3 Mins Read

Few are aware of the clandestine maneuvers behind the 10-year deal inked between the Liberian government and the Liberia International Shipping Registry during the Ellen Johnson Sirleaf administration. Unveiling a web of intrigue, it emerges that the Liberia International Shipping Registry, operating under the guise of a private investment based in the USA, has utilized the Liberian flag as a façade to rake in substantial revenues, while Liberia reaps scant benefits.
The amended agreement, effective from February 3, 2014, until December 31, 2029, between the government and Liberia International Shipping and Corporate Registry (LISCR), traces back to a prior engagement in 2009. The agreement aimed to bolster the viability and profitability of the Liberia Registry. However, the dream of reaping revenue swiftly may be a mirage, with no avenue for revisiting the amendment. Alarmingly, no Liberian has set foot within the Registry, save for those holding American citizenship.
What compounds the concern is the lack of transparency surrounding the firm’s operations. With only American citizens permitted to work for the Registry, the veil shrouding its profits remains impenetrable. Despite the stipulation for profit-sharing with Liberia, the true extent of the firm’s earnings remains a mystery.
Afric Daily Newspaper investigation exposes the genesis of the Liberian Registry, initially conceived to facilitate the shipping endeavors of LIMCO. To secure business partnerships, the registry sought the endorsement of the Liberian Government, underscoring the nexus between commerce and political backing.
The agreement’s bias towards American citizens in employment opportunities exacerbates the disenfranchisement of Liberians. Only a select few privy to the agreement hold insights into its contents, fueling suspicions of withheld revenues destined for Liberia.
With less than five years until the agreement’s expiration in 2029, the stakes for Liberia are dire. Failure to reassess the pact risks automatic renewal, placing the fate of the Liberian Shipping Registry in the hands of private owners.
Historically, the Liberian Registry’s inception dates back to the pioneering efforts of Edward R. Stettinius Jr., forging ties with the Greek shipping community. The first vessel to hoist the Liberian Flag, the “World Peace,” marked the onset of a prosperous collaboration.
Scrutinizing the agreement’s terms, it transpires that Liberia Maritime Authority’s operational budget relies on program revenue generated by the Liberia Registry. Despite purported profit-sharing, the lack of oversight renders Liberia oblivious to its entitled earnings.
Afric Daily Newspaper inquiries unveil discrepancies in the allocation of funds, notably the whereabouts of US$50,000 earmarked for corporate social responsibility programs. With the agent raking in over US$60 million annually, Liberia’s share remains a fraction of its due.
The looming risk of automatic renewal underscores the urgency for governmental intervention. Article VIII Section 8.02 and 8.03 of the Maritime Amendment delineate the precarious consequences of inaction, empowering the agent to extend its tenure unabated.
Calls for scrutiny intensified , particularly in light of the Asset Recovery Team’s establishment under the Boakai administration. Concerns mount over the agent’s extraneous ventures, potentially breaching the agreement’s confines.
While Article 4(C) prohibits the operation of the Liberian Registry for non-designated purposes, reports suggest a flagrant disregard for protocol. Prince S. Tokpah and other concerned Liberians advocate for a thorough review and assertive measures to reclaim misappropriated assets.
As the spotlight intensifies, the imperative for accountability and transparency looms large. With Liberia’s economic interests hanging in the balance, the time for corrective action is now.
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