21st March 2019

Company Statement on Inaccurate Assertions in Liberia

The company makes the following response to the inaccurate assertions contained within an article in the Liberian Daily Observer on 6 March 2019 under the heading “Government files criminal charges against Crane Currency”.

Crane has not been charged with any crime in Liberia, and at all times Crane has operated in full compliance with the law and rejects completely any allegation of wrongdoing.

The media article in question centred on the false allegations that Crane had illegally over-supplied banknotes to Liberia, for which Crane had received a ‘kickback’ payment. That allegation is false and without merit. Crane fulfilled its contractual obligations as set out in two delivery contracts and two subsequent documented agreements between the CBL for Crane to deliver the finished banknotes, and every banknote delivered was properly invoiced and accounted for. Crane was paid in full the correct amount (and no more) as had been agreed with our Liberian customer for these contracted deliveries of banknotes, and there were no excess or improper payments made by the CBL or any other party.

Since our founding in 1865, Crane has operated with the highest standards of ethics and integrity. All employees are bound to operate in spirit and in practice with the resolution of our founder R.T. Crane, who stated on July 4, 1855: “I am resolved to conduct my business in the strictest honesty and fairness; to avoid all deception and trickery; to deal fairly with both customers and competitors; to be liberal and just toward employees; and to put my whole mind upon the business.” We are also an independently audited member of the Banknote Ethics Initiative.

Crane challenges these allegations as strenuously as possible. In the spirit of openness and transparency, we have also shared all relevant evidence from within Crane with the authors of the Kroll and Presidential Investigation Team reports.

At all times, Crane operates with the highest standards of ethics and integrity and in full compliance with the law.