Liberia: 3 Central Bank Staff Arrested For Illegal Transfer Of Over $900K To International Bank

Three employees of the Central Bank of Liberia (CBL) have been arrested and are under police investigation for allegedly transferring $961,777 illegally.

During a regular press briefing, Information Minister Jerolinmek Piah reported that on August 6, Henry Saamoai, the Acting Executive Governor of the Central Bank, informed the bank’s internal audit department about a suspicious transfer to an International Bank.

On Tuesday, August 6, 2024, Acting Executive Governor of the Central Bank of Liberia, Henry F. Saamoai, brought to the attention of the internal audit department a real-time gross settlement transaction from the CBL to the International Bank of Liberia. The amount involved in the transaction is US$961,777, intended for onward transfer to a beneficiary account at SIB,” Piah explained.

Piah stated that Saamoai started an investigation, led by the internal audit department, which found that the transaction could have defrauded the Liberian Government and put the central bank at risk of having to repay the $961,777.

According to Front Page Africa, the internal audit looked into the procedures and controls surrounding the reversal of the transaction related to the Government of Liberia’s revenue account and noted that the $961,777 was processed without the necessary senior management approval from the banking department, as required by the department’s manual.

Minister Piah also revealed that the beneficiary account at the International Bank, established in 2018, had previously received small amounts. A recent GAC report found that the company owning the account had received $55,000 without evidence of any work done.

The three CBL employees are currently in police custody for further investigation. Meanwhile, Saamoai has ordered a full audit of the central bank’s real-time gross settlement transactions to ensure they comply with policies.

This incident adds to the scandals at the entral bank under Acting Governor Saamoai’s leadership, following previous controversies before his appointment. A report from the General Auditing Commission (GAC) led to the suspension of the Bank’s Executive Governor, Alloysius Tarlue. Deputy Governor Nyemadi Pearson resigned after negotiations with the executive.

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