IPNEWS: It has been six months since President Joseph N. BoakaiAloysius TARLUE as Central bank Governor, with only rumors heard that there were negotiation behind the scenes to reached an out of court settlement as done in the case of former CBL GOVERNMENT NATHANIEL PATRY during the government of former president George MANNEH weah.
True to those rumors of an out of court settlement, the Hon. Supreme Court of Liberia hase issued a Notice of Discontinuance and joint STUPULATION Involving Petitioner Suspended Central Bank Governor J. Aloysius TARLUE, AND THE GFOVERNMENT OF Liberia.
In a citation from the clerk of the SUPREME court SAMUEL Mamulu, states that “Kindly take of , and spread in the records of the Honorable supreme court that pursuant to an agreement between the petitioner and Respondent. The Petitioner and RESPONDANT BY JONT STUPULATION HEREBY Voluntarily discontinue without reservation appeal in the above-entitled action currently before the Honorable SURPEME COURT.“
As agreed by the parties, this voluntary discontinuance is with prejudice and terminates the adjudication with this matter with satisfaction to the Appellee. The cost of the court is waived, and the petitioner may pay whatever may be due her and the ministerial officer. Hence this notice of discontinuance Joint stipulation. This new discontinuance and joint settlement report have now raised eyebrows as the sincerity of the Boakai’s government to the fight of corruption as promised prior to it’s election in 2023.
It may be recalled, President Joseph N. Boakai in July 2024 suspended the Governor of the Central Bank of Liberia (CBL), Aloysius Tarlue, in response to findings from a General Auditing Commission (GAC) audit report.
Emphasizing the suspension at the Ministry of Information, Cultural Affairs and Tourism (MICAT) regular press briefing on Tuesday, July 30, 2024, in Monrovia, Minister Jerolinmek M. Piah disclosed that the suspension is a direct result of the GAC’s audit report, which requires Governor Tarlue’s temporary removal from office to address the audit’s findings.
“Governor Tarlue has been suspended to answer to the audit report by the GAC,” stated Minister Piah, as he emphasized that the CBL Governor suspension emphasizes the Government of Liberia’s commitment to accountability and transparency within its institutions.
The GAC report, which covers the period from January 1, 2018, to December 31, 2023, details significant financial irregularities and compliance issues at the Central Bank of Liberia under Tarlue’s leadership.
The GAC audit uncovered a range of findings, including reports that the CBL management exceeded approved expenditure limits by approximately $19.31 million from 2018 to 2022.
The audit also uncovered that budget expenditure projections consistently surpassed revenue projections, indicating a pattern of deficit financing.
The GAC report stressed that the CBL’s operations were not in compliance with the Liberian Constitution, the Public Procurement and Concessions Act, and other relevant regulations.
The report highlights significant lapses in financial management and oversight at the CBL, calling for immediate corrective actions.
The suspension of Governor Tarlue comes amid heightened scrutiny over the CBL’s financial practices and a push for greater transparency and accountability.
Governor Tarlue, who has served in his position since 2020, was previously directed by President Boakai to assist with an ongoing IMF-approved forensic audit at the CBL.
President Boakai’s decisive move to suspend Governor Tarlue underscores the administration’s commitment to addressing the issues and restoring public trust in the CBL.
The findings included excessive expenditures, deficit financing, improper transactions, unauthorized payroll financing, potential money laundering concerns, and lack of competitive bidding in procurement.
These revelations led to the conclusion that the CBL’s operations were not in line with constitutional and regulatory requirements. Governor Tarlue, in office since 2020, had been previously instructed by President Boakai to assist with an ongoing IMF-approved forensic audit at the Central Bank.
This suspension comes amid growing scrutiny of the CBL’s financial practices and a call for increased transparency and accountability.
GAC’s Key Findings
The GAC audit uncovered a litany of violations at the CBL, beginning with what the Commission calls “excessive expenditures and deficit financing”.
