Monrovia – Forensic investigation into the financial operations of First International Bank Liberia Limited (FIBLL) shows comprehensive financial misdeeds including fraud and theft. The audit found out that credit facilities that required the approval of Management Credit Committee, the Board Credit Committee were approved by people who did not have authority for such approvals. The investigative report: “Credit references were not obtained from CBL prior to approval and disbursement of funds. The report: “Between 2012 and 2013, FIBLL also made loans to 15 individuals who had relations with employees of the bank. The Central Bank noted that it had already instituted a number of measures to help address the key shortcomings identified in the report.

Source: Front Page Africa November 10, 2017 03:00 UTC