CEO of PAVIFORT, Alimu Sanu Barrie
Investigation into the activities of Sierra Leone Commercial Bank (SLCB) has revealed that Pavi Forte -AL Associates (SL) Ltd. is one of the companies that benefited from loans granted by the SLCB without adherence to bank policies.
The auditors found that Pavi Forte -AL Associates (SL) Ltd. received Twelve billion, twelve million, eight hundred and thirty-four thousand old Leones, out of the total Four hundred and sixty-three billion, one hundred and five million, two hundred and sixty-nine thousand old Leones gross loans and advances granted by the Bank to politically exposed persons (PEPs) and entities without adherence to bank policies and without collateral.
Furthermore, auditors discovered that facilities totalling Two hundred and seventy-eight billion, six hundred and seventy million, four hundred and thirty thousand old Leones were granted without collateral.
In some cases, the collateral Force Sale Value (FSV) amount did not adequately cover the facilities granted, as per the enhanced supervision directives to protect the bank’s exposure.
According to sources, Pavi Forte -AL Associates (SL) Ltd., has been asked to repay the Le12 billion SLCB loan. Sources also revealed that the Parliamentary Public Accounts Committee will be launching a probe into the loans issued to all beneficiaries, including Pavi Forte -AL Associates (SL) Ltd. This revelation has raised concerns about the lack of adherence to bank policies and the potential risks associated with granting loans without proper collateral.
The investigation highlights the importance of transparency and accountability in the banking sector to prevent misuse of funds and protect the financial stability of institutions.
More details next edition!
