- Search Results
Senator Sherman Calls For Forensic.....
Date Uploaded: Sep 09, 2015

 Grand Cape Mount County Senator Varney Sherman



Senator Sherman Calls For Forensic Audit At NOCAL
By Wilfred Gortor, LINA

MONROVIA, September 8 (LINA) – Grand Cape Mount County Senator Varney Sherman has recommended a forensic audit at the National Oil Company of Liberia (NOCAL) dating back to the signing of the company’s Production Sharing Contract (PSC) by the National Legislature in 2010.

The recommendation was one of several made during the Senate’s second day Extraordinary Sitting of the Fourth Session of the 53rd Legislature at the Capitol Building Tuesday.

Sherman said the audit will authenticate and determine what led to the financial crisis that nearly sent the oil company to bankruptcy, prompting the restructuring of the company at its executive level.

He also recommended that government should withhold the proposed severance benefits for senior executive officials of NOCAL as their actions led to the crumbling of the entity.

He recommended that instead, severance benefits should be paid to employees at the middle and lower levels, noting that in accordance with best corporate practices officials at executive levels should resign or be fired.

This argument was also backed by a host of other senators, including Prince Y. Johnson of Nimba County, Peter Coleman of Grand Kru County and Sinoe County’s Milton Teahjay.

The senators’ propositions were prompted by a report presented on the state of affairs at NOCAL, done by the Senate Joint Committee on Lands, Mines, Energy, Natural Resources and Environment; Public Corporations and Ways Means, Finance and Budget.

Contrary to the committee’s report which calls for the payment of severance benefit to all employees of NOCAL, amongst others, Senator Johnson noted that payment to executives of NOCAL will be a waste of tax payers’ resources.

This view was subsequently buttressed by Coleman and Teahjay, who indicated that benefits for NOCAL senior management be withheld and that the reconstitution of the company be done in a manner that will avert the current circumstance.

latest headlines
LEC Holds Community Engagements Against Power Theft
The Liberia Electricity Corporation (LEC) has renewed its warning to individuals engaged in power theft to desist, as it was costing government i ...more
Cuttington University Promises To Sustain EHELD Projects
The Administration of the Cuttington University has assured the Excellence in Higher Education for Liberian Development (EHELD) of its commitment ...more
Justice Banks Decline To Issue Prohibition Against Korkoyah
Supreme Court Justice-in-Chamber Philip A. Z. Banks Thursday declined to grant the writ of prohibition requested by Dr. Togba Nah Tipoteh against ...more
VP Boakai Assures LACC Of Support To Tackle Graft
Vice President Joseph N. Boakai has assured the Liberia Anti-Corruption Commission (LACC) of his unreserved commitment to tackle the scourge of c ...more
Pres. Sirleaf Congratulates Luxembourg On ‘National Day'
President Ellen Johnson Sirleaf has sent a congratulatory message to His Royal Highness, Grand Duke Henri of Luxembourg, on that country’s Nati ...more
ECOWAS Envoys Congratulate Pres. Sirleaf
The Dean of ECOWAS Ambassadors and Heads of Mission Accredited to Senegal, General Edouard Tiape Kassarate, has congratulated President Ellen Joh ...more
All rights reserved © 2013 - 2014
Liberia News Agency