MASSIVE FRAUD!
…ROKEL BANK DIRECTOR EXPOSED
By Ibrahim Alusine Kamara (Kamalo)
The Director of Business Development at Rokel Commercial Bank, Abassie Thomas, is said to be a worried man after investigation conducted by this medium revealed his horrible track record at the bank.
A leaked report seen by Salone Compass newspaper reveals how Abassie Thomas was found wanting of egregious fraud by a four-man committee established to investigate a disciplinary issue brought against him.
Mr. Thomas was the Officer Relief Manager who was accused of improper account opening procedure and the granting of several loan facilities on those accounts and other related issues.
Among its key findings, the committee concluded that Mr. Thomas had allegedly failed to comply with established account-opening procedures and had blatantly breached the Bank’s Know Your Customer (KYC) requirements. The report further stated that customers who resided in Aberdeen, Freetown, had accounts opened in Bo despite having no apparent business relationship with that branch.
Investigators also found that credit facilities were allegedly granted without due process, while the affected accounts recorded little or no meaningful banking activity. In one instance, a customer reportedly obtained a loan before subsequently opening a savings account using proceeds from the same facility.
The report further alleged that accounting entries were raised, processed and signed by Mr. Thomas on behalf of a customer without any documented letter of authority. It also stated that the accounts became active only after an official complaint had been lodged and that part or all of the outstanding balances were allegedly settled by Mr. Thomas’s wife in equal installments of Le22 million each at the Charlotte Street Branch after official banking hours.
While the committee was divided in tits recommendations, one of its members recommended for Mr. Thomas’ employment termination, arguing that he had abused the trust placed in him by virtue of his long service with the Bank. The member further stated that Mr. Thomas had compromised the Bank’s internal control systems through the misuse of insider knowledge, conduct he described as incompatible with modern corporate governance standards. He further observed that other staff members involved in similar misconduct had previously been dismissed.
However, despite the member’s recommendations, both BSL and the bank’s board failed to act decisively due to alleged favouritism.
Although Abassie Thomas was demoted for some months, he has not only since being reinstated through alleged connections and help of some board members and senior officials at the Bank of Sierra Leone but, also promoted and currently serves as the Director of Business Development at the Bank with his office located at the PZ Branch.
The reemergence of the report has renewed questions over allegations that some members of the Board and certain senior officials at the Bank of Sierra Leone deliberately concealed or failed to act decisively on the findings in order to protect Mr. Thomas. While those allegations have not been independently verified, and there has been no public finding establishing that any Board member or Bank of Sierra Leone official intentionally suppressed the report.
Nevertheless, the matter has reignited debate over corporate governance, regulatory oversight and accountability within Sierra Leone’s banking sector, particularly regarding whether disciplinary standards have been applied consistently irrespective of rank or influence.
Meanwhile, Mr. Abassie Thomas has not responded to a clarification message sent to him by this writer as at press time.
More revelations in subsequent editions…