Police Serious Economic Crimes Unit has confirmed that they are presently investigating seizure of a large quantity of foreign currency at the Lungi International Airport.

A Lebanese businessman, Yusif Antar of Wilberforce Street in Freetown, who was about to board a Royal Air Maroc flight on Saturday September 22nd 2018, was found in possession of the illegal cash.
Yusif Antar, who is currently helping the police in their investigations, was arrested along with a private security guard, one Mr. Koroma.

The Police reported that, at the airport police station, when Yusif Antar was searched, he was found with £60,375, Euro 254,100, $368,414 and nearly a million Leones. Police have handed over the money to the Bank of Sierra Leone as investigations continue.

Meanwhile, Bank of Sierra Leone sources have confirmed to the Satellite, that it is illegal to travel out of the country with more than $10, 000. Public speculation is, how Antar got such a large quantity of foreign exchange and through what means.

Antar’s arrest came just days after the newly appointed acting Bank Governor – Dr. Kelfala Joe Kallon, told journalists at a press conference in Freetown that “Our currency is under speculative attack…”

Dr. Kallon told reporters that, whilst Bank of Sierra Leone sells the Dollar to Commercial Banks, the banks fail to sell the dollar to businesses that require it to import goods the country needs.

He surmised that, some commercial banks run a cartel involving senior officials within the banking sector, which sells the foreign currency through the black market. This, he said, is what largely accounts for the shortage of dollar in the country and the depreciation of the Leone.

“I will make sure within the confines of the law that I bring back all monies that have left this country illegally, and I know how to do that,” said Professor Kallon.