-As Lawmakers Demand Answers Over Secret 50% Slash in National Stake
By Jerromie S. Walters
The House of Representatives Joint Committee on Compliance and Concessions Review has pressed ArcelorMittal Liberia (AML) for clear answers after discovering the company unilaterally reduced Liberia’s equity share from 30 percent to 15 percent without proper justification, a move lawmakers described as a serious breach of national interest.
Chaired by Hon. Foday E. Fahnbulleh and co-chaired by Hon. Jeremiah Sokan, the Joint Committee—comprising members from Investment Concessions, Lands Mines Energy Natural Resources and Environment, and Labor—adjourned its hearing with AML after the mining giant failed to provide critical documents supporting the equity reduction.
Although AML formally apologized for initially failing to appear before the committee as scheduled—an apology the panel accepted—lawmakers expressed deep dissatisfaction over the company’s inability to present audited financial statements or a valid board resolution authorizing the controversial stake reduction.
The committee also rejected AML’s submission of an unaudited “financial gains report,” declaring it insufficient for legislative scrutiny. Lawmakers emphasized that only properly audited financial statements would be acceptable in future hearings.
Additionally, the committee demanded that AML submit a detailed list of its corporate social responsibility initiatives, a copy of its contract with the University of Liberia, and an updated company organogram by the next hearing scheduled for Tuesday, July 15, 2025.
Reaffirming its commitment to upholding Liberia’s interests, the committee warned that all concession agreements must strictly comply with national laws and contribute meaningfully to the country’s development. Failure by AML to provide the required documents, lawmakers cautioned, could lead to further legal and legislative actions.
Meanwhile, the Honorable House of Representatives, through its Joint Committee on Concessions Compliance and Review, has cited the management of the Liberia Agricultural Company (LAC) to a public hearing scheduled for Thursday, July 10, 2025, at 2:00 p.m. in the 1st Floor Conference Room, House Wing, Capitol Building.
The citation, issued under the authority of Joint Committee Chairman, Hon. Foday E. Fahnbulleh, specifically requests the appearance of the General Manager of LAC Mr. Naveen Madan, along with all relevant documentation concerning the company’s concession agreement with the Government of Liberia.
According to a communication from the Office of the Chief Clerk, Madam Mildred Sayon, the hearing will focus on three key areas review of the company’s existing concession agreement with the Government. It also seeks to ensure the verification of tax obligations and compliance with national revenue laws; and assessment of corporate social responsibility (CSR) efforts, including contributions and services to affected communities within the concession area.
This legislative oversight initiative is part of the House’s ongoing effort to ensure transparency, accountability, and legal compliance by concessionaires operating within the Republic of Liberia. The Joint Committee will use the hearing to assess whether LAC is fulfilling its contractual, financial, and social obligations under the terms of its agreement.
The public is encouraged to follow the proceedings, as the Legislature remains committed to protecting the interests of the Liberian people and promoting responsible investment in the country.
