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CBL: since then, what have been the subsequent events unfolding?

Submitted Anonymously(December 9th 2005)    

Since Charles A. Greene came to power, corruptible activities have continuously flooded the walls of the CBL. These activities not only derive negative multiplier effects on the bank’s financial position, but also, they result to unequal distribution of the resources that should be available to the rest of the employees.

Nearly one and a half year ago, one of the experts in the area of financial and economic management in Liberia was somehow forced to resign as executive governor at the Central Bank of Liberia. At the time, it was widely circulated that the then governor was mandated to resign his post. The brain behind the directive was Charles Gyude Bryant. According to an insider, Bryant was under pressure from the IMF and the various warring factions to effect changes at the CBL.

What was disturbing at the time was the fact that the Liberian Press only considered the then executive governor to be the man at the center of the controversy. It was being alleged that the former executive governor has squandered the Liberian people money by allowing Charles G. Taylor, former president of Liberia, to take or withdraw by force huge sum of money from the CBL. Additionally, copies of the CBL Board resolutions were placarded on the internet. Despite the revelations as documented on the internet, the press along with many readers still felt that the then governor should be held liable for all of the many decisions taken by the board. The press was very bigoted in understanding the fact that all the major transactions executed between the bank and GOL were all legitimately documented with respect to authorization and execution.

What we saw next was the subsequent appointment of the most long-term member of the CBL Board, in person of Charles A. Greene, as Acting Executive Governor. With this appointment, nothing was heard again about corruption taking place at the CBL. With the press being silence on the issue, one would have inferred that all of the alleged financial malpractices taking place at the CBL were benefited solely by the former executive governor, Mr. Elie E. Saleeby. Assuming that this is true, what can we say is the hallmark of the current administration today?

To begin with, let’s take a turn at the man Charles A. Greene. For the record, Charles A. Greene is the first governor of the then National Bank of Liberia. During the supremacy of the NPRAG, Mr. Greene was head of Bong Bank and Grand Bank respectively. It would only be prudent for the press to ask people who had savings in those banks. They will best furnish you with enough evidence. I am aware that Mr. Greene squandered depositors’ resources, thereby leaving behind huge liability, now on the books of the GOL as a portion of the domestic stock of debt. Sufficient documentation are available at both the CBL and other related GOL institutions that can easily indict this honorable governor.

Since Charles A. Greene came to power, corruptible activities have continuously flooded the walls of the CBL. These activities not only derive negative multiplier effects on the bank’s financial position, but also, they result to unequal distribution of the resources that should be available to the rest of the employees.

Honorable Greene, weeks after he took over the reign of affairs at the CBL, he dissolved the security section. According to him, this was a means of cutting down recurrent costs, which coincide with advice from the IMF. Ironically, he established a quasi-security agency calls Protective Security Services and made his girlfriend (his local significant other) as proprietress. Since then this security agency is being run by the girlfriend’s brother who serves as director. Some of the former staff members of the CBL Security Section are in the employ of the agency. While the primary reason for dissolving the section as to cut down costs, the CBL is paying nearly twice the amount previously spent on its employees who were assigned in the security section. There is no reason here to levy lies on the authorities of the CBL. Their books of accounts and other pertinent documents can best serve as evidence.

Greene retired some of the department heads when he took over as acting governor. However, his measure only resulted to creating a continuous liability for the bank as he awarded long-term contracts to the retirees. The retirees, though not performing primary routine functions, receive at least US$2,000.00 each on a monthly basis. Moreover, Greene signed bogus contracts with unknown persons who receive compensations on a monthly basis at the expense of other employees and the tax-paying public.

Greene and his bunch of criminals on the board of the CBL are undertaking monetary policy measures which are very detrimental to the healthiness of the recovery process of the Liberian economy; the ultimate objective is to only benefit few people. For example, the board met recently and approved a recast budget for 2005, only after the previous approved budget for 2005 has been almost overrun. Several decisions geared towards adversely impacting the cash flow generating capacity of the CBL were passed by the board. They include a lease agreement to renovate another building on Carey Street to host two departments, for which the annual lease cost is US$17,000.00. Under this arrangement, The CBL will pay 3 years lease in advance of US$51,000, with an initial finder’s fee of US$15,000 (this has been paid already). Several others were agreed, including a contract to fence the current new headquarter of the CBL located on Lynch and Ashmun Streets respectively.

