Financial Secretary has submitted a document on the sale of Sierra Leone 30% Sierra Rutile Deal to the Commission of Inquiry, after it has been said that there was no trace of document on the said transaction at the Ministry of Finance.
Sahr Jusu tendered a document he claimed he received from the Bank of Sierra Leone on the said shares.
Testifying before Justice Biobele Georgewil at Commission No. 64, Financial Secretary Jusu explained that the said documents showed transaction between the Central Bank and Sierra Rutile Ltd for which officials of the central bank will provide further explanation.
Former Secretary to President Koroma, EB Osho Coker explained last Thursday 6 June that he (Osho Coker) has no knowledge of any sale of shares.
It is for this reason that the Flagbearer of the APC who was Minister of Finance when the alleged sale happened, Samura Kamara has been served with a notice, regarding evidence that touches on his office on the sale of the 30% shares of Sierra Leone in Sierra Rutile Ltd.
It is expected that Samura Mathew Wilson Kamara or his lawyer(s) will make appearance before the Commission of Inquiry Today, Monday 10 June.
Meanwhile the Government Transition Team Report explained after the war with financial support to the Government by the European Union of 25 million Euro as a result of an appeal by late President Ahmad Tejan Kabbah the then Kabbah’s government bought a stake of 30% shares in the company which revamped it operations.
That fast track to 30 April 2012, the APC Government signed two agreements with the management of Sierra Rutile Ltd. seeking to amend the Sale and Purchase Agreement of Government Shares in the company.
That the APC government proposed to make a deal with the company worth some US $17.5 million, of which the sale of its shares would fetch US $12,272,636 and Sierra Rutile Ltd was to pay advance tax for 2012-2014 to the tune of US $ 5,299, 368.
“In fact, several experts, who wondered why the Government wanted to sell its shares in such a lucrative and strategic venture, estimated that, if competitively auctioned, the 30% shares would sell for at least US$45 million,” GTT report alluded.
That It turned out that John Sisay – who is President Koroma’s nephew – bought the 30% shares using his company, SRL Company, which is incorporated in Sierra Leone, another incorporated in the Virgin Islands, presumably on his and the former President’s behalf.
That, although disposal of all Government assets must be done through public auction, the requirement was blatantly ignored by the then government.
“APC presidential candidate, Samura Kamara, oversaw the sale at the time as Minister of Finance, and former Attorney General and Minister of Justice, Frank Kargbo, provided bogus legal justification for it,” GTT report maintained
That on the 12 December 2016, John Sisay and his company, with the concurrence of the former President, sold the 30% Government shares they had bought for US $113 million, part of the sale of Sierra Rutile to another venture, Iluka Resouces for US $375 million.
“John Sisay, former President Koroma and other made a profit of US $113 million from the sale of the 30% Government share which they had bought for a paltry US $12 million,” GTT report added.