Rokel Commercial Bank has dragged Comium SL Limited to court for its inability to settle its huge outstanding debt of 10.7 billion Leones (est $2.5m) to the bank.
The case was briefly heard by Justice Vivian Solomon at the Freetown High Court on Tuesday with Rokel Bank represented by Basma and Macauley legal firm with Berthan Macauley appearing, while Comium were represented by Renner Thomas and Co with Mariama Dumbuya appearing.
The Court was informed that talks had been initiated between the two parties and Justice Solomon took an adjournment for Friday November 16th.
The loan is from 14th October 2009 for the principal sum of ten billion seven hundred and seventy one million, six hundred and fourteen thousand six hundred and eighty five Leones and ninety eight cent (Le10,771,614,685.98) with a penalty interest of 21%.
It will be recalled that the Central Bank Governor has consistently been on the backs of commercial banks, urging them to call in huge debts on their books so that depositor’s money will be secured.
Unconfirmed reports say that some banks have been ordered to reduce their lending and concentrate more on recovering loans.
It is not known whether Rokel bank is under such pressure from the Central Bank even though it is ranked among the top five best performing banks in the country.
ADVERTISEMENT