The General Auditing Commission’s report revealed that the CBL management exceeded approved expenditure limits by around US$19.31 million from 2018 to 2022. Additionally, the audit indicated that budget expenditure projections consistently exceeded revenue projections, suggesting a trend of deficit financing. These were key discoveries in the GAC’s audit report concerning Governor Aloysius J. Tarlue.
Improper over-the-counter transactions
The audit also uncovered instances where the CBL cashed multiple institutional checks over the counter, contravening standard banking regulations. Specific cases include payments of US$8,500 to Vision Pro and US$8,000 to the West Point Youth Association.
Unauthorized government payroll financing
The GAC discovered unauthorized financing activities, such as a US$50.2 million payment to the Government of Liberia’s payroll account on November 30, 2023, followed by an additional US$32.85 million on December 23, 2023. These transactions were executed without legislative ratification and approval from the CBL Board of Governors.
Potential money laundering concerns
The report raised concerns about potential money laundering, noting that the CBL facilitated payments totaling L$1.946 billion and US$178.33 million above approved thresholds to institutions via individual names.
Lack of competitive bidding in procurement
The audit findings revealed that contracts amounting to US$11.08 million were granted without the required competitive bidding process and lacked the necessary procurement documentation. The GAC’s investigation led to the conclusion that the CBL’s operations did not adhere to the Liberian Constitution, the Public Procurement and Concessions Act, and other relevant regulations.
Governor Tarlue, who assumed office in 2020, was previously instructed by President Boakai to support an ongoing IMF-endorsed forensic audit at the Central Bank. The suspension of Governor Tarlue coincides with increased scrutiny of the CBL’s financial procedures and a call for enhanced transparency and accountability.
Many are of the belief that the prompt action from the President to suspend Governor Tarlue demonstrates the government’s commitment to rectifying these issues and rebuilding public confidence in the Central Bank.
subsequently in August 2024,, the Supreme Court reserved ruling in the writ of prohibition case filed for suspended Governor of the Central Bank of Liberia, J. Aloysius Tarlue.
The decision of the high court, announced by Justice in-chambers Yusuf Kaba on Tuesday, August 6,2024, followed a conference regarding the writ of prohibition filed by Tarlue against President Joseph Nyuma Boakai and his government.
One of the sources, who was privy to the proceedings disclosed that Justice Kaba reached the decision after legal teams representing both sides presented their arguments, with Defense Lawyers led by Cllr. Taiwan Gongloe contended that President Boakai’s suspension of Governor Tarlue was unconstitutional and in violation of financial laws.
The Prosecution team argued that the President acted within his duties to safeguard national security.
On July 30, 2024, President Joseph Boakai suspended CBL governor Tarlue, citing a GAC audit report that revealed significant compliance failures at the CBL from 2018-2023.
Tarlue is, however, contesting his suspension, as he filed a writ of prohibition against President Boakai for wrongful suspension—an action he says is in accordance with the law.
The suspended CBL Governor is contending that the President’s decision was unlawful and unconstitutional. The immediate suspension, without pay, was purportedly founded on alleged breaches of multiple financial laws, which include the CBL Act of 1999, the Revenue Code of Liberia Act of 2011, and the Public Financial Management Act of 2009.
“Dear Hon. Tarlue: I write to inform you that you are hereby suspended from office as Executive Governor of the Central Bank of Liberia, without compensation, with immediate effect, pending the results of an investigation that I have ordered into your stewardship of the Central Bank of Liberia. The decision to suspend you is based on the Auditor General’s Report from the Compliance Audit of the Central Bank for the fiscal years 2018-2023,” President Boakai said in the communication of suspension sent to the Tarlue.
In response, Tarlue, represented by legal counsel from Gongloe & Associates, Inc., filed a petition for a writ of prohibition. The petitioner argued that the President’s action was illegal and unconstitutional, contending that the removal of the Executive Governor of the CBL could only be done through impeachment by the National Legislature.
