By Festus Poquie
Executive Governor-designate of the Central Bank of Liberia shed light on the circumstances surrounding his predecessor, Governor Jolue Aloysius Tarlue suspension and compensation payoff.
Henry Saamoi told Senators during his confirmation hearing that the audit leading to Tarlue’s suspension indicated compliance missteps rather than criminal wrongdoing.
“Those are compliance issues and not anything that are related to impropriety or criminal missteps,” Saamoi said.
“This was not an investigative audit. This was a compliance audit wherein missteps are identified..”
He explained that the alleged breaches outlined in the audit consisted of 28 issues related to compliance, which the Bank is currently addressing.
The statement comes on the heels of a financial settlement between the outgoing Governor and the government, with Tarlue agreeing to accept $374,239.24 in compensation for the unexpired term of his tenure, as consented to by the administration of President Joseph Boakai. The Minister of Justice and Attorney General also approved the compensation agreement, which the Oracle News Daily has seen.
Governor Tarlue, who was suspended following the audit’s findings, challenged the decision with the Supreme Court and later withdrew the case for negotiated settlement.
His suspension came after the President ordered an audit of multiple government agencies as part of an anti-corruption initiative. The audit reportedly uncovered breaches of financial laws and compliance failures, prompting immediate action.
President Boakai’s administration had expressed serious concerns over the Central Bank’s operations, citing findings that the institution was not compliant with various laws, including the Central Bank Act, the Revenue Code, and the Public Financial Management Act. As a result, Tarlue was suspended without pay pending further investigation.
The backdrop to these developments is a turbulent period for Liberia’s Central Bank, particularly following scandals from 2018 to 2019, including the reported disappearance of nearly $100 million in printed currency.
Tarlue was appointed in November 2019 to address the fallout from that crisis and under his leadership, the Central Bank worked to stabilize the economy by managing inflation and currency depreciation while reinforcing regulations for commercial banks and financial institutions.
