ACC Commissioner, Francis Ben Kaifala
The Anti-Corruption Commission (ACC) has announced that, pursuant to Section 7 (1)(b) of the Anti-Corruption (Amendment Act), 2019, they have entered into a NO-FAULT SETTLEMENT AGREEMENT with ECOBANK (SL) LIMITED to pay back to the Commission the sum of THIRTY-FOUR MILLION, EIGHT HUNDRED AND TWENTY-FIVE THOUSAND ONE HUNDRED AND SEVENTY-SIX (NEW) LEONES EIGHTY-SEVEN CENTS (NLE 34,825,176.87).
A release from the ACC stated that the refund is the full money that was meant to pay tax to the National Revenue Authority (NRA) by Companies that a staff of ECOBANK (SL) LIMITED, Abdul Salim Mansaray, had misappropriated and diverted to personal use and later fled the country. He has since returned and has been charged.
According to the agreement, ECOBANK has made a first installment cash payment of FIFTEEN MILLION (NEW) LEONES (NLE 15,000,000) to the ACC following the signing of the Agreement. The outstanding balance will be paid monthly in a total of nine-monthly installments of TWO MILLION, TWO HUNDRED AND TWO THOUSAND, SEVEN HUNDRED AND NINETY-SEVEN (NEW) LEONES, FORTY-THREE CENTS (NLE 2,202,797.43), starting from the 25th January, 2025 and ending the 25th September, 2025.
Following this Agreement, the ACC will offer “no evidence” and the court will discharge ECOBANK SIERRA LEONE LIMITED of all the claims, allegations, and charges made against the Bank by the ACC. The settlement agreement between the ACC and the ECOBANK (SL) LIMITED is meant to settle and resolve all claims, disputes, allegations, causes of actions and charges which the Commission had filed against ECOBANK (SL) LIMITED and 3 others in the High Court, to the extent that they relate to ECOBANK. The Agreement is not deemed or construed to be an admission or concession of any liability or fault by ECOBANK (SL) LIMITED, or any wrongdoing with respect to the claims, charges, allegations, offences made or which could have been made in the matter, but a recognition by the Bank of the wrongful conduct of a staff which resulted in loss of revenue to the Government and as part of their desire to maintain the great relationship that has existed with the State and People of Sierra Leone. It could be recalled that on the 28th October, 2024, the ACC filed an indictment against ABDUL SALIM MANSARAY, ECOBANK (SL) Limited, MAGNUS VINCENT COLE and TALLU JALLOH on multiple allegations of corruption-related offences. The other accused persons will be put on trial and the matter will be proceeded with in court.
