Angry Customers Storm Continent Bank

The Daily Observer (Banjul)
NEWS
January 9, 2003
Posted to the web January 9, 2003

By Simon Peter
Banjul

Over 300 customers of Continent Bank yesterday converged on the bank's
headquarters in Kanifing demanding their money.

The irate customers were reported to have assembled at the bank at around
7am following a Central Bank order but were disappointed because there were
no bank officials to attend to them.

The customers, who threatened legal actions against the bank if the
situation is not addressed, claimed that the Central Bank had earlier
informed them (customers with current accounts) to make withdrawals on
Monday January 6 while those with savings accounts on February 3.

One Musa Sowe, a customer since 1991, said: "We want our money back or else
legal action will be taken against the bank." Sowe who explained to our
reporter how the closure of the bank has affected him financially and
educationally said, "my family is seriously affected by the closure because
I can not access my money. I can not even attend classes at the
university." John Mendy, a customer resident in Foni, said: "there is
nothing we can do now without our money. We want our money back." He
appealed to Government and the Central Bank to intervene so as to
ameliorate their plights. "Most of us haven't receive our December
salaries." A civil servant who preferred anonymity blamed the Central Bank
for their present plight. "The Central Bank closed Continent Bank without
informing customers in advance. As I speak to you my concern is getting
back my money.

I hope the authorities will address this situation promptly." Meanwhile the
Central Bank in a press release yesterday informed depositors that "all
efforts are being made to expedite the liquidation process. The
Liquidators, KPMG, will advise depositors through the media, what progress
is being made and also steps that should be taken for possible recovery of
deposits."

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