Ecobank SL Reaches Settlement with Anti-Corruption Commission Over Misappropriated Funds
The Anti-Corruption Commission (ACC) of Sierra Leone has announced that Ecobank Sierra Leone Limited has entered into a No-Fault Settlement Agreement, agreeing to repay a total of Le34,825,176.87 (approximately $1.5 million) to the government. This settlement follows an investigation into the misappropriation of funds that were initially intended for tax payments to the National Revenue Authority (NRA).
The case centers on Abdul Salim Mansaray, a former employee of Ecobank, who is accused of diverting funds meant for tax payments into his personal account. According to the ACC, Mansaray misused these funds, which were supposed to be allocated for the tax obligations of various companies. After the discovery of the theft, Mansaray fled the country but later returned and is now facing charges in a Sierra Leonean court.
As part of the settlement agreement, Ecobank has already made an initial payment of Le15 million. The bank will pay the remaining balance in nine monthly installments of Le2,202,797.43, starting on January 25, 2025, and concluding in September 2025.
The ACC has stated that the settlement will allow the case to be resolved without further legal action against the bank itself, and no fault is being admitted by Ecobank. This agreement is seen as a resolution to the allegations against the bank, which only involved the actions of a single staff member. The agreement also serves as an indication of the bank’s willingness to cooperate with the authorities and resolve the matter amicably.
While the settlement resolves the issue with Ecobank, the ACC is continuing its investigation into other individuals involved in the case. Magnus Vincent Cole and Tallu Jalloh, who are also implicated in the alleged corruption scheme, will face trial in the High Court. These individuals are facing charges related to corruption, with the ACC filing formal charges against them on October 28, 2024.
The ACC has emphasized that this settlement does not absolve anyone involved in the crime, but is part of the bank’s effort to settle the matter efficiently while avoiding a prolonged legal battle. The commission has also made it clear that Ecobank’s cooperation in resolving this issue demonstrates its commitment to upholding the law and ensuring future compliance with regulatory standards
