–As Gov’t Lawyers Sustain Suspension Order
IPNEWS: Justice in-chambers Yusuf Kaba has reserved ruling in a conference held between parties to the writ of prohibition filed by suspended CBL Governor, J. Aloysius Tarlue.
According to highly placed source within the corridors of the Supreme Court, Justice in-chambers told parties litigants that after properly listened to their sides in would revert to them but give no time nor date for the revert.
However, during preliminary arguments, sources tell the authoritative Independent Probe gathered that Defense Lawyers led by former Presidential candidate Cllr. Taiwon Gongloe representing suspended CBL Governor had argued that President Joseph Boakai was in error to suspend the embattled CBL Governor.
The Defense relying on premised of the CBL Act argued that the suspension of
Governor J. Aloysius Tarlue, on the bases of a GAC audit report that revealed alleged compliance failures at the CBL from 2018-2023, is not sufficient in keeping with law.
The Defense further contended that the President’s decision was unlawful and unconstitutional, especially the President’s order that the suspended Governor be immediately suspended, without pay, was a breach of multiple financial laws, which include the CBL Act of 1999, the Revenue Code of Liberia Act of 2011, and the Public Financial Management Act of 2009.
Content of the President Boakai suspension order read: “Dear Hon. Tarlue: I write to inform you that you are hereby suspended from office as Executive Governor of the Central Bank of Liberia, without compensation, with immediate effect, pending the results of an investigation that I have ordered into your stewardship of the Central Bank of Liberia. The decision to suspend you is based on the Auditor General’s Report from the Compliance Audit of the Central Bank for the fiscal years 2018-2023.”
Furthermore, the petitioner represented by legal counsel from Gongloe & Associates, Inc., argued that the President’s action was illegal and unconstitutional, contending that the removal of the Executive Governor of the CBL could only be done through impeachment by the National Legislaturein keeping with Section 13.1 of the Amended and Restated Act Establishing the Central Bank of Liberia (1999), which specifies the criteria for appointing Non-Executive Governors, Executive Governors, and Deputy Governors from individuals in good standing and of impeccable character in the fields of banking, finance, economics, law, or management.
On the resistance, Persecution team led by Noble Oswald N. Tweh, argued that in the separation of powers, the President is the chief custody of the administering rights of the country and the head of the first breach of Government, for which controlling and insurance of peace and tranquility rest, so therefore, the president had the moral duties to act in the case of the CBL whence the alleged doers of the act was still presiding, thus giving reasons for undermining and instituting a fair and impartial investigation.
The persecution maintained that President Boakai acted in line with his duty to protect and defend the state, especially whence there were reasons to believed that gross improprieties have been committed.
In keeping with Liberian law, the reports of the GAC must be submitted to the Legislature Public Accounts Committee for revision, deliberation, and recommendation to the Executive for action.
Ahead of Tuesday’s conference with the parties, speculations remain high that the Supreme Court would rule in favor of President Boakai owing to longstanding non-payments to induce the Executive for its outstanding payments.
The appointment of the CBL Governor is the sole prerogative by the President of Liberia, subject to confirmation by the Liberian Senate, for a term of five years.
IPNEWS understand that prior to his suspension, Tarlue had demanded $1.3 million from the government to voluntarily tender his resignation, but his request was rebuffed by the President and his negotiation team which led to the breakdown of negotiation.
Meanwhile, newly appointed members of the Board of Governors of the Central Bank of Liberia (CBL) were officially inducted into office during the weekend. The induction ceremony signaled their commitment to focusing on reinforcing financial stability and enhancing the effectiveness of monetary policy.
The inductees included Acting Executive Governor Mr. Henry F. Saamoi, who assumes the role of Chairman, alongside members George H. Gooding, Joseph F. Robertson, Jr., and Cllr. Ebenezer Z. Gibson.
The induction marked the beginning of the Board of Governors’ duties as the key policy drivers for the Bank’s strategic goals, operational frameworks, and regulatory environment.
The new Board members expressed their determination to promote economic growth and financial inclusion in Liberia. Acting Executive Governor Henry F. Saamoi brings a wealth of experience to the Central Bank, having previously served as Chief Executive Officer of the International Bank.
He emphasized his commitment to transparency, innovation, and cooperation in guiding the Bank towards achieving its objectives. Governor Saamoi expressed his honor in leading the CBL during a critical period and outlined his focus on reinforcing financial stability, improving monetary policy effectiveness, and ensuring that the banking sector meets the needs of all Liberians.
Saamoi highlighted his dedication to upholding high standards of integrity, accountability, and transparency while implementing policies to drive economic development and financial inclusion in Liberia. He also stressed the importance of maintaining the financial system’s integrity and establishing a robust regulatory framework to promote trust and resilience within the banking sector.
He emphasized the Board’s commitment to supporting economic initiatives that enhance the prosperity of all Liberians, particularly through policies aimed at facilitating access to credit for small and medium enterprises.
