State witness Zainu Karim who is the Director of Finance at the Petroleum Directorate has told Commission 64 that the former President Ernest Bai Koroma (EBK) approved the disbursement of $14,000,000 (fourteen million dollars) to Rokel Commercial Bank for recapitalisation in 2014.
The witness said the money was intended to be a loan that was to be repaid to the Petroleum Directorate, and that the request originated from the former Chairman of the National Commission for Privatisation, through the Ministry of Finance and final approval came from the former president Ernest Bai Koroma.
The witness said the money was eventually paid to the consolidated revenue funds for onward transfer to the Rokel Commercial Bank. As at today, there was no evidence of refund of the loan.
The probe continues.