Tarlue and his team referenced Section 13.1 of the Amended and Restated Act Establishing the Central Bank of Liberia (1999), which specifies the criteria for appointing Non-Executive Governors, Executive Governors, and Deputy Governors from individuals in good standing and of impeccable character in the fields of banking, finance, economics, law, or management.
discussions at the conference called by Justice Kaba focused on issues of constitutional law and separation of powers.
However, the ongoing case has prompted heightened speculation regarding potential outcomes. It is expected that the Supreme Court’s decision will be closely scrutinized, particularly given the broad implications for governance integrity and legal processes in Liberia.
CBL under Aloysius Tarlue and MFDP under Samuel Tweah really need to answer questions given the audit reports. Go to www.gac.gov.lr click “Audit Reports” click “2024” click “Compliance Audits” click “AG’s Report on the Central Bank of Liberia (CBL) Operations release date July 2024”
My people, if the Supreme Court got one ounce of patriotism, compassion and love for Liberia they will compel Aloysious Tarlue to relinquish his passport and remain in the Liberia to answer for his actions at CBL ED during these last 4 years. He should NOT (please GOD, no not) be reinstated at CBL nor should he receive any pay until he clears his name and if he cannot clear his name he should be punished.
My people. I reviewed the GAC audit report on CBL for the period January 1, 2018 to December 31, 2023. At first I was just dumbfounded at the gross looting and then I literally started to cry when I got to the section where over US$740,000 was paid in cash over the counter to CBL head of Legal without any reasonable explanation. I mean the head lawyer at CBL cashed US$50,000, US$20,000, US$40,000 over and over and over again during a 4-year period with NO EXPLANATION that a two year old would understand (see page 51 – 52 of the audit report). But this is small potatoes.
I got a massive headache and was literally sick to my stomach when I got to the section where over US$188 million USD was paid IN CASH over the counter to “individuals” without proper documentation – LD$1,946,289,025 converts to US$10 million (see pages 80 – 82 of the audit report) and US$178,332,760 (see pages 82 – 97).
• US$122,118,572 million – NSA (US$121,023,572 + LD$214,150,193 converts to US$1,095,000)
• US$ 25,505,325 million – EPS (US$23,158,476 + LD$458,679,752 converts to 2,346,843)
• US$ 21,654,310 million – MOS (US$15M was cashed in first 4 years under McGill)
• US$ 8,590,141 million – FIU/FIA (US$2,861,724 + LD$1,119,592,732 converts to US$5,728,417)
• US$ 7,529,656 million – PAC (US$6,959,407 + LD$111,444,875 converts to US$570,249)
• US$ 2,891,940 million – Office of Speaker-Bophal Chambers (US$2,675,000 + LD$42,400,000)
54th legislature Public Accounts Committee (PAC) as of Feb 10, 2018 may have changed but were:
o Chair, Senator Henry W. Yallah (Bong) & Co-Chair Sen. G. Alphonso Gaye. Members: Sen. Dallas A.V. Gueh, Sen. Nyonblee K. Lawrence, Sen. Jim Tornorlah, Sen. George Tengbeh and Sen. Edward Dagoseh.
o Chair, Rep. Edward Karfiah (Bong #5) & Co-Chair Rep. Clarence Garr. Members: Rep. Matthew Zarzar, Rep. Ben. A. Fofana, Rep. Clarence Massaquoi, Rep. Francis S. Dopoh II, Rep. Edwin M. Snowe, Rep. Acarous M. Gray and Rep. Robert F. Womba.
I don’t know oh. This is like totally scary that this kind of big money is floating around IN CASH in Monrovia but there are no roads, no electricity, no good schools (all these people’s children are in expensive schools abroad), no good health care (all these people and their family’s fly out of here when they get sick), no good farming, RIA in darkness, RIA road upside down for years, but US$178 million in CASH is right here in Monrovia and no impact for the Liberia people. I just don’t know oh.
