The Liberian Government, through the Central Bank of Liberia (CBL) and the Ministry Finance, has identified the brains behind the transfer of US$1,171,751 from the CBL to a local commercial bank, Ecobank, using a forged signature of President Ellen Johnson Sirleaf to execute the transfer.

At least 6 suspects have been nabbed by state security while 8 executive employees at both the CBL and the Finance Ministry have been suspended as investigation into the sham continues.

Addressing a joint CBL-Ministry of Finance press conference in Monrovia yesterday, Finance Minister Augustine Kpehe Ngafuan said a suspended employee of the CBL identified as Mr. Gbotee Peabody has been identified as the mastermind behind the fraud, while the Ministry has suspended, with immediate effect, three staffs of the Revenue Data Capture and Reconciliation Unit, pending the conclusion of investigation into the case.

Peabody was recently suspended and is currently undergoing investigation in connection with the recycled checks scandal at the CBL.

Investigation reveals that Peabody recruited Marc Jusu Passawe, who was also recently suspended by the Ministry of Finance in connection with an on-going investigation into a forgery case at the Ministry of Finance, to carry on the evil deal, Ngafuan said.

Peabody is said to have enticed Marc Jusu Passawe with a US$250,000 offer in exchange for Passawe's expertise as a forger of documents. Marc Jusu Passawe has confessed to investigators that he forged the signatures of officials of the Ministry of Finance on the letter sent to the Central Bank in order to consummate the fraudulent transaction, Ngafuan disclosed.

Passawe then enlisted his brother (Richard Passawe) whose ID was used to open the fraudulent account in the name of E Jee Sirleaf, the Finance Minister claimed, adding that Alfred Kowbeidu is said to have been enlisted to facilitate passage of the fraudulent transaction through Central Bank control measures.

The news of the mystery transfer from the CBL to an established account at Ecobank has made headlines in the media recently, and yesterday's press conference by the two government officials was intended to clear doubts and give update on the saga, CBL Governor Dr. Mills Jones said.

"I want to confirm that indeed the amount of US$1,171,751 was transferred from the Central Bank. The transfer slip is dated May 6, 2009. The amount was posted to the Ecobank account # 109135306220014 on May 8, 2009," Dr. Jones appearing disturbed confirmed the criminal transaction.

The type of account is Savings, opened April 22, 2009 in the name of E. Jee Sirleaf with a Business Address of United Mineral Company.

Dr. Jones said only US$2,000 of the money in question has been withdrawn while the rest has been returned to the CBL by Ecobank.

Dr. Jones said he was not in the country when the transfer took place, but returned to discover same. He said his deputy, Etta Davies was in charge of the Bank, but did not follow the appropriate procedure to track down the fraud.

"...Let me talk about the Central Bank itself. That this incident took place and reached the level that it did is inexcusable. We have procedures in place that if follow should detect fraud. They were not followed. It is not acceptable that this Bank should rest on the shoulders of the Governor and just a few," Jones asserted.

"It is time to do what needs to be done in the interest of the public good: we are suspending all those involved in the execution of the transfer while the investigation is going on, and afterwards other appropriate administrative decisions will be taken," he told journalists.

Those suspended by the CBL include the Officer-in-Charge of the Banking Department, Mr. Joseph Kollie; the Officer-in-Charge of Domestic Banking, Mr. Jesse Koiboi, and an Accountant/Back Office Operations, Mr. Alfred Kowbeidu.

Dr. Jones said the fate of the Deputy Governor lies in the purview of the Board of Directors of the CBL and not him. This paper has not spoken to these individuals for their side of the story.

Dr. Jones: "As you all know, it was during my absence that this incident occurred. The letter was first handled by the Deputy Governor. Although we have no reason whatsoever to believe that she was involved, she has been made aware that the question of whether she exercised sufficient due diligence will be referred to the Board of the CBL for appropriate consideration."

The Executive Governor of the CBL, then, assured the public that "we take our responsibility very seriously," because, according to him, "it is a privilege to serve in this position," adding that "leadership has its privileges; but it has its burdens also. We have the will to take on those burdens and we will act accordingly to clean up the institution." See full statements of Governor Jones and Minister Ngafuan of page 4. Contact: 231 6 586 531; editoratinformer@yahoo.com.