House probes Pan African Plaza ownership
By Bridgett Milton
The House of Representatives has invited the Management of Pan African Plaza (PAP) and the Pan African Real Estate Corporation (PAREC) to give an update of the ownership and identities of shareholders and corporate activities of PAREC.
The House’s decision is in response to a communication sent to plenary by Montserrado County district#11 Representative Richard N. Koon.
Rep. Koon explains that with an annual income of US$2.8 million and total income of US $34.5 million in 12 years, ending December 2018 from the former UN Mission in Liberia, there appears to be shocking mystery regarding ownership in terms of identities of shareholders and corporate activities of PAREC during this digital computerized age of information technology.
He said the Libyan Liberian Holding company represented the Libyan African Investment Company in Liberia. And the Pan African Plaza is owned and managed by the Libyan-Liberian Holding Company now replaced by PAREC.
“Honorable Speaker, an eight-storey building in the city of Monrovia, Liberia’s investment sector; real estate sector shareholders 50% LAICO Libyan government 50%. Liberian Government, the Libyan – Liberian holding company and six other state-owned enterprises were dissolved by Legislations upon request dated June 5, 2015 by President Ellen Johnson Sirleaf on grounds that they are no more viable and significant to the country but Libyan Liberian Holding company was replaced by the PAREC’’ Rep. Koon noted.
He adds that the Pan African Plaza is neither in compliance with its real estate tax liability nor with holdings on rental.
The Montserrado County lawmaker furthers that the building was occupied by UNMIL and it was difficult to access its premises by tax enforcers, a challenge he says, that still exists and it is attributed to the Geneva Convention of 1946 on the work of the UN and their diplomatic immunity.
‘’UNMIL rents the PAP from the PAREC, a company registered under the laws of Liberia, amongst others, the government of Liberia is a significant shareholder in PAREC and UNMIL rented PAP from 2006 till its departure’’, he added.