Auditor General’s Findings on US$25-Million-dollar Mop-Up Exercise indict Technical Economic Management Team (TEMT).


The Auditor’s General report of factual findings on applying agreed-upon procedures with respect to the US$ 25 Million Mop-Up exercise has revealed discrepancies throughout the process.

According to the report, from July 17 to October 2018, the Central Bank of Liberia recorded US$15 Million as the amount sold to 281 businesses and foreign exchange bureaus by direct mop-up while US$2,000,000.00 was recorded as the amount sold to TOTAL Liberia Inc., through a special auction.

The report says, 15 entities received $491,697 United States Dollars but denied their participation in the exercise.

It further revealed that 27 entities received nearly $703,000 USD but are not registered with the Liberian Business Registry.

Fifty-two (52) entities received $1,092,292.00 million dollars but refused to respond to calls and text messages from auditors to confirm receipt of the money.

Meanwhile, the GAC finding recorded eight (8) entities in the Central Bank of Liberia records as receiving $163, 446 which were not in operation when the auditors visited them.

The report copy of which is in the possession of KMTV, explained that the US$15 Million reported by the CBL as the amount used for the Mo-Up Exercise as drawn from the CBL’s Operational Vault account instead of the International Foreign Reserve account as per the MOU.

The money issued from the vault daily and disbursed to beneficiaries from the bank’s United States Dollars operational vault was not posted to the bank’s accounting system in real time. For example, money taken from the vault between the periods July 17 – 31, 2018 was not posted to the vault until August 1, 2018 in lump sum amounts. 

According to the findings, the TEMT meetings minutes provided to the GAC which were not dated and signed, did not include minutes for the month of November 2018.

The auditor verified minutes, resolution and other policy documents to determine the levels of authorization for execution of the mop-up exercise as prescribed in the mandate given her.


 Members of the Technical Economic Management (TEMT) include:

Minister Samuel Tweh                        Chairman

Governor Nathaniel Patray                Co-Chairman

Minister Wilson Tarpeh                      Member

Commissioner Thomas Doe Nah        Member

Molewuleh B. Gray           Member

Charles R. G. Bright                           Member  

Minister Trokon A. Kpui                    Member

AG Report of Factual Findings on Applying the Agree-Upon Procedures of the US$ 25 Million Mop-Up Exercise