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Sierra Leone Bussiness: Who Owns Rokel Commercial Bank?

During the difficult period of the rebel war many did not see any future in business in Sierra Leone. As such many established businesses opted out and left the country. One such group was the Barclays group who agreed to be paid a symbolical One Leone as purchase fee for the Bank. Rokel Commercial Bank was born out of this arrangement. Along the line shares were sold out to the public and over 4,000 Sierra Leoneans and local companies bought shares leading to a 49% shareholding by these ordinary Sierra Leoneans and a 51% shareholding by the government of Sierra Leone. These ordinary shareholders are beginning to question the ownership of the bank as decisions are taken without their consent, which is against best practice and against Corporate rules and regulations. The ordinary shareholders question how a Board could be appointed without their consent or participation and even how the managing Director and his Deputy could be appointed without the people who also own a substantial share of the bank. It is common knowledge that Rokel Commercial Bank had a financial crisis through an extraordinarily large non performing loan portfolio. Again it is known that money was transferred from NASSIT to recapitalise the bank. Most business people know that this can be a very clever way of diluting the shares held by the people. This is what is now fuelling the question as to who now owns Rokel Commercial Bank? Is it that the government has loaned (NASSIT) money to dilute the shares of the common people to the extent that their shares have now been deemed worthless? What is the share holding now of the Government?

Thursday December 03, 2018.

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