Bank Lady resigns due to corrupted Govt officials

[AhlulbaytSoldier]

The central bank governor of Somalia has unexpectedly resigned after seven weeks in the job, citing corruption concerns, in a blow to donors who have promised to pour billions of dollars of aid into the failed state.

Yussur Abrar, who was one of the world’s few female central bank governors, was unavailable for comment on Friday.

Donors who support her were frantically trying to reach her on Thursday night. They believe that she sent her resignation letter, dated October 30, from Dubai, before travelling to an unknown destination.

One donor official said Ms Yussur was “scared for her life and so unlikely to return to Somalia”.

In her letter to Hassan Sheikh Mohamud, Somalia’s president, she said: “From the moment I was appointed, I have continuously been asked to sanction deals and violate my fiduciary responsibility to the Somali people as head of the nation’s monetary authority.”

In the strongly worded letter, seen by the Financial Times, Ms Yussur – a former banker at Citigroup who had not lived in Somalia for several decades – said she believed that these deals “put . . . frozen assets at risk and open the door to corruption”.

Somalia is recovering from decades of civil war and also faces an Islamist insurgency from al-Qaeda-linked jihadis who mount regular attacks on the capital and claimed responsibility for the terrorist attack on a Nairobi shopping mall last month.

Donors have pledged billions of dollars to help secure and rebuild Somalia at recent conferences in the hope that it can make good on recent military gains against the militants.

But they fear that the new government – elected last year and seen by analysts as the most representative and promising for years – might repeat the gross corruption seen by its donor-backed predecessors.

A report from a UN investigative panel this year gave warning that the central bank doubled as a corrupt slush fund and said that it failed to account for transfers worth $12m. Ms Yussur said in her letter: “Unfortunately, the central bank has not been allowed to function free of interference, and as such cannot operate as a credible institution.”

A government spokesman insisted on Friday that President Hassan remained committed to reforming institutions in his country. “All he wants is to ensure [that] public finance is managed properly and that there’s no corruption,” he said, adding that Ms Yussur was selected for her “impressive CV on finance”, but had visited Mogadishu for “only a couple of days”.

“For her leaving so early [it] is very sad. She was given the empowerment to reform the central bank and how the system works – most of the systems are manual,” he added.

In her letter, Ms Yussur also said she “vehemently refused to sanction the contract” with Shulman Rogers, a US law firm contracted to recover overseas assets frozen since before the civil war started in 1991. The same company was also hired to discredit the UN allegations of financial mismanagement ahead of a Brussels aid conference at which donors ultimately pledged $2.4bn, in what UN experts said was a conflict of interest. The law firm has previously denied any conflict of interest and said the UN experts made unfounded allegations.

[Notorious13]

Reer Waqooyi are the educated cultured class of Somaliya. I guess southern Italian Mafia greed mentality isn't the norm for us.

[AhlulbaytSoldier]

I have two scenarios:
1) She is dumb bitch for not knowing that TFG is corrupted. Everyone knows tfg is corrupted. You dont have to be rocket scientist.
or
2) She is a traitor working with maamulka Gunterland. And this was a clever move by her to damage somalia further, and cutt down donations.

[Notorious13]

Landers are out to get the south for the next 50 years with proxy wars and world wide defamation.


Don't be so paranoid saxib im only joking.

[Substance]

Its should not come as suprise that there is corruption in the gov. This is how Hassan Sheik came to power(bribes) and those before him so the issue goes beyond "this goverment"
I don't think anyone can solve this problem anytime soon. Altough its clear that Hassan Sheik is under propaganda attack, the lesson should be learned, don't give influential positions to people who has been away decades and have ties to various organizations.

[Rabshoole]

The most credible thing you have in this world is your reputation, and having to deal with incompetent people that are demanding you to do as they say, is not a position worth setting foot in, had she done her role without any outside influence, I think she would've done an exceptional work.

[gobdoon]

Somaliya yaa u maqan marka , who is guarding the nation , and which side is the president on , Could it be We can't trust any one of Somali origin , therefore give the contracts foreign companies who are accountable and are tranparent and law abiding , because a Somali does not see the bigger picture and would rather in rich himself , family and friends , and would say to hell with the nation , such a short sighted attitude.

[greenday]

If this is true then its sad! and she should name and shame people, on the other hand if she left because she could not take the heat or felt unsafe in Somalia she should have known before she took the job.