Greene has also pumped in additional Liberian dollars on the market as a means of generating foreign currency. But as we speak now, the authority is fumbling over an inquiry which the IMF recently sent to the CBL relative to its negative foreign asset position. In August 2005, Greene used huge nearly 5 million USD to liquidate questionable obligations, thereby diminishing the foreign reserve position of the bank. The tinted records are there to prove the points.

Greene, since his incumbency, employed his son Michael Greene as foreign purchase officer of the CBL. Hundred of thousands of U.S. Dollars have been transferred to him for the purpose of acquiring various assets for the CBL. As the record will show, there is no legitimacy as to the genuineness of those transactions. In most cases, there are no original invoices. Michael Greene designs his own invoices and sends same to the CBL. No one dare to ask further question as Governor Greene is always hungry to dismiss staff. Whenever his girlfriend requests an employee dismissal, he wastes no time. To date, I am told that the audit and the accounts sections are in disarray when it comes to generating the needed information on those transactions.

Today, Greene is comfortable with few people who once served him when him at the former National Bank of Liberia. These former employees also have hanging on their arms less qualified individuals who are equally occupying managerial positions at the expense of qualified individuals. The likes of James B. A. Dennis and Moses B. K. Yarsiah are few of the people riding his corrupt train, not even forgetting the present members on the Board who receive US$2,000 monthly as board fee. But the fact is that many of the professionals working daily as technicians, many of whom with masters degrees make les than US$500.00 as take home pay, with no extra benefits.

With TIME being a crucial element in the running of this present government, a lot of illegal business transactions are now being effectuated by the present CBL Administration. They include the prepayment of board fees, bogus lease agreements and so forth. These transactions involve huge cash outlay though the CBL does not have the capacity to generate the needed cash flow. For the record, the CBL administration has misdirected cash flow expenditure in excess of over US$6M in 2005. A lot of questions are now being asked.

While Governor Greene and his board members are jogging in corruption, having frequent board meetings and receiving unwarranted cash, the deputy governor, James B.A. Dennis is operating in a lively faction. This guy is one of the most corrupt guys that the banking sector in Liberia has ever produced. Most of the domestic debt portfolio inherited by the CBL from the erstwhile NBL was initiated by Mr. Dennis. Today, the kind of predicament being experienced by Global Bank Liberia Limited is all due to the ill-fated judgment of Mr. Dennis, in terms of exercising his corrupt attributes. For the record, Mr. James B. A. Dennis ensured most of those obligations were monetized early 2005.

Mr. Dennis and Mr. Greene are living in luxury. I am told that Governor Greene recently used the CBL resources to buy one Honda SUV for his girlfriend. He had earlier mandated that the payment be made for purchasing one jeep for the would-be GEMAP representative to be assigned to the CBL. Few days after the payment was made (utilizing the duty Free privilege of the CBL), he deposited the cost of the jeep (US$25,200) into the coffers of the CBL and then gave the jeep to his girlfriend.

Charles Greene has squandered the reserves of commercial banks in the tune of US$890,000.00 and transferred same offshore for the purpose of printing additional liberian dollar banknotes in order that he can satisfy himself and others in the present government.

In my next write up, I will highlight the current salary and benefits the two gentlemen are receiving even though they once accused the previous administration of getting fabulous salaries and benefits. For Greene, he does not foresee young people as the engines for growth in the bank.

Woe to you Greene, Dennis, the board and other members of management who are equally benefiting from the decisions you take.

To the incoming government, make no mistake to keep the current officials at the bank. Doing so will only bring mockery to the new administration as their activities will totally be aimed at aggrandizing themselves through corruptions.

Note: This article was received anonymously from a Liberian associated with the Central Bank of Liberia.

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