The Sierra Leone Commercial Bank which was one hundred percent owned by the Government of Sierra Leone has started selling shares.
The National Social Security and Insurance Trust (NASSIT) has bought Le19 Billion (Nineteen Billion Leones) worth of shares in the struggling bank. Financial analysts here described such an investment by NASSIT as “very prudent.”
The top Management of NASSIT is currently locked in talks with the caretaker Management of Rokel Commercial Bank for a possible bail out after the bank recorded major financial losses for two consecutive Financial Years.
Shareholders did not receive any profit for the Financial Years of 2013 and 2014, according to senior bank officials.
A spokesman for the Ministry of Finance and Economic Development refused to confirm to the Global Times last night that the shares bought by NASSIT at the Sierra Leone Commercial Bank was a bail out. “It is just a way of opening up the bank to private investors,” he said.
He refused to comment on reports that the bank had approached NASSIT for a bail out deal, which was rejected by the Trust’s Board of Directors.
A NASSIT spokesman refused to comment on the issue, when she was contacted last night.
The Government of Sierra Leone owns fifty one percent shares in Rokel Commercial Bank.