Ecobank has agreed to refund $1.5 million to the Sierra Leone government, leading to the dismissal of all corruption charges against the bankThe settlement, acknowledging the wrongdoing of the bank’s former head of retail operations, Abdul Salim Mansaray, includes an initial payment of 43% and the remaining balance over nine monthsMeanwhile, the trial of former government official Salim Mansaray and two others continues in the high court in Freetown
Ecobank has agreed to refund $1.5 million to the Sierra Leone government under a settlement agreement, leading to the dismissal of all corruption charges against the bank, the Anti-Corruption Commission (ACC) announced on Wednesday.
The ACC stated that it will offer no evidence against Ecobank, and the court will discharge the matter.
Sierra Leone’s Anti-Corruption Commission recovers $1.5 million. Photo credit: Vera Joe via Getty Images
Source: Getty Images
The settlement does not imply an admission of guilt by the bank, but acknowledges the wrongdoing of Abdul Salim Mansaray, the former head of retail operations, whose actions led to a loss of government revenue.
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Ecobank faced a 142-count indictment on corruption-related offenses, including the fraudulent withdrawal and misappropriation of over $700,000 in state revenue by Mansaray and two others.
These funds were tax payments deposited into the National Revenue Authority account.
Refund and Payment Plan
The ACC confirmed that the $1.5 million refund represents the total amount of misappropriated tax revenue.
Ecobank has already made an initial payment of 43% of the sum, with the remaining balance to be paid in instalments over nine months starting in January next year.
Ongoing Trial
While Ecobank has been discharged of all claims, the trial of Mansaray and two other individuals involved in the case continues at the high court in Freetown.
Abubakarr Turay, ACC’s deputy director of public education and outreach, confirmed this ongoing legal process.
EFCC Confirms Recovery of N70bn in 100 Days
Meanwhile, Henzodaily.ng earlier reported that the Economic and Financial Crimes Commission (EFCC) has confirmed the successful retrieval of N70,556,658,370.5 in 100 days, as revealed in a document named ‘Operations and Recoveries.’
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From October 2023 to January 19, 2024, the EFCC disclosed a document outlining their recovery efforts, totalling N70,556,658,370.5, consisting of various currencies.
Source: Henzodaily.ng