The House of Representatives Joint Committee on Compliance and Concessions Review has adjourned its hearing with ArcelorMittal Liberia (AML) following the companyโs failure to provide key documents and clarify issues surrounding Liberiaโs equity stake.
During the hearing, AML formally apologized to the Committee for its initial failure to honor the scheduled appearance. In response, the Committee accepted the apology and granted pardon, allowing the proceedings to continue.
However, the Committee expressed serious concern over AMLโs inability to justify why Liberiaโs equity share in the company was reduced from 30 percent to 15 percent. This unexplained reduction was deemed a matter of national interest, requiring immediate clarification.
Furthermore, the Committee rejected AMLโs submission of what it termed a โfinancial gains report,โ noting that the company failed to present a duly audited financial statement. The Committee emphasized that the document provided did not meet the standard of a financial report and called for full compliance going forward.
In light of these deficiencies, the Committee adjourned the hearing to Tuesday, July 15, 2025, and instructed AML to return with the following critical
Aheas of the rescheduled hearing the house instructs to provide the following documents to include; Audited Financial Statements, Board Resolution authorizing the reduction of Liberiaโs equity from 30% to 15%, List of Corporate Social Responsibility (CSR) initiatives undertaken by AML, Copy of the Contract between the University of Liberia and AMLโs Current Company Organogram.
Meanwhile, The hearing was presided over by the Chairman Foday E. Fahnbulleh and Co-presided by Jeremiah Sokan.
At the same time, The Committee reiterated its commitment to ensuring that all concession agreements operate in full compliance with national laws and contribute meaningfully to Liberiaโs development.
