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GUARANTY Trust Bank Emulates Rokel Bank: LAW FIRM TO SELL MORTGAGE PROPERTIES

It is evidently clear that the example of Rokel Commercial Bank to publish names of its creditors is being emulated by other banks in the country. The repercussion of this example is being neglected as long the banks in question achieve their desired result, which is to get creditors repay their loans. If this strategy is beneficial to the Commercial banks, they should begin to realize that modern banking and customer relationships do not subscribe to financial institution publishing names of its creditors, as it is considered crude, out model and can damage the reputation of some decent customers who because of unavoidable circumstances cannot meet with the repayment plan of their loans.

One of the principal sources of financial institution generating revenues for their institution is through the issuance of loans to their customers, which are repaid with interest.

In Sierra Leone, the high interest rates of loans issued out by financial institutions has caused serious embarrassments to creditors, some businesses have even collapsed as a result of the high interest rates imposed by the banks. The Central Bank, the regulatory body of the Commercial Banks is seen to be doing nothing to cushion the troubled situation that creditors are faced with the loan sharks, calling themselves Commercial Banks.

It is the undisputed conclusion by many business entrepreneurs that Commercial Banks in Sierra Leone are not helping the business community to grow and not promoting competitive business atmosphere in the country and have succeeded in killing most of the small scale businesses, either by refusing them loan facility or giving out cut-throat interest rates, which at the end their owners find extremely difficult to repay.

This recent manipulation by the Commercial banks to publish names of its creditors initially introduced by the Rokel Commercial Bank has laid to rest conflicting responses as argued by many people that Commercial Banks in Sierra Leone are bent on damaging the reputation of some of their customers and to showcase them to the public as delinquent debtors, disregarding the situation that some of them may have found themselves in or are going through, which may have  prevented them from complying with their loan repayment arrangement.

After the Rokel Commercial Bank out model and indecent example, the Guaranty Trust Bank seem to be attracted to it and now using it to embarrass its customers as a way of forcing them to repay their loans. This, the Bank has decided to do, firstly by publishing names of their creditors and the next step is to sell their collaterals. The Law Firm of Tejan Cole, Yillah and Bangura has been secured to alert creditors of the Bank’s proposed action, which is to sell the Mortgage properties. The properties of five of its creditors have been line up for public auction if after reading the notice put out by the legal firm no positive effort is made on their part to resolve their indebtedness with the bank. The notice reads, the following properties which were subject matter of Tripartite Mortgage Agreement between Guaranty Trust Bank(SL)Limited, the respective Companies and Owners of the said Mortgage properties have been handed over to Messrs Tejan-Cole, Yillah and Bangura to enforce sale of the said properties in strict conformity with the provisions enshrined in the respective Mortgage agreements. The properties are listed hereunder: Interested parties/guarantors are kindly requested to contact Tejan-Cole, Yillah and Bangura, 63 Berwick Street Freetown, Telephone Number 076-341-856

 

 

 

 

 

 

Posted by on 11:16 pm. Filed under Breaking News, NEWS, OTHER NEWS. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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