Tuesday, October 27, 2020

Rokel Commercial Bank In Over $12M Corruption Scandal

That the recapitalization loan of Fourteen Million US Dollar (US$14,000,000) which was approved to Rokel Commercial Bank (RCB) by the former president and passed through the National Commission for Privatization (NCP) was irregular.

As First Shipment Expected In December…Kingho Mining Company Get Govt Clearance

The minister confirmed that Shandong Steel which previously operated the mines has disengaged from mining in Sierra Leone, adding that as a government which prides itself on the platform of empowering Sierra Leoneans, they became very concerned about how soon the mines in Tonkolili would be operational.

More Hardship On Sierra Leoneans, Says NGC

“The problem of hardship in Sierra Leone has gone way beyond the issue of unemployed youths; hardship is strangulating the entire society, affecting those who have jobs as well as the jobless,” NGC stated.

Millions of Tax Evasion At Rokel Commercial Bank

That the RCB had a fiduciary duty to ensure that monies kept on behalf of the deceased intestate are only paid in accordance with the law and practice in the administration of deceased estates.

SLCB Makes Over Le 95 Billion Profit

The increase as made by SLCB was as a result of massive revenue momentum and bad debt recovery drive that has been instituted by the bank.

MESS AT ROKEL COMMERCIAL BANK

For which the Audit Report indicated that such activities could put the bank into liquidity if their (Audit) recommendations are not adhered to.

Inflation Drops From 15.9% to 14.4%

The national year-on-year inflation for June 2020 is 14.36 percent, which indicates a downward trend compared to 15.47 percent in May 2020, says Statistics Sierra Leone in their regular National Consumer Price Index.

FRESH SALONE LTD TO COMMENCE EXPORT TO EU MARKET

Five exporters of agricultural produce have formed the Federation of Agricultural Produce Exporters (FAPE-SL) with more members to join, MD Rosenfeld said.

BILLIONS OF INAPPROPRIATE LOANS AT ROKEL COMMERCIAL BANK

This is not unconnected to the fact that the bank gave out loans without security collateral as indicated by the Sierra Leone Audit Report of 2018.

Over Le1.3B Fraud…ROKEL COMMERCIAL BANK GOES TO APPEALS COURT

In their press release of Thursday 23rd July 2020, RCB stated that the matter is now before the Court of Appeals for determination of the appeal filed by RCB.

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