The Government of President Joseph N. Boakai has given suspended Central Bank of Liberia (CBL) Governor Aloysius Tarlue US$374,239 as settlement of claims of unlawful suspension by the government.
It can be recalled that the General Auditing Commission (GAC) audit report revealed financial irregularities at the CBL amounting to nearly $300 million, highlighting unauthorized expenditures and potential money laundering concerns, raising questions about the administration’s commitment to accountability and transparency. This later led President Joseph Nyuma Boaki to suspend Governor Tarlue who would then challenge the decision in court.
The court later ruled in his favor, probably leading to a settlement agreement between him and the Government of Liberia through Acting Executive Governor Henry F. Saamoi and the Minister of Justice/Attorney General N. Oswald Tweh, as it was obvious the Unity Party government didn’t want to work with him.
In the settlement of all claims, former Governor Tarlue agrees that payment of the net amount of US$374,239.24 by the CBL constitutes complete and total satisfaction of all claims he may have against the CBL or the Government, arising out of his employment, suspension, and tenure as Executive Governor of the CBL.
The Government through the CBL agrees to pay the full settlement amount immediately upon the signing of the agreement and payments be made by direct deposit of the amount to Tarlue’s bank account (the account through which he has always been paid by the CBL), following which Hon. Tarlue shall issue the appropriate receipt upon bank alert of deposit or a confirmation that the amount has been deposited into his account.
However, the Government and CBL expressly deny any liability to the former governor; it was mutually agreed and understood by the parties that the payment by the CBL to the former governor is not an admission of liability on the part of the CBL or the Government of Liberia on account of the suspension of Tarlue.
On notice of discontinuance, former governor Tarlue and the Government shall jointly and voluntarily withdraw and discontinue the Petition for a Writ of Prohibition by executing and filing with the Supreme Court of Liberia of a Notice of Voluntary Discontinuance, confirming that Tarlue has no further claims against the CBL and the Government and that the Petition is discontinued and terminated with prejudice.
The government said the filing of the Notice of Voluntary Discontinuance to the Supreme Court of Liberia and the payment of the agreed settlement amount of US$374,239.24 shall be done concomitantly by the Parties or on the same day provided which one is practicable.
The agreement said if additional legal formalities arise before the Supreme Court to formally terminate the Proceedings, the agreements shall be construed to have legally terminated the Petition for a Writ of Prohibition between the Parties pending the completion of such formalities before the Supreme Court.
In the case of Confidentiality/Non-Disclosure, the terms of the Agreement shall remain confidential, except as required by law or court proceedings and any breach of this provision shall result in the breaching party paying damages of US$100,000.00 in addition to attorney’s fees.
The entire agreement constitutes the entire agreement between the parties and supersedes all prior understandings, whether oral or written, regarding the former governor suspension and the agreement is binding on the parties, their heirs, successors, and assigns.
Speaking Wednesday, January 29, 2025 during his confirmation hearing at Liberian Senate, designated CBL governor Henry F. Saamoi confirmed that the bank has settled all outstanding financial obligations to former Governor Aloysius Tarlue, who was suspended by President Joseph N. Boakai.
By Tonita N. Copson
