Tuesday, May 21, 2019

The bank of Paul Biya involved in 1200 billion scandal


Following a control mission of the Bank of Central African States (Beac) it appears that the general management of the Commercial Corporation of Bank of Cameroon has not surrendered, between 2017 and 2019, more than 1,200 billions of currencies to the BEAC, as provided by the regulations in this area in the CEMAC zone. More seriously, the general management of this Moroccan subsidiary of Attijariwafa opted to finance international trade operations in economies outside the CEMAC zone. 41% owned by the State of Cameroon, SCB Cameroon is considered the bank of the Presidency of the Republic which holds several accounts.

This is another scandal that is brooding the Cameroon Commercial Bank Corporation (SCB Cameroon), a subsidiary of the Moroccan group Attijariwafa. Informed sources in the Ministry of Finance (Minfi) reveal that this subsidiary has undergone a recent control of the Bank of Central African States (Beac). The Central Bank then realized that the SCB was allowed to speculate with foreign exchange from the services of the National Hydrocarbons Company (SNH).Over the period 2017-2018 - and early 2019, it is the equivalent of 1200 billion CFA francs that were not declared and were fraudulently held by the Attijariwafa branch. An average of 400 billion a year."Instead of making the currency available to the central bank as required by the regulations, the general management has taken on it for several years, the risk of exposing the bank, keeping these currencies without declaring them and retroceding them to the BEAC. The most serious thing is that Moroccans started to speculate with these currencies in economies outside the CEMAC zone. Particularly in West Africa, while the CEMAC zone was going through an unprecedented currency crisis. The profits they have made are huge, "says a source close to the record. Which adds that: "The SCB has replaced itself in a central bank bis, illegally managing a hyperimportant volume of currencies. This has also contributed to creating an organized shortage of currencies in Cameroon where economic operators have trouble finding them.

Over the period 2017-2018 - and early 2019, it is the equivalent of 1200 billion CFA francs that were not declared and were fraudulently held by the Attijariwafa branch. An average of 400 billion a year.

As a regulatory penalty, the Ministry of Finance blows, the Beac decided to impose a 30% regulatory fine on the SCB."If we apply the law rigorously, this bank must pay fines of more than 300 billion FCFA. But we are currently seeing how a fine between 1 and 2 billion will be applied, "says our source.

Another adds that, if the Beac opts for strict enforcement of sanctions, namely, to charge 30% fraudulent amounts, this bank will close for sure and all actors in the chain of decision would respond to these acts before the Cameroonian justice ."This bank is to watch closely. With all that is happening now, it may explode or we will end up with a situation similar to that of the Moroccans of the Cameroonian Water (CDE), worries a specialist in the banking sector.

Indeed, this speculation, we learn, had several key pieces including the current managing director, the Moroccan Mohammed Mejbar, and the Cameroonian Victor Emmanuel Menye. The latter is the Deputy Director General (DG-A) of the Cameroonian Bank Corporation but in custody since 9 March. It is within the framework of the so-called Mebe Ngo'o case. Divisional Police Commissioner Oko Petis signed a security guard on March 5, 2019, in the name of Edgard Alain Mebe Ngo'o, former Defense Minister; Maxime Mbangué, former technical advisor at the Ministry of Defense; Joel Mboutou, colonel of the army and former deputy chief of the military secretary; then Victor Emmanuel Menyé, deputy general manager of SCB Cameroon, the local subsidiary of the Moroccan banking group, Attijariwafa Bank.

The Beac had warned

Abbas Mahamat Tolli, the governor of the Bank of Central African States had warned banks like the SCB. Indeed, he made an exit last March about "unfounded and totally inaccurate" information relayed in the press, citing a scarcity of currencies in the CEMAC. This is due to a rationing policy that would be maintained by the Central Bank. "On a daily basis, the BEAC makes available to the economic agents, through the banks, the currencies solicited when the files submitted comply with the requirements of the regulations. exchange regulations. The latter prescribes to the banks, in its article 34, a delay of two working days for the execution of the orders delivered by the customers, provided that all the conditions of conformity with the regulation of the currencies and the device of fight against money laundering be reunited, "said the governor.

Abbas MahamatTolli therefore invited all the economic agents whose transfer requests would be rejected by the banks, on the grounds of the scarcity of foreign exchange, to inform the national direction of the BEAC of their country of residence.

Abbas MahamatTolli invited therefore all economic agents whose requests for transfer would be rejected by the banks, on the grounds of the scarcity of foreign exchange, to inform the national direction of the BEAC of their country of residence, with all the justifying evidence. On a threatening tone, the governor stated: "The Beac reserves the right to take all the necessary actions, in particular the application of the sanctions provided for by the exchange regulations in force, against the banks which, by their practice, would hinder the proper implementation of the international operations of economic agents".

According to Mr. Tolli, the Central Bank has foreign currency assets that largely cover the needs of the CEMAC economies. As proof, he adds, the extreme stability of the zone's currency is comfortable, as attested by its external coverage rate of more than 62%.

A sandal more ...

Information gathered from the leaders of this finance company indicate that its Director General Mohammed Mejbar, has also recently filed a complaint to the regional director of judicial police for the coastline in Douala, following irregularities observed in the system. management of the bank. In fact, there were reports of irregular funds transfers and suspicious transfers intercepted in accounts held there. In this case, hundreds of millions of FCFA fraudulently transferred to several customers of the bank, for a total amount of about 2 billion FCFA. According to the same sources, 27 Cameroonians. 9 executives of the Scb, and 18 clients and others, have already been remanded to the regional branch of the judicial police for the coast, for this case.

And yet, the CBS is doing pretty well from a financial point of view. During the period 2014-2016, the total amount of the dividend paid to the Cameroonian state by SCB Cameroon is 15.9 billion FCFA.

However, faced with the delicacy of such a file, some prefer to play the card of the caution, since some heads of the bank's information systems with special rights in the banking system are not curiously suspected or arrested, since the responsibility of the superiors of the arrested persons is also engaged because of the stratification vertical of the decision chain. This, for the simple reason that in the banking system, "commitments and financial movements are subject to levels of responsibility managed by access and traceable computer codes".

And yet, the CBS is doing pretty well from a financial point of view. During the period 2014-2016, the total amount of the dividend paid to the Cameroonian State by SCB Cameroun is 15.9 billion FCFA. This dividend envelope exceeds by nearly 2 billion FCFA, the sum of 14 billion FCFA paid to the State, as a dividend over the same period, by the National Hydrocarbons Corporation (SNH), the public oil juggernaut, that the state controls 100%.

According to the same data, the third contributor to the dividends received by the State of Cameroon, during the period 2014-2016, is the local subsidiary of the French banking group Societe Generale, with a global envelope of 2.48 billion CFA francs paid. to the State during the period under consideration. In total, between 2014 and 2016, the State of Cameroon received a total dividend of CFAF 36.3 billion from 12 companies in which it holds assets, out of the 84 that the country had during the period under review.


Source: camer.be