest of the “…living bodies” of Charles E. Sirleaf, Milton Weeks, Dorbor Hagba, Richard H. Walker I, and Joseph G. Dennis. Those arrested were docked at the Monrovia City Court on Monday where they pleaded “not guilty”.

The arrest of the bank officials followed the release of damning audit reports on “missing billions” at the Central Bank.

Meantime, Liberian social media sites have blown up with postings calling for more arrests including Finance and Planning Minister Samuel Tweah who is alleged to be the mastermind in the so-called “infusion” of $25 million USD in the Liberian economy using unregistered and unknown local money changers.

Posters says they will effect a “citizens arrest” of Minister Tweah, if Government refuses to do so. But it is unclear, if such an action is even feasible. Fall-out from the audit report continues to tarnish the image of Government of Liberia.

USD-Liberian Dollar Depreciation 3.5.19

USD-Liberian Dollar Depreciation 3.5.19

Meantime, the Liberian dollar on Tuesday took another nose dive against the US dollar. Exchange rate is now $1 USD is equivalent to $162 Liberian dollars. The depreciation of the Liberia dollar is further sign of lack of confidence in Government’s ability to stabilize the economy in addition to the notoriety of the scandal at the Central Bank involving overprinting of billions of Liberian dollars and its inability to account for the money. 

Staff Reporter

West African Journal Magazine