With pressures from the government and people of Sierra Leone continue to be mounted on them in the country, the top guys of Gerald Metals are now left sweating in trying to raise money up to $50m to save them from cancellation of SL Mining license; a company they illegally registered through the help of some corrupt and selfish government officials, as their lenders, Revolving Credit Facility (RCF) Banks including Deutsche Bank, ING, Credit Suisse, UBS, BNP Paribas and Chinese Banks amongst others have disowned and stopped given them any money as a result of their indebtedness and corrupt activities they are engaged in and with countless legal battles against them for their indebtedness and shady operations across the globe with some of these banks already fined for Anti Money Laundering, Bribery and Corruption, Monitoring and Control amongst others all in the name of investment.
The stop in funds by the RCF Banks could also not be unconnected to the fact that they (the Banks) have done proper monitoring into the initial disbursement of funds to Gerald and found that they (GERALD) have been using those funds for their bribery activities.
It could be recalled that in early March this year, Gerald Metals were illegally given license through SL Mining Company to take over operations of the Marampa Mines which had been previously been operated by London Mining Company and Timis Mining Corporation.
But to the greatest disappointment of both the government and the people of Sierra Leone, nothing has happened so far in the mines with government loosing much needed revenue and the economic benefit its operations have on the citizens of this country.
With over nine months without any sign of the company having the financial capacity to restart the mines and with all their efforts to raise money for the mines site proven futile, Gerald Metals/ SL Mining is now in big trouble as the government and the people of Sierra Leone are now on their necks to either raise money to restart the operations of the mines or risk losing their license.