The Anti-Corruption Commission (ACC) of Sierra Leone has on Saturday 21 May 2022 cleared the Bank Governor of Sierra Leone, Professor Kelfala Kallon after concluding investigation of bribery scam.
The press release from the ACC is stated below:
“The Anti-Corruption Commission (ACC) wishes to inform the general public that it has concluded investigation of the Governor of the Bank of Sierra Leone (BSL), Professor Kelfala Morana Kallon over remarks he made at a pre-legislation presentation to Parliament on the 22nd November, 2021, in which he said, he “bribed” people who were hoarding the Leone to bring it back into the banking system in the total sum of Sixty-eight Million US Dollars (USD$ 68,000,000).
The ACC opened a full investigations into the financial dealings of the BSL beyond the statement and forensic investigation confirmed the following:
i. That in a meeting held in December 2020, the Governors agreed that, in order to mop-up excess Leones liquidity outside the banking system, the BSL apply foreign exchange sales operations. This was after the Bank Governor had noticed that the vaults of the Commercial Banks were dangerously empty, which had resulted in a huge drop in the deposit of Leone notes by Commercial Banks into the BSL Account.
ii. That on the 14th January, 2020 BSL sent out Notices to Fourteen (14) Commercial Banks registered in Sierra Leone, expressing interest for the sale of foreign currency (US Dollars) in exchange for Leone deposits for the purpose of mobilizing the Leone into the banking system.
iii. That the foreign exchange sale also known as Cash Swap Operations was done through Nostro transfer and US Dollar cash request. With respect to Nostro transfer, BSL credited Commercial Banks Foreign Correspondence Accounts the requested amount in US Dollars, and debited the Commercial Banks’ Leones Accounts held with them the equivalent of the transferred US Dollars in Leones. However, in respect to US Dollar cash requests, the Commercial Banks collected the physical cash applied for in US Dollars over the counter and its equivalent in Leone was debited from their Leone Accounts held with BSL.
The press release from the ACC is stated below:
“The Anti-Corruption Commission (ACC) wishes to inform the general public that it has concluded investigation of the Governor of the Bank of Sierra Leone (BSL), Professor Kelfala Morana Kallon over remarks he made at a pre-legislation presentation to Parliament on the 22nd November, 2021, in which he said, he “bribed” people who were hoarding the Leone to bring it back into the banking system in the total sum of Sixty-eight Million US Dollars (USD$ 68,000,000).
The ACC opened a full investigations into the financial dealings of the BSL beyond the statement and forensic investigation confirmed the following:
i. That in a meeting held in December 2020, the Governors agreed that, in order to mop-up excess Leones liquidity outside the banking system, the BSL apply foreign exchange sales operations. This was after the Bank Governor had noticed that the vaults of the Commercial Banks were dangerously empty, which had resulted in a huge drop in the deposit of Leone notes by Commercial Banks into the BSL Account.
ii. That on the 14th January, 2020 BSL sent out Notices to Fourteen (14) Commercial Banks registered in Sierra Leone, expressing interest for the sale of foreign currency (US Dollars) in exchange for Leone deposits for the purpose of mobilizing the Leone into the banking system.
iii. That the foreign exchange sale also known as Cash Swap Operations was done through Nostro transfer and US Dollar cash request. With respect to Nostro transfer, BSL credited Commercial Banks Foreign Correspondence Accounts the requested amount in US Dollars, and debited the Commercial Banks’ Leones Accounts held with them the equivalent of the transferred US Dollars in Leones. However, in respect to US Dollar cash requests, the Commercial Banks collected the physical cash applied for in US Dollars over the counter and its equivalent in Leone was debited from their Leone Accounts held with BSL.
