Nile Commercial Bank president takes measure to prevent collapse
By Isaac Vuni
May 20, 2009 (JUBA) – In an effort to shore up the cash-strapped Nile Commercial Bank, the President of the Bank of South Sudan, Elijah Malok Aleng, has given an ultimatum to defaulters to repay improperly issued loans or else face disclosure of their names to the media.
The debtors will have three weeks to put up the money, irrespective of their social, political or legal status.
Nile Commercial Bank (NCB) has been temporarily closed and reportedly neared collapse. The Sudan Tribune reported on April 23, 2009 that the branch manger in Juba, Martha Michya, blamed senior government officials for borrowing huge amounts of money and failing to repay.
The money was loaned out to some of these officials without proper collateral, the NCB employee disclosed.
Michya was subsequently suspended with four other officials, allegedly for pinning the bank’s money woes on the government figures, but in a later interview with Sudan Radio Service she denied that this was the cause for her suspension, instead blaming Sudan Tribune.
Aleng, who also serves as deputy governor of the Central Bank of Sudan, on Wednesday issued a notice in the Citizen newspaper: “It’s worth noting that the possible miserable financial collapse and failure of the NCB… is highly attributable to the defaulters who took the loans from it and failed to pay back at the most ideal and valuable period of need of NCB.”
The notice was copied to Minister of Presidential Affairs, Cabinet Affairs, Minister of Finance and Economic Planning, Minister of Internal Affairs, Minister of Legal Affairs and Constitutional Development, Assistant Governor and Vice President of the Bank of South Sudan, Acting Managing Director of Nile Commercial Bank and the legal advisor for the Bank of South Sudan in Juba.
It has emerged that the chairpersons and their deputies in the Southern Sudan Legislative Assembly have not yet received two months of salaries under alleged instruction from Minister of Finance and Economic Planning to retain their pay in order to recover loans they have taken from NCB’s Assembly branch.
NCB on the whole was politically initiated by the ‘New Sudan’ administration in 2003. The Assembly branch was established in 2007 and was linked to the regional parliament through a US$10 million contribution.
(ST)
Laletlodinka Kasaranit
Nile Commercial Bank president takes measure to prevent collapse
Hey Mr.Vuni, this guy should start by him self and then go to his friends in GOSS. No body out side GOSS is to be blamed for NCB issue, which they know.
The big fish are now looking to eat up the smaller ones, by putting be blame to the smaller and un popular GOSS officials. They have been quite all this time looking for ways of how to escape from the mess, in order to convince the Southern Sudanese that the BIG fish did not do it. Shame on them, Shame on GOSS.
Kur
Nile Commercial Bank president takes measure to prevent collapse
I do not understand this situation. Is it stupidity or unwarranted greed? If the government becomes corrupt to the point that it can’t protect the basic means of survival, how can it defend the country? It is heart breaking to see what we have laiddown our lives for is being destroyed by the cronies of the devil. Hell is empty because all the forces of the devilish corruption and greed have occupied the offices and the institutions of the government of South Sudan. May God help our nation from collapse at the hands of these unworthy leaders. You have betrayed our trust and we will not forgive you for cheating, corruption, and incompetence you have shown to us.
kur
Mr. Rat Rebites
Nile Commercial Bank president takes measure to prevent collapse
It is a hell of mess and cow dung to see the Public Corporations going totally to bankcruptcy and why it is happening to the south sudan corporations.
South Sudan wants to be independent by 2011 and its evaluations rooms are all losing the records. How will it(independent)be?.
South sudan is Just a mess.
If the next life is there i wish to be born as the only first grandfather of sudanese communities and i will show how they should handle themselves