AML Expresses Remorse over Liberia’s Equity Stake Cut, but House Joint Committee Demands Full Disclosure on 30% to 15% Share Reduction
MONROVIA, LIBERIA: The Joint Committee on Concessions and Compliance of the 55th Legislature has adjourned its ongoing legislative inquiry with ArcelorMittal Liberia (AML).
The Joint House cited the company’s failure to provide key documentation and satisfactory explanations regarding the controversial reduction of Liberia’s equity share as the reason that precipitated its decision.
However, AML has formally expressed remorse and apologized after initially failing to honor a scheduled legislative appearance. The apology was accepted, and the session proceeded under the leadership of Committee Chairperson, Bong County Electoral District #7 Representative Foday E. Fahnbulleh, and Co-Chair Representative Jeremiah Sokan of Grand Gedeh Electoral District #1.
However, tensions rose as lawmakers pressed AML to explain the downward revision of Liberia’s equity stake from 30% to 15% a matter they described as critical to national interest. AML failed to produce a clear justification or a board resolution to validate the reduction, prompting the Committee to delay further proceedings.
“This Committee cannot accept vague or incomplete reports on matters as important as national equity in major concessions,” Representative Fahnbulleh expressed frustration over the situation. “We need transparency, and we need it now,” he added.
The Committee has uprightly rejected what AML described as a “financial gain report” because the report lacked legitimacy, as it was not an audited financial statement as required by law.
The Committee emphasized that AML’s submission failed to meet acceptable reporting standards and demanded a comprehensive and transparent financial disclosure.
On the ground, the legislative hearing has been rescheduled for Tuesday, July 15, 2025, with a mandate that AML return along with the following essential documents which include Audited Financial Statements, Board Resolution authorizing the equity reduction, Corporate Social Responsibility Report – detailing corporate social responsibility initiatives, Copy of the Contract between AML and the University of Liberia, and Current Company Organogram.
The Joint Committee, which includes representatives from the Committees on Investment Concessions, Lands, Mines & Energy, Natural Resources & Environment, and Labor, has made known that national compliance is non-negotiable and reaffirmed its commitment to ensuring all concession agreements align with national laws and support Liberia’s sustainable development goals.
As the spotlight remains on ArcelorMittal Liberia, the next hearing could determine the future trajectory of the country’s largest mining concession.
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