No Kickbacks Received

-Says Crane; Fires Back Against Allegation Levied

CRANE, the Swedish currency printing Company that printed the reported missing controversial L$15.5 billion that took the country by storm imbued with hullabaloos has denied allegations of receiving kickbacks to violate the contract with the Government of Liberia.

“That allegation is false and without merit. Crane fulfilled its contractual obligations as set out in two delivery contracts and two subsequent documented agreements between the CBL for Crane to deliver the finished banknotes, and every banknote delivered was properly invoiced and accounted for. Crane was paid in full the correct amount (and no more) as had been agreed with our Liberian customer for these contracted deliveries of banknotes, and there were no excess or improper payments made by the CBL or any other party”, reports a local daily.

It was also reported that CRANE in its first reaction to the allegation stated in a release that no charges have been levied against them by the Liberian Government.

“Crane has not been charged with any crime in Liberia, and at all times Crane has operated in full compliance with the law and rejects completely any allegation of wrongdoing,” the local daily quoted Crane’s release.

Crane Currency, a Crane Co. company, is a fully integrated supplier of secure, durable and well-designed banknotes for central banks all over the world. A pioneer in advanced micro-optics technology, Crane Currency provides a wide range of engaging visual effects in features that increase the level of security and public trust in banknotes.

Clients benefit from our combined expertise in design, paper making and printing and a culture of knowledge sharing and long-term partnerships. With over 200 years of heritage, Crane Currency is today a truly global company with offices in the US, Sweden and Malta – and a trusted partner to over 50 central banks worldwide.

At the same time, the government commission, in addition, alleged that CRANE AB SE-14782, Tumba, Sweden, the company that the Liberian government, through the Central Bank of Liberia, contracted in two different agreements to print a total of LD $15,000,000,000 at the cost of US$15,331,689.20 also conspired to defraud the government by printing LD $18,151,000,000 in disregard of terms of the company’s legitimate contract.

The report claimed that as a result of the violation of the contract by the Swedish comply; the Liberian Government incurred an extra cost of US$853,367.72.

The investigators observed that considering what they called the “many discrepancies noted in the manner in which the mop-up exercise was conducted in relation to the infusion of the US $25,000,000 into the Liberian economy, and the scope, time and financial resources limitation of the PIT-TC, the investigation recommends that the TEMPT and CBL put a halt to the exercise, and that a forensic investigation of the entire mop-up exercise be conducted without delay.”

It can be recalled that the Government of Liberia through its Minister of Finance and Development planning, Mr. Tweah told reporters in the capital Monrovia last year that his Ministry carried out a mop-up exercise within various neighborhoods of the city in isolation of the Central Bank of Liberia or the country commercial banking system.

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