From Awareness Times Newspaper in Freetown

Sheki Bangura & Commercial Bank in Indian Rice Saga
Apr 1, 2010, 17:22

Numerous documents in the possession of this newspaper indicates clear abuse of office by Mr. Sheki Bangura, the husband of the Minister of Foreign Affairs, Mrs. Zainab Hawa Bangura in which he seems to be using his position as Chairman of the Board of the Sierra Leone Commercial Bank (SLCB) to approve huge loans to persons with little managerial experience & no collateral worthiness simply because of close links to the President.

For example, Board of SLCB silently acquiesced to Court Judgment dated April 6th 2009 that freely cited the Bank as being willing to open up two Letters of Credit in the sum of two million dollars each totalling $4,000,000.

The judgment by Justice Allan B. Halloway was in the shocking Indian Rice Scandal matter with reference C.C 89/09 [H. NO.14] in the General Civil division of the High Court of Sierra Leone between one Harmony Trading as Plaintiff and Novel Commodities as 1st Defendant and Audit Control & Expertise (ACE) as 2nd Defendant.

The Consent Judgment similar to famous Wanza Consent Judgment that saw Sierra Leone fork out billions and billions to that Lebanese Wheeler Dealer, now sees SLCB named in Paragraphs 6,7 and 8 as guaranteeing four million dollars for the Indian Rice but with no accompanying collateral shown to the High Court.

The said Indian Rice was officially got by Foreign Minister at discount rate from the Indian Government ostensibly for the poor people of Sierra Leone but upon arrival, the rice got sold for profit. There is also the issue of an additional US$1million waiver also.

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