Arab Today, arab today liberias bust state oil firm to get forensic audit
Last Updated : GMT 20:14:47
Arab Today, arab today
Arab Today, arab today

Liberia's bust state oil firm to get 'forensic' audit

Arab Today, arab today

Arab Today, arab today Liberia's bust state oil firm to get 'forensic' audit

President Ellen Johnson Sirleaf
Monrovia - AFP

Liberia's Senate ordered Wednesday a "forensic" audit of the bankrupt state oil company and vowed to punish anyone found to have negligently handled its finances.

The National Oil Company of Liberia (NOCAL) laid off its entire staff -- including the board -- in August as falling oil prices hitting the sector hard.

NOCAL said it could no longer afford the "administrative and operational bills" for managers and low-level workers alike, and would later rehire for a downsized operation.

Some 200 people lost their jobs, a source at the company told AFP, although the president and some of his vice-presidents were handed generous retirement packages.

The Liberian Senate said in a statement that NOCAL's dual roles as producer and regulator were "a clear recipe for the disaster we are facing today".

If called for "...a forensic audit of the National Oil Company. All those responsible for abuse of public trust should be punished," the statement said.

NOCAL has been one of the major local contributors to the Liberian economy, as well as the country's reconstruction programme following back to back civil wars spanning the 1990s.

NOCAL's announcement prompted President Ellen Johnson Sirleaf to apologise in a televised address in which she admitted: "I am the head so I take the blame. But we will fix it."

There was no timetable for the audit but Senator Varney Sherman, of the ruling Unity Party, said action would be taken against "those who betrayed the public trust".

"Corporate waste is an offence and it should be punished. When you are liable for corporate waste you resign," he told the chamber.

Liberia's oil sector is still emerging, with companies such as US-based Anadarko and energy giant Chevron beginning offshore drilling in recent years.

Hopes were high that oil discoveries would boost the economy and rebuilding efforts after the ravages of 13 years of conflict that left more than 250,000 people dead.

However, falling oil and gas prices have dealt a blow to efforts to develop the sector at a time when the economy has also been devastated by the Ebola epidemic.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today liberias bust state oil firm to get forensic audit Arab Today, arab today liberias bust state oil firm to get forensic audit

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today liberias bust state oil firm to get forensic audit Arab Today, arab today liberias bust state oil firm to get forensic audit

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today US travel restrictions are still 'Muslim ban'

GMT 00:54 2017 Tuesday ,26 September

US travel restrictions are still 'Muslim ban'
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israel builds settlements 'at high rate'

GMT 01:04 2017 Tuesday ,26 September

Israel builds settlements 'at high rate'
Arab Today, arab today Saudi clerics use Twitter, textbooks

GMT 10:13 2017 Tuesday ,26 September

Saudi clerics use Twitter, textbooks
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Personality study finds fish have hidden depths

GMT 00:43 2017 Tuesday ,26 September

Personality study finds fish have hidden depths
Arab Today, arab today China refuses visa to elderly India runner

GMT 15:01 2017 Tuesday ,26 September

China refuses visa to elderly India runner
Arab Today, arab today UAE to open its first nuclear reactor in 2018

GMT 19:11 2017 Tuesday ,26 September

UAE to open its first nuclear reactor in 2018
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Chevrolet's first 9-speed auto debuts

GMT 18:58 2017 Monday ,25 September

Chevrolet's first 9-speed auto debuts
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Mai Kassab happy for participating in new film

GMT 09:33 2017 Friday ,22 September

Mai Kassab happy for participating in new film
Arab Today, arab today Botanical gardens a lifeboat

GMT 02:50 2017 Tuesday ,26 September

Botanical gardens a lifeboat

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 09:22 2017 Monday ,25 September

Conditions growing dire    

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 16:08 2017 Monday ,25 September

'World's heaviest woman' dies

GMT 12:09 2017 Sunday ,24 September

Taxi! Transport gets an overhaul

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday