Post & Telecom Minister Cooper Kruah Clarifies Co-ownership of Universal Forestry Corporation; Says He Turned Over His Shares to His Son

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MONROVIA – The Minister of Posts & Telecommunications, Cllr Cooper W. Kruah Sr., has debunked having a current share in the Universal Forestry Corporation (UFC) as speculated in the media in recent days.

 “I want to use this medium to set the record straight that there has been an amended Articles of Incorporation to the Universal Forestry Corporation and I relinquished my share to my son who is also a counselor-at-law,” he said.

He said his son’s name is on the amended record and even has more share of 15% — three times of what he owned back in the late 80’s up to the time of his appointment to serve as Minister of Postal Affairs.

He made the clarification On Friday, July 1, 2022, at his office addressing a few members of the press concerning an allegation of owing share in a company operating in Liberia that is involved with Mining and Forestry. He told newsmen that he had a five percent share in the company dating back to 1985 when he was never a Minister at the time.

The amended record titled “shareholder’s resolution of Universal Forestry Corporation in the possession states, “Be it resolved, that in keeping with the powers vested in the shareholders of the Universal Forestry Corporation, as in keeping with its Article of Incorporation, the shareholders of the Corporation have agreed and adopted the following”

The legal instrument further concluded “That effective as of the signing of this Resolution, Article I of the precious amendment of these article of Incorporation shall be amended to reflect the following: the number of shares and the percentage of share each subscriber subscribed to shall be as follows.

Mr. Ji S Kyung 70%, Mr. Prince M. Kruah 15 % , Mr. Edward N.. Slanger 10% and Narayan I Vaswani I 5%.

Partially addressing the issue of conflict of interest, he said, assuming but not admitting he was involved, he is working as Minister of Posts and Telecommunications and is not involved with mining or forestry operations, so he wondered why the writer of the purported story calls it “conflict of Interest”. He stressed the germane issue on hand is the false allegation that he owns a share currently with the company. “This amendment of the Article of Incorporation is the best evidence for the public,” he stated

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