The LEITI to Publish it's 2nd Report by the 2nd week of Febraury 2010
The First Report of the Liberia Extractive Industries Transparency Initiative (LEITI) covering the period July 1, 2007 up to and including June 30, 2008 was published on February 9, 2009. The report contained payments data supplied by thirty (30) companies and revenues data supplied by four (4) agencies of Government. A total amount of US$29,454,662.00 was reported by the thirty companies as combined payment of taxes, royalties, land/surface rental and other administrative fees, while the four agencies of the Government reported total receipts of US$29,447,3390, thus yielding a combined discrepancy of US$7,323.00, which was the excess of reported receipts over reported payments.
While the overall net discrepancy of US$7,323.00 was 0.02% of the reported total receipts and therefore clearly negligible, there were significant discrepancies in respect of reported payment and receipts concerning individual tax kinds. There were nineteen (19) companies and two (2) agencies of Government that had discrepancies in their report. The Reconciler discovered that one discrepancy-the amount of US$104,288 reported as paid by Amlib United Minerals (Amlib) but which the Government denied receiving-apparently resulted from fraud. The Reconciler’s finding was confirmed by subsequent investigations.
The cause of the discrepancy concerning the Amlib’s reported payment highlighted the need to investigate and resolve all unresolved discrepancies. While an internal investigation of the discrepancies was conducted and concluded by the Ministry of Finance and relevant companies involved, the LEITI MSG agreed that the unresolved discrepancies contained in the 1st LEITI Report be investigated by a competent, independent (national/international) reputable auditing firm in order to provide needed assurance and credibility.
Following appropriate procurement process, the firm MGI-Monbo & Co has been selected to reconcile and investigate all unresolved discrepancies contained in the 1st LEITI Report. The reconciliation report is expected to be published before the 25th of February 2010.
The complete resolution of these unresolved discrepancies contained in the 1st LEITI Report is paramount to the LEITI Multi-stakeholders Steering Group (MSG) as well as the Government of Liberia.
Meanwhile, the 2nd EITI Report of Liberia for the fiscal year July 1, 2008 to June 30, 2009 is expected to be published by February 8, 2010 in Monrovia. The publication will be followed by massive dissemination and public outreach throughout the fifteen counties of Liberia as well as internationally.
The Liberia Extractive Industries Transparency Initiative (LEITI) is a partnership involving the Government, the Private Sector and the Civil Society of Liberia, which is supported by 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 Liberia. The work of the LEITI consists of regular disclosure, audit/reconciliation, and publication of both (1) all material payments made by oil, mining and logging companies (“Companies”) to the Government, and (2) 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 or to be provided by both the Companies and the Government. The LEITI process also calls for massive and public dissemination of the EITI report.
While the overall net discrepancy of US$7,323.00 was 0.02% of the reported total receipts and therefore clearly negligible, there were significant discrepancies in respect of reported payment and receipts concerning individual tax kinds. There were nineteen (19) companies and two (2) agencies of Government that had discrepancies in their report. The Reconciler discovered that one discrepancy-the amount of US$104,288 reported as paid by Amlib United Minerals (Amlib) but which the Government denied receiving-apparently resulted from fraud. The Reconciler’s finding was confirmed by subsequent investigations.
The cause of the discrepancy concerning the Amlib’s reported payment highlighted the need to investigate and resolve all unresolved discrepancies. While an internal investigation of the discrepancies was conducted and concluded by the Ministry of Finance and relevant companies involved, the LEITI MSG agreed that the unresolved discrepancies contained in the 1st LEITI Report be investigated by a competent, independent (national/international) reputable auditing firm in order to provide needed assurance and credibility.
Following appropriate procurement process, the firm MGI-Monbo & Co has been selected to reconcile and investigate all unresolved discrepancies contained in the 1st LEITI Report. The reconciliation report is expected to be published before the 25th of February 2010.
The complete resolution of these unresolved discrepancies contained in the 1st LEITI Report is paramount to the LEITI Multi-stakeholders Steering Group (MSG) as well as the Government of Liberia.
Meanwhile, the 2nd EITI Report of Liberia for the fiscal year July 1, 2008 to June 30, 2009 is expected to be published by February 8, 2010 in Monrovia. The publication will be followed by massive dissemination and public outreach throughout the fifteen counties of Liberia as well as internationally.
The Liberia Extractive Industries Transparency Initiative (LEITI) is a partnership involving the Government, the Private Sector and the Civil Society of Liberia, which is supported by 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 Liberia. The work of the LEITI consists of regular disclosure, audit/reconciliation, and publication of both (1) all material payments made by oil, mining and logging companies (“Companies”) to the Government, and (2) 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 or to be provided by both the Companies and the Government. The LEITI process also calls for massive and public dissemination of the EITI report.