‘A Corporate Waste’

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Cllr. H. Varney G. Sherman, led the arguments on behalf of the Unity Party

Senator Varney G. Sherman (Grand Cape Mount) has said that what is happening at the National Oil Company of Liberia (NOCAL) is symptomatic of what is happening at every government-owned corporation.
He said the country does not need the over half dozen vice presidents and the many senior management positions. “We don’t need them. They are over-paid, incompetent and inefficient.”
“To know that NOCAL has fallen flat on its face and is before us today, what we do for NOCAL or recommend will be a signal to others that this Senate means business. So I’m one of those who agree that we must eliminate some of these vice presidents and senior management positions. We do not need them.”
He wondered whether his colleagues were aware of how much money the vice president for public relations makes and urged them to “go and check and you might want to work there.”
Speaking like the corporate lawyer he is, Senator Sherman noted that “when you are a member of the board of a corporation and form part of the management of a corporation, corporate waste is an offense and you should do the honorable thing and resign or they should fire you. You don’t come and say there is corporate waste, so while they are going home, let’s compensate them. What kind of compensation is that? If you do it at NOCAL today you will have to do it at LEC and every other corporation tomorrow.”
Senator Sherman continued: “When you are liable for corporate waste, you resign. Let us not ask the people of Liberia to compensate some of our citizens for this kind of wrong. But anyway, to the best of my knowledge, some of them have already gotten their compensations and have gone.”
Agreeing to the recommendation that payment be made to redundant employees, Senator Sherman suggested however, that it should be limited to those in the middle level and low level employees and not to those employees who form a part of management and therefore, participated in the decision to waste the assets of the company.
On the recommendation of rendering financial assistance to NOCAL, the Grand Cape Mount lawmaker said no, and instead suggested an audit of the company “maybe from the time we first gave the production sharing contract to any of these companies that came here because that is when the waste started. Millions of dollars came in.”

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