9 June 2017

Liberia: Loan Bonanza At Finance

President Ellen Johnson Sirleaf has ordered a full audit report of the Private Sector Development Initiative or PDSI at the Ministry of Finance on her desk in two weeks after reports of a loan bonanza among officials at the ministry.

The president's request which was contained in a brief statement on Thursday 8 June follows ongoing preliminary audit of the Unit. The audit has revealed how officials at the ministry both past and present awarded to themselves loans in huge sums.

"We can say with a high degree of confidence that such a scheme set up at the PDSI is clearly a conflict of interest and will be dealt with by the full weight of the law." Mrs. Sirleaf said Thursday.

The audit is said to cover the period 2014 to present and is being executed by the Internal Audit Agency."Therefore, I have ordered the principal administrator of the program during the audit period, Commissioner of Maritime Affairs, Hon. James Kollie to return to Liberia from his official trip to assist in the audit and answer all of the issues associated with it, President Sirleaf directed.

A press statement issued by the Executive Mansion following the live reading of the President's statement, said the preliminary audit has revealed some shocking outcome and results show that officials at the Ministry of Finance & Development Planning were making loans to themselves in violation of the law. "We remain seized of this matter and will leave no stone unturned in the interest of the nation."Mrs. Sirleaf concluded.The preliminary audit was commissioned by Finance and Development Planning Minister Boimah Kamara.

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