By Hassan Osman Kargbo

The Bank of Sierra Leone has in a press release dated 24 August 2023, warned citizens not to do business with ‘FLEXI GROUP LIMITED TRADE COMPANY’, because they are engaged in an illegal business in the country.

FLEXI GROUP LIMITED TRADE COMPANY is located at Jui Junction in the Western Rural District. The Bank of Sierra Leone press release states that the company is running a scheme that involved in soliciting and accepting financial deposits from the members of public for investments.

The press release added that the company is not licensed to carry out financial service deliveries in Sierra Leone and the business activities of FLEXI GROUP LIMITED TRADE COMPANY contravene section 7(6) of the Banking Act 2019.

‘Their business activities are in contravention of section 9(6) of the Banking Act 2019 which states that: ‘A person who transacts Banking Business without a valid license under this Act commit an offence and is liable to conviction to imprisonment for a term not exceeding 10 years or to a fine which is equivalent to twice the amount of deposits collected in contravention of this Act or to both’ and section 3(1) of the other Financial Services Act 2001 which states that: subject to section 8, No person shall carry on any financial activities unless that person holds a valid licence issued by the Central Bank,’ the press release stated.

It furthered that as a result of the above mentioned section of the Bank of Sierra Leone Act of 2019, the activities of FLEXI GROUP LIMITED TRADE COMPANY is illegal, pointing out that FLEXI GROUP LIMITED TRADE COMPANY should immediately cease its operations of deposits from the public for investment because the said company does not hold a valid license to operate in Sierra Leone.

The release therefore cautioned members of the public to look for institutions with Bank of Sierra Leone accreditation before engaging in any financial transaction with such institution. It added that the Bank of Sierra Leone will start to display their licenses in the premises of the institutions that are registered with the Bank.

The Bank of Sierra Leone through the press release advised members of the public who are engaged in, or seek to engage in any financial transaction with FLEXI GROUP LIMITED TRADE COMPANY or any other business schemes without a valid licence from the Bank of Sierra Leone must refrain from doing so.

The Bank of Sierra Leone reiterated that their actions to close the operation of FLEXI GROUP LIMITED TRADE COMPANY to ensure that the safety and soundness of the financial system in the country is in accordance with the legal mandates of the Bank of Sierra Leone.