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Sierra Leone Business: Deadline to publish names of debtors approaches

As the one month deadline given by the two state-owned banks approaches, both banks continues to increase warning to debtors, failing which their names will be published. They are being asked to honour their arears on or before August 9, 2018.
Both managements of the Sierra Leone Commercial Bank (in which Government’s stake is 100%) and Rokel Commercial Bank (in which Government holds 51% of the shares) issued a statement last month urging all customers who are indebted to the two banks in respect of loan facilities granted them to contact the bank to settle their indebtedness.
This action the RCB says was in pursuant to the mandate of the Government of Sierra Leone as contained in the Government Transition Team (GTT) report of 2018. “Our debtors are reminded that management remains committed to recovering all outstanding obligations to the bank as this is crucial to the viability of the bank’s growth and operations.”
“Audit Service Sierra Leone to carry out technical audits of the agencies relating to telecommunications, energy, and revenue (NRA) as well as NASSIT, the Bank of Sierra Leone and the two state-owned Commercial Banks, which have been embroiled in loan scandals over the past years” the GTT report recommends.
In addition, to previous public notices and ongoing debt recovery actions by the SLCB management, they are requesting all delinquent debtors to settle their obligations with the bank as a matter of priority.
Failure to comply by the banks request it will result in full publication of delinquent debtors’ names and other details in the print media and thereafter, legal actions will be instituted against defaulters.
The GTT report gave an assessment of the financial and credit status reports of the two banks, which revealed that the banks have lost millions of dollars from unpaid or delinquent credits, mostly to people who are clearly in a position to pay back on their loans, but also to people who clearly should not be loaned the amount of money the banks had loaned out to them.
By Zainab Iyamide Joaque
Monday August 06, 2018.

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