Yamoussoukro, Ivory Coast – (African Boulevard News) – A wide-ranging investigation into the alleged money laundering of 52 billion CFA francs ($91m) by Société Générale Côte d’Ivoire has ended with the French bank being exonerated by Ivorian authorities.
The probe, which began in 2021, was sparked by accusations that Société Générale Côte d’Ivoire aided in laundering illicit funds for criminal groups. The Ivorian authorities accused the bank of “complicity in embezzlement of public funds” and “money laundering.” However, after months of rigorous investigation, the bank has been cleared of any wrongdoing.
According to a statement from the Ivorian Ministry of Justice, “Société Générale Côte d’Ivoire did not participate in any form of money laundering activity or illegal transfer of funds.” The statement went on to say that “the bank cooperated fully with the investigation and provided all necessary information.”
Société Générale Côte d’Ivoire has welcomed the news, saying that it has always maintained its innocence and fully cooperated with the authorities throughout the investigation. The bank said in a statement, “We are pleased that the authorities have found no evidence of wrongdoing on our part. Société Générale Côte d’Ivoire remains committed to upholding the highest standards of ethical conduct and corporate governance.”
The news of Société Générale Côte d’Ivoire’s exoneration has been greeted with relief by the bank’s customers and shareholders. The bank’s stock price rose by 2.5% following the announcement of its clearance.
The Ivorian authorities have not provided any explanation for why the accusations were made or why they have cleared the bank of any wrongdoing. However, some industry experts have suggested that the accusations may have been politically motivated or the result of a misunderstanding.
This news is likely to be a welcome relief to Société Générale Côte d’Ivoire, which has been under a cloud of suspicion since the allegations were made. The bank’s exoneration is also a reminder of the importance of due process and transparency in the fight against financial crime.
In conclusion, the Ivorian authorities have cleared Société Générale Côte d’Ivoire of any wrongdoing in a wide-ranging investigation into the alleged laundering of 52 billion CFA francs. The bank has welcomed the news and reiterated its commitment to upholding the highest standards of ethical conduct and corporate governance. This news is likely to be a welcome relief to the bank’s customers and shareholders and is a reminder of the importance of due process and transparency in the fight against financial crime.
