SLCB Faces Credibility Issues

The customer-banker relationship is built on trust and mutual understanding, and both parties have certain rights and obligations that they must adhere to. Banks have a fiduciary duty to act in the best interest of their customers and to use reasonable care, skill, and diligence in managing their customers’ assets. It is not known whether this applies to the Sierra Leone Commercial Bank (SLCB), which is currently having some alleged credibility issues in handling its customers.

There are allegations of over US$125, 000 and NLe738, 800 that is currently under investigation at the Criminal Investigations Department (CID), where some staff of the bank were recently detained and would likely face court action.

Investigations conducted by this press state that two individuals, Paul Bindi and Frederick Willie, had a joint account at the SLCB named SUNDFREE Development Corporation. Investigation revealed further that their memorandum of understanding states clearly that only the two of them can sign in any transaction since the account was opened in 2021.

Frederick Willie reportedly traveled to England, with the confidence that they still had the said money in their account. It turned out to be a disappointing moment on his return, when he found out that the said money had been illegally transferred into another account, which he later realized, was his partner’s (Paul Bindi) personal account.

“I was never contacted, neither did I sign any authorized document for such a transaction,” Willie told this press, alleging; “I realized that my partner connived with some staff at the bank to forge my signature and prepare documents to authorize the illegal transaction.”

The matter is currently in the hands of the police and a prominent legal luminary, Lawyer Hindolo Moiwo Gevao, who earlier wrote a letter to the bank seeking clarity on the issue is leading the case against thee bank. The bank’s reply is published below.

When contacted for an official reply, SLCB’s Company Secretary, Victor T. Biandoma Esq. confirmed that the bank handed over some staff to the CID for investigations, and added that they are currently complying with the police investigation. He revealed that the bank account is owned by two individuals. “We followed due diligence. We tried our best to contact the other person before the transaction was done,” he said, adding that all processes were followed. “We have records showing that one of the parties approved the withdrawals,” the Company Secretary said, and continued that the bank is safeguarding customers’ monies and following due processes,” he said.