Total net difference of US$2,175,416 or 3% of total receipts shows that the Government reported more revenues than payments declared by the seventy-one (71) reporting companies. The net discrepancy can be traced to fifty (50) companies for which the Government reported receipts, but those companies did not submit payment data to the Reconcilers. The distribution of the discrepancy by categories is:
- Companies that were active at the time of the third report but did not submit payment data to the Reconcilers. Pit Sawers and Small Scale Miners account for US$1,868,011 or 86% of the net discrepancy.
- Companies that discontinued their operations prior to the preparation of the Third Report account for US$324,758 or 15% of the net discrepancy.
- Companies that submitted payment data but had differences between their payments and receipts declared by the Government on their behalf account for US$17,327 or -1% of the net discrepancy.
The LEITI is an autonomous agency of the Government of Liberia. It was established by an Act of the Legislature as a partnership involving the Government of Liberia, the Private Sector, and the Civil Society of Liberia. It is supported by the Government of Liberia and Liberia’s development partners. The LEITI seeks to ensure transparency over payments to, and revenues received by, the Government of Liberia in connection with the operations of all oil, mining, logging, and agriculture companies operating in the country. The work of the LEITI consists of regular disclosure, audit/reconciliation, and publication of all material payments made by oil, mining, logging and agriculture companies (“Companies”) to the Government, and all material revenues received by the Government from the above-mentioned companies. A critical component of the LEITI work program is the comprehensive and reliable reconciliation and/or audit of the payment and revenue data provided by both the Companies and the Government. The LEITI process also calls for massive and public dissemination of the EITI reports.