The General Auditing Commission (GAC) is recommending that the Management of Liberia Petroleum Refining Company (LPRC) fully accounts for a total of over US$33 Million in receivable balances which constitutes US$12,643,735.01 for FY2018/2019; US$15,471,830.99 for FY2019/2020; and US$5,301,686.58 for FY2020/2021 respectively.
The audit report which covers from 2017 to 2021 also established that LPRC Management under the leadership of Marie Urey Coleman Browne did not remit US$1,738,457 in withholding taxes.
The 61-page audit report covering July 2017 to June 30, 2021, highlighted discrepancies and financial improprieties including noncompliance issues such as: no evidence of a fixed asset management policy, no evidence of a comprehensive fixed asset register, and no evidence of periodic physical verification of assets by management.
The report shows that a total of more than US$33 million in receivables cannot be accounted for after several efforts by Verity News to verify from importers.
“The General Auditing Commission (GAC) is recommending that management fully accounts for a total of over US$33 Million in receivable balances which constitutes US$12,643,735.01 for FY2018/2019; US$15,471,830.99 for FY2019/2020; and US$5,301,686.58 for FY2020/2021 respectively.
The audit report also established that Management of LPRC, during Madam Marie Urey Coleman’s leadership, did not remit US$1,738,457 in withholding taxes.
The report further states that US$1.7 Million was collected as withholding taxes but was not remitted.
Furthermore, US$267,145 was collected as social security contributions but no evidence of remittance.
Additionally, third-party payments amounting to over L$798,000 and US$4,650 were made without evidence of cash receipts.
“From our review and analysis of the $0.05 rebate collected from the fuel levy, we observed that the NRF due the LPRC US$1,391,946.07 for the rehabilitation of the petroleum storage terminal for the FY2018/2019 and 2019/2020,” GAC Audit Report revealed.
As dozens of damaging audit reports descend on President Joseph Boakai’s desk for onward action, the people and civil society are becoming critical and vocal more than before. Courtesy: Verity Online News
