Amid Latest L$16 Billion Report Release, Milton Weeks Submits for Questioning

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Former CBL Executive Governor, Milton Weeks.

Following the arrest of some senior staffs at the Central Bank of Liberia (CBL) by authorities of the Liberia National Police (LNP) on Thursday, February 28, the immediate ex-Governor, Milton A. Weeks, has reported himself to the police and undergoing serious questioning in connection with discrepancies in the printing and failure to account for and printing excess banknotes above the L$5,000,000,000 approved by the Legislature.

According to information gathered by the Daily Observer on the weekend, Mr. Weeks was picked up on Friday morning at his residence after the police officers barricaded his house on Thursday night. He was escorted to the Police Headquarters by his lawyer, Cllr. Negbalee Warner.

It may be recalled that, Mr. Charles A. Sirleaf, CBL’s Deputy Bank Governor, son of former President Ellen Johnson Sirleaf was picked up after the release of an investigative report into the circumstances surrounding the allegedly missing billions.

Sirleaf was arrested along with Mr. Dorbor Hagba, Director of Banking.

Meanwhile, Moses carter, Spokesman of the Liberia National Police, confirmed to that Weeks was arrested Friday morning.

Weeks has in the past said he had nothing to do with the missing cash and is cooperating with investigators.

The report unveiled many discrepancies as to the total and actual amount of new Liberian dollar banknotes printed, shipped and received by the Central Bank of Liberia, thereby creating doubts as to the total amount of Liberian dollar banknotes in circulation; as well as the negative impact said discrepancies are having on the economy.

The Presidential Investigation Team (PIT) in its report released Thursday disclosed that in 2016, the printing and importation of L$5 million was authorized by the National Legislature through resolutions issued by both House of Representatives and House of Senate.

However, the contract between the Central Bank of Liberia and Crane Currency AB to print an initial L$5 million was consummated prior to Legislative authorization.

According to the PIT report, the Central Bank did not abide by international best practice for selecting and contracting Crane Currency to print the new Liberian Dollar Banknotes.

The report added that in 2017, the printing and importation of an additional L$10 million was not authorized by the National Legislature.

The Central Bank of Liberia relied on a letter of July 19, 2017 from the National Legislature and a resolution of the Board of Governors of the Central Bank of Liberia to print and import the additional L$10 million.

The July 19, 2017 letter from the National Legislature did not constitute an authorization and the Board of Governors does not have the mandate to approve and/or authorize the printing and importation of currency bank notes.

In 2016, the total amount of L$5,146,250,000 printed and shipped by CRANE Currency was received by the Central Bank of Liberia. The amount of 146,250,000 Liberian dollar banknotes was printed in excess of the 5,000,000,000 authorized by the National Legislature and contracted for by the Central Bank of Liberia.

In 2016, the contract between the Central Bank of Liberia and CRANE Currency to print the 5,000,000,000 Liberian dollar banknotes was valued of US$5,210,000. However, the Central Bank of Liberia paid CRANE Currency a total of US$5,611,469.58 instead of the contract amount of US$5,210,000.00, resulting in overpayment of US$401,469.58. This overpayment was not authorized by the National Legislature and was paid outside the terms and conditions of the contract. The Central Bank of Liberia did not provide any amendment to the contract or any document to justify the overpayment.

In 2017 and 2018, the total amount of L$10,359,750,000 Liberian dollar banknotes printed and shipped by CRANE Currency was received by the Central Bank of Liberia. The amount of L$359,750,000 was printed in excess of the 10,000,000,000 Liberian dollar banknotes contracted for by the Central Bank of Liberia.

In 2017, the Central Bank of Liberia contracted CRANE Currency to print L$10 billion at a contract valued of US$10,121,689.20. However, the Central Bank of Liberia paid CRANE Currency a total of US$10,555,587.34 instead of the contract amount of US$10,121,689.20, resulting in overpayment of US$433,898.14. This overpayment was not authorized by the National Legislature and was paid outside the terms and conditions of the contract. The Central Bank of Liberia did not provide any amendment to the contract or any document to justify the overpayment.

6 COMMENTS

  1. what is this with the Weeks family? everywhere i look there are weeks in high positions. they are a ruthless and wicked family that extort the Liberian government but Liberians continue to give them the biggest positions in the country. this family is a bunch of crooks and the sirleaf family too. a bunch of well trained crooks

  2. ‘REVOLUTION EATS ITS CHILDREN’:… EJS’s own son, Charles Sirleaf, is in jail. Will EJS just watch or react to our new government? Why have the Weeks siblings been lured to these lucrative jobs? Several LIB Families have been targeted to be REMOVED FROM OUR HISTORY and DESTROYED. We make no long-term national development plans, but we DO make long-term hateful, harmful plans to eliminate one another. YAW SIT DOWN THERE! NEXT…

  3. The weeks family are honorable people. They are public servants and most are highly educated. Of course, you can look at people on an individual basis because I don’t know the merits of the case against the governor.

    Our bi-sexual President and bi-sexual senator prince Johnson and corrupt Nimba senator are wicked people

  4. We cannot afford to “demonize” educated Liberian families, like the Weeks family & others, that sacrifice opportunities abroad to serve their country. That is wrong! We need more educated Liberians to come home and serve! Let Milton Weeks be judge fairly for ” Milton Weeks” not the “weeks family”. That goes for every Liberian family.

  5. From CWA time to LU times Rochefort Weeks house was open to ALL!! That family was NEVER proud people. They NEVER acted better than anybody. They mingled with EVERY BODY!! They are GOOD people!! Let justice take it’s course

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