By Ibrahim Alusine Kamara (Kamalo)
Sequel to allegations that Leoneoil Company bought Sierra Rutile Limited (SRL) with a whopping sum of $80 million, the debate over where the oil marketing company got that windfall from continues unabatedly in public meeting places.
Center of the debate is allegation that the purchase of SRL by Leonoil Company was bankrolled by Jos Leijdekkers, notorious Dutch drug trafficker, killer and money launderer, that was tried in absentia by a Rotterdam Court in the Netherlands for bagging along with him 7 tonnes of cocaine and sentenced to 24 years in prison.
Intensely debated also is Jos’ alleged presence in Sierra Leone, and said to be enjoying high-level protection from government authorities while laundering his drug financial resources through the oil marketing and mining sectors of the country.
However, the doubt expressed by debaters that needs to be cleared is whether, as it is alleged, Leoneoil Company is deficient of the wherewithal to advance its business ventures, particularly purchasing SRL for 80 million dollar.
The debaters say if the biggest oil marketing company in the country, as alleged, lacks the financial footing to import a load of fuel that worth $20 million without taking a loan, they would like to know if it’s possible for Leoneoil to be blessed with such a financial strength as $80 million dollar to purchase SRL without it coming from questionable sources.
To many citizens, this allegation of financial insufficiency against Leoneoil Company is injurious to its SRL business transaction, especially when allegations abound that the drug mafia, who bankrolled that business deal resides in Sierra Leone, laundering money through oil and mining business ventures.
It should be noted that bad media news like this one advanced against Leoneoil Company would not only create a negative global perception of the company, but bears the propensity to damage its reputation largely, and confidence in its overall credibility would be reduced inevitably.
Negative media news, even in the face of high-profile lawsuits, tarnishes the images of companies, erodes public trust, and threatens their financial bases, whist deter potential investors and causing not just existing shareholders to lose confidence in the company, but stock prices and the ability to raise capital, among others, are negatively impacted.
Meanwhile, well-meaning Sierra Leoneans are, therefore, calling on Leoneoil Company to make, without any further delay, a comprehensive and transparent response to the allegations hovering over its financial ability and credibility.
According to this section of the citizenry, issuing a statement to just deny such severe allegations and threatening a legal action are not enough, but Leoneoil Company should make a robust move to save its reputation by highlighting its strengths, achievements, and positive initiatives over the years.
They say publishing Leoneoil Company’s annual financial statements over a five-year period, summarizing the company’s financial health could be the smooth waters of the golden horn.
In essence, with statements providing information about the company’s assets, liabilities, equity, revenues, expenses, and cash flow, that will be enough to tell it all. And it will send the doubting Thomases, skeptics and saboteurs reeling in shock if the company’s financial performance proves contrary to the allegations peddled around. Leoneoil needs to show that its financial ability can lead to any nook and cranny of the business world to advance its ventures.