Ecobank-S/L and Ex-Executive Charged with Extensive Tax Diversion
By Benjamin S Conteh
The Anti-Corruption Commission (ACC) announced on Tuesday, October 29, 2024, that it has filed a comprehensive indictment against Ecobank Sierra Leone Limited; Abdul Salim Mansaray, the bank’s former Head of Retail Operations; and two other individuals, Tallu Jalloh and Magnus Samuel Valentine Cole. This landmark case involves 147 counts of corruption and related offenses, underscoring the ACC’s intensified efforts to confront financial corruption in Sierra Leone.
Details of Allegations and Charges
Abdul Salim Mansaray faces 57 counts of Misappropriation of Public Revenue, along with charges of Unlawfully Acquiring Public Property, Conspiracy to Commit a Corruption Offense, Providing Misleading Information, and Transferring Property to Disguise its Illicit Nature. These charges fall under both the Anti-Corruption Act and the Anti-Money Laundering and Combating of Terrorism Act, signifying a serious breach of trust in his executive role.
Ecobank (SL) Limited, as an institution, faces 142 counts of corruption. Among the charges are 57 counts of Misappropriation of Public Revenue, Failure to Report a Suspicious Transaction, Failure to Conduct Due Diligence on Customer Transactions, and Providing Misleading Information. These charges indicate alleged lapses in the bank’s financial oversight, specifically its failure to identify and report suspicious high-value transactions linked to the alleged diversion of public funds.
Tallu Jalloh and Magnus Samuel Valentine Cole each face charges of Unlawfully Acquiring Public Property and Conspiracy to Commit a Corruption Offense, allegedly in connection with their roles in enabling the misappropriation of substantial tax revenues intended for the National Revenue Authority (NRA).
The Alleged Diversion Scheme and Financial Implications
The ACC’s case alleges that, between March 2022 and October 2023, Mansaray, along with Ecobank (SL) Limited, redirected tax revenues owed to the NRA into the personal bank accounts of Jalloh and Cole. These misdirected funds reportedly amount to 17,453,863.35 new Leones (LE), allegedly diverted from companies such as Oxfam, FG Gold Ltd., Meya Mining, Atlantic Lumley Hotel, NP (SL) Ltd., and Conex Energy. The transactions in question were flagged as “suspicious” due to their substantial amounts, yet Ecobank allegedly failed to report them to the Financial Intelligence Agency as required by the Anti-Money Laundering and Combating of Terrorism Act.
ACC’s Commitment to Eradicating Corruption
In a public statement, the ACC reaffirmed its commitment to rooting out corruption across both the public and private sectors. This case, according to the Commission, highlights its resolve to hold accountable those who violate financial integrity laws, particularly when misconduct affects national resources and erodes public trust.
The ACC assured the public of its ongoing efforts to safeguard the financial systems and prevent institutions and individuals from exploiting weaknesses within the banking and financial sectors for personal gain. This case, which targets a major financial institution and several high-profile individuals, represents a significant move towards greater accountability in Sierra Leone’s fight against corruption.
