By Lawrence Williams
Ecobank has agreed to a “settlement agreement” to refund $1.5 million to the Sierra Leonean government, paving the way for the dismissal of all corruption charges against the bank, the Anti-Corruption Commission said on Wednesday.
The commission said it will offer no evidence against Ecobank, and the court will discharge the matter forthwith. It adds that the settlement does not imply an admission of guilt by the bank. However, it acknowledges the wrongdoing of the bank’s former head of retail operations, Abdul Salim Mansaray, whose actions resulted in a loss of government revenue.
Ecobank was facing a 142-count indictment on corruption-related offenses. These charges stemmed from the fraudulent withdrawal and misappropriation of over $700,000 in state revenue by Mansaray and two others. The funds were tax payments from large taxpayers that had been deposited into the National Revenue Authority account.
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. The remaining balance will be paid in installments over nine months, beginning in January of next year.
“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,” the ACC said.
Whilst the bank has been discharged of all claims, the trial of Mansaray and two other individuals involved in the case is ongoing at the high court in Freetown, according to Abubakarr Turay, ACC’s deputy director of public education and outreach.