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‘No Sirleaf Ownership’- Libtelco Justifies Novafone Deal

‘No Sirleaf Ownership’- Libtelco Justifies Novafone Deal

Monrovia - The Managing Director of the Libtelco, Sebastian Muah, says Libtelco’s purchase of Novafone has a legal basis for the transaction, clarifying that the Sirleaf family has no link to the purchased company.

“In 1973, the national legislature by an act, the public authorities act, established a monopoly state corporation called Liberia Telecommunications Corporation,” he said. “This monopoly was removed in 2007 when the act was amended in the telecommunications act.” Libtelco has been mired in the controversial buyout of the failing company, raising eyebrows for many who questioned the role of the National Social Security and Welfare Corporation (NASSCORP) as a guarantor. But at a Ministry of Information press briefing, Mr. Muah said the original act and amendments enable Libtelco to, within its corporate veil, undertake such a transaction. “I wish to note that another unique characteristic of Libtelco is, it also operates under the corporation laws of Liberia (the business corporate act-1976-1977). So for the record, the Liberia telecommunications corporation is owned by the state 100% but is expected under its autonomy to be run like any other corporation guided by the country’s corporate laws in addition to applicable public sector laws”, said Muah. He dismissed claims of the Sirleaf’s family having links to Novafone, saying their legal due diligence provided all the owners of Novafone cosmotell, a Lebanese company, as owning 100% of Novafone. “Rest assure none of the cosmotell owners went by the name Sirleaf,” he said. “These are all Lebanese nationals. Therefore my caution here, fellow Liberians, is 2017 is coming and we tend to become political; however it is wise to exclude our distinguished president who will be leaving the stage out of this as no value is being added. We have a democratic process and until someone can show proof that she or her family owns a private company, please respect the presidency and focus along with all other law abiding Liberians on how we can move our beloved country forward”, the Libtelco head added. Willie N. Tokpah/0777039231/0888140438 (This email address is being protected from spambots. You need JavaScript enabled to view it.)

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