{"id":25925,"date":"2022-11-02T16:51:52","date_gmt":"2022-11-02T16:51:52","guid":{"rendered":"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-prominent-liberians-businesses-should-not-act-with-impunity"},"modified":"2022-11-02T17:20:51","modified_gmt":"2022-11-02T17:20:51","slug":"liberia-prominent-liberians-businesses-should-not-act-with-impunity","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-prominent-liberians-businesses-should-not-act-with-impunity","title":{"rendered":"Liberia: \u2018Prominent Liberians, Businesses Should Not Act with Impunity\u2019"},"content":{"rendered":"

Africa-Press – Liberia. <\/strong><\/span>In his commencement address to the 2021-2022 graduates of the Stella Maris Polytechnic Institute and guests attending the ceremony, the United States Ambassador to Liberia, Michael A. McCarthy, posed the question: \u201cIf Liberty should come with responsibility, what can we say about responsibility in Liberia?\u201d<\/p>\n

McCarthy was speaking at the convocation held Oct. 28, on the Capitol Hill campus of the University operated by the Catholic Archdiocese of Monrovia.<\/p>\n

During his speech, McCarthy called out prominent Liberians and businesses for acting with impunity as they engage in corruption and break laws to enrich themselves.<\/p>\n

Making the case for serving with integrity, the American emissary referenced the Liberian Bank for Development and Investment\u2019s (LBDI) non-performing loan recovery program.<\/p>\n

\u201cHow well are some of Liberia\u2019s most prominent business professionals and largest companies \u2018serving\u2019 the country if they borrowed millions of dollars from Liberian banks with absolutely zero intention of paying back their loans?\u201d the Ambassador asked the audience during his speech.<\/p>\n

McCarthy continued, \u201cHow can the Liberia Bank of Development and Investment spur the growth of new small and medium enterprises if, as a result of \u2018non-performing loans of prominent people,\u2019 the bank has no money to lend?\u201d<\/p>\n

Citing a number of examples representative of the pervasiveness of corruption in government and the private sector in Liberia, McCarthy warned of the dangers of institutions and individuals in Liberia acting with \u201cimpunity.\u201d<\/p>\n

\u201cThe Cambridge English Dictionary says that Impunity is freedom from punishment from something that is wrong or illegal,\u201d the Ambassador continued, after citing a phrase he has heard repeated in Liberia: Liberia is \u201ca country where impunity rules.\u201d<\/p>\n

Deo Delaney, President and CEO of LBDI, said the US Ambassador mentioning the bank\u2019s recovery effort in his speech affirms for him that the initiative is a step in the right direction even though the effort targets some prominent companies and individuals that may have political or social influence.<\/p>\n

In August, the President and Management of LBDI, Liberia\u2019s only Development Finance Institution announced the launch of the program designed to collect an estimated US$60 million in unpaid loans Liberian individuals and companies owe the Bank.<\/p>\n

\u201cThe goal of the program is to increase the Bank\u2019s liquidity and profits after a five-year period of record loss during which the bank lost nearly 25% of its customer base,\u201d said Mr. Delany.<\/p>\n

\u201cThese actions will engender public trust and confidence amongst investors, customers, and other affiliates \u2013 including our employees,\u201d Delaney, who became chief executive of LBDI in May, added.<\/p>\n

\u201cAn excessive amount of bad loans on the books only compounds the Bank\u2019s dire financial situation,\u201d Delaney said. \u201cIt is one of the most important steps on our path to future growth.\u201d<\/p>\n

In August, LBDI published public notices in several major daily newspapers announcing the program.<\/p>\n

\u201cThis notice informs the public that the Liberian Bank for Development and Investment (LBDI) intends to foreclose and sell houses, cars, land and other properties purchased with LBDI loans that are in default,\u201d the LBDI notice said. \u201cLarge numbers of non-performing loans (NPLs) prevent LBDI from providing access to finance for deserving market women, Pen Pen drivers, Keh Keh drivers and other ordinary Liberians.\u201d<\/p>\n

\u201cLiberia is a small country,\u201d said Delaney. \u201cIt\u2019s nearly impossible to launch a program of this scope and scale without affecting people you know and like \u2013 or even people you might be related to.\u201d<\/p>\n

The notice also stated that LBDI would begin collection activities immediately, noting that the Bank would seek to obtain judgment against properties borrowers pledged as collateral. If parties, the notice indicated, are found guilty in a court of law, they would be responsible for paying 20% of legal costs\/attorney fees incurred by LBDI.<\/p>\n

McCarthy also urged the graduates to prioritize service in every activity they undertake.<\/p>\n

\u201cI encourage you to aim higher than what is considered service,\u201d he told the 606 members of the 23rd graduating class of Stella Maris. The ceremony was held in the university\u2019s \u201cPoly Gym.\u201d<\/p>\n

\u201cToday\u2019s commencement celebrates not an ending point, but the beginning of your journey; a journey that will have lasting impact on yourselves, on the Liberian people and on the country. Today, you commence your work as a leader by applying knowledge you have obtained so far. Perhaps, the biggest difference you can make as an individual, and a cohort, is through your gift of service. Dream to learn well! Learn so as to serve well,\u201d McCarthy concluded.<\/p>\n

For More News And Analysis About Liberia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Liberia. In his commencement address to the 2021-2022 graduates of the Stella Maris Polytechnic Institute and guests attending the ceremony, the United States Ambassador to Liberia, Michael A. McCarthy, posed the question: \u201cIf Liberty should come with responsibility, what can we say about responsibility in Liberia?\u201d McCarthy was speaking at the convocation held […]<\/p>\n","protected":false},"author":84,"featured_media":25924,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[233,237,234],"class_list":["post-25925","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-africa-press","tag-africa-press-liberia","tag-liberia"],"yoast_head":"\nLiberia: \u2018Prominent Liberians, Businesses Should Not Act with Impunity\u2019 - Liberia<\/title>\n<meta name=\"description\" content=\"In his commencement address to the 2021-2022 graduates of the Stella Maris Polytechnic Institute and guests attending th ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-prominent-liberians-businesses-should-not-act-with-impunity\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Liberia: \u2018Prominent Liberians, Businesses Should Not Act with Impunity\u2019\" \/>\n<meta property=\"og:description\" content=\"In his commencement address to the 2021-2022 graduates of the Stella Maris Polytechnic Institute and guests attending th ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-prominent-liberians-businesses-should-not-act-with-impunity\" \/>\n<meta property=\"og:site_name\" content=\"Liberia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-02T16:51:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-02T17:20:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/liberia\/sites\/37\/2022\/11\/postQueueImg_12-6362a6dc98933.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-prominent-liberians-businesses-should-not-act-with-impunity#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-prominent-liberians-businesses-should-not-act-with-impunity\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/liberia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Liberia: \u2018Prominent Liberians, Businesses Should Not Act with Impunity\u2019\",\"datePublished\":\"2022-11-02T16:51:52+00:00\",\"dateModified\":\"2022-11-02T17:20:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-prominent-liberians-businesses-should-not-act-with-impunity\"},\"wordCount\":760,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-prominent-liberians-businesses-should-not-act-with-impunity#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/liberia\/sites\/37\/2022\/11\/postQueueImg_12-6362a6dc98933.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Liberia\",\"Liberia\"],\"articleSection\":[\"all news\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-prominent-liberians-businesses-should-not-act-with-impunity#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-prominent-liberians-businesses-should-not-act-with-impunity\",\"url\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-prominent-liberians-businesses-should-not-act-with-impunity\",\"name\":\"Liberia: \u2018Prominent Liberians, Businesses Should Not Act with Impunity\u2019 - 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