FIA Money Scandal: How the L$1 Billion and US$500,000 Allegedly Vanished

Published: September 11, 2024

MONROVIA – Criminal Court “A,” under the gavel of Judge Roosevelt Z. Willie, has issued indictments against several high-ranking former officials from the Coalition for Democratic Change (CDC) for their alleged involvement in a scheme that drained substantial funds from the Financial Intelligence Agency (FIA). The indictment, brought forward by the Liberia Anti-Corruption Commission (LACC) through the Ministry of Justice, centers on charges of economic sabotage, misuse of public funds, and criminal conspiracy.

At the core of this case is an alleged theft of over L$1 billion and US$500,000, transferred to the FIA’s operational accounts between September 8 and 21, 2023. These funds were meant to support Liberia’s financial oversight and security operations but instead vanished under suspicious circumstances, according to the LACC.

Illegal Transfers to FIA Accounts

The investigation revealed that former Finance Minister Samuel D. Tweah, despite lacking any formal request or authorization from Liberia’s National Joint Security or the National Security Council, approved the transfer of L$1,055,152,540 and US$500,000 to the FIA’s accounts at the Central Bank of Liberia (CBL).

According to court documents, these transfers occurred at the directive of Tweah, despite there being no documented justification or need for such funds by the National Joint Security, which the FIA had been temporarily aligned with. The transfers raised immediate red flags due to the lack of official authorization or supporting documentation for the allocation of such large sums of money.

The Role of the FIA in the Disappearance

Once the funds were deposited into the FIA’s operational accounts, the alleged embezzlement accelerated. On September 22, 2023, just one day after the funds were deposited, the entire US$500,000 was withdrawn by D. Moses P. Cooper, then Acting Financial Controller of the FIA. Similarly, between September 11 and October 17, 2023, nearly the entire L$1,055,152,540 transferred to the FIA’s Liberian dollar account was withdrawn, leaving only L$7,500.

Documents presented in court outline a timeline of withdrawals, detailing how Cooper, as the acting controller, removed the funds in increments, with some of the largest withdrawals happening just days after the transfers were made. Despite these substantial transactions, there is no clear record of how the funds were used, leading investigators to conclude that the money was not spent for its intended purpose.

Lack of Accountability and Missing Records

The indictment further outlines a web of complicity involving other high-ranking officials, including Cllr. Nyanti Tuan, the former Acting Minister of Justice, and Stanley S. Ford, the former Director General of the FIA. While Tuan confirmed that the National Joint Security received the transferred funds, he failed to provide any records showing how the money was distributed or spent, according to the LACC.

Additionally, a letter written by Cllr. Tuan to Ford, dated September 5, 2023, indicated that the National Joint Security had secured funding and instructed Ford to release the funds upon their deposit into the FIA accounts. However, the investigation failed to uncover any documentary evidence from the Ministry of Justice (MOJ) or National Joint Security requesting the FIA’s involvement or the transfer of funds to its accounts. According to the LACC, Cllr. Tuan’s action was as a result of consultation between him and the National Security Advisor, Jefferson Karmoh.

Tweah and the Security Council

Samuel D. Tweah’s role in approving the transfers remains one of the most critical aspects of the case. Although Tweah was a member of the National Security Council, the investigation found no formal instruction or request from the Council authorizing the movement of the L$1 billion and US$500,000 to the FIA. This lack of evidence, according to the LACC, points to the former Finance Minister’s direct involvement in approving and ordering the illegal transfers without the necessary oversight or justification.