14 March 2008
The Ministry of Commerce and Industry has cleared the management of the Fouta Corporation of allegations on involvement in the hoarding of 255 bags of Chinese parboiled Rice -100Ibs.
The Ministry statement Thursday said following investigations into alleged hoarding of the commodity, it was established that a total 400 bags of the rice in question were stored at the Company mini warehouse in Via Town since November of last year.
MOC said the move by the company was in consideration of maintaining a buffer stock of the commodity for release to institutions and needed individuals whom could not afford the consumptions of the available butter rice due to health problems.
According to a release, investigation also established that the Fouta Corporation recently releases the balance stock of 255 bags of rice which had been referred to as hoarding quantity upon the receipt of a vessel loaded with more than 127, 00 bags of US parboiled rice #250Kgs at the Free port of Monrovia.
The investigations, which were by Deputy Commerce Minister for Ministry and Trade Frederick Norkeh, however advised the management of the corporation to inform the Ministry in advance of any future decision of similar nature.
The management of Fouta Corporation has agreed with the Commerce Ministry decision and gave two reasons why it sold the buffer stock of 255 bags of rice to one of its reliable wholesalers the MSJ and Sons.
Fouta management said after stabilizing the market with parboiled rice over a period of three months, it was only expedient for the management to introduce the entire balance stock of 255 bags into the market.
They also expressed confidence in the ability of the MSJ and Sons to sell 255 bags of rice at government's stipulated US$25, 00.
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