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National Investment Board Act,a must to promote investment

April 8, 2021

In a bid to totally put a stop to fraudulent activities and protect investment in the country, President Julius Maada Bio has instituted a National Investment Board (NIB),which bill will soon be enacted by Parliament after an ongoing nationwide consultative discussion with stakeholders in the private industry.

The NIB, which will be chaired and Co-Chaired by President Julius Maada Bio and his Vice President, Dr. Mohamed Juldeh Jalloh respectively, will be working directly with investors. The NIB is geared towards easing all necessary documentation and information needed by investors wanting to come and do business in the Sierra Leone.

Concord Times have gathered from  the Chief Executive Officer of Bright Mining Company, Igor Glushchenko, about how a certain  Ukrainian National who poses to be the Chief Geologist of Trinity Geomining Services Limited, Prof. Oleksandr Borisovici Bobrov (Ukranian citizen), was allegedly using the said company to fraud genuine investors wanting to come and do business in the Sierra Leone.

Prof. Oleksandr Bobrov,who  has been in the country for almost 10 years and whose main job has been to lure investors into the country  by providing them with fake information and samples of the country’s minerals, although he denied the claim.

The CEO of Bright Mining, who is also a Ukrainian National, narrated that he first met with the alleged fraudster, Prof. Oleksandr Bobrov in Kiev in June, 2019.

“The first time we met, himself and his partners were convinced to come to Sierra Leone to invest based on the reports, data and information presented to Mr. Glushchenko indicating discoveries of minerals that were never confirmed and never existed in the places indicated and described by Prof. O. Bobrov. I only later discovered, after my arrival into the country, performing exploration and investing huge amount of money, that the information presented by the Prof. O. Bobrov was fake and false,” the Chief Executive Officer claimed.

In a report prepared by Trinity Geomining Services Limited, which is partly owned by Prof. Bobrov, they claimed that they have identified minerals in certain territories and information regarding location of those minerals belongs to them. The CEO of Bright Mining further explained that after investing considerably, he discovered he had fell in the hands of a fraudster, Prof. O. Bobrov (together with his geologists Serghei and Oleksandr Kakaranza).

Igor maintained that, one major thing that made him to believe his alleged fraudster is his high level of qualification. “He is showing everyone, he comes across with, that he is a Professor and Doctor in Geological Science…He also claimed to be a member of European Geological Society (EuroGeol Title, EFG”s Licence No.1311) membership that indicated on the high level of professionalism. When somebody with this type of qualification is approaching any investor, it creates a big degree of credibility”, the Bright Mining CEO stressed.

During exploration, they, investors did not identify any mineral, in the places indicated by Prof. O. Bobrov, after one year of struggling. To strengthen the company and continue the mining project, the CEO of Bright Mining terminated the collaboration and working relationships with Prof. Oleksandr Bobrov of Trinity Geomining Services Limited. Such move by Bright Mining Company has however made Prof. O. Bobrov to use another tactic as he has initiated criminal investigation against the investors of Bright Mining.

According to them, such criminal investigation was just a ploy to extort money under false allegations. As a result of this ugly act, couple of employees working for Bright Mining were arrested and had to spend some days in prison. “They have attacked us with the police and military…All of these criminal allegations against us are all lies and false”, the CEO said.

However, the alleged fraudster, who happens to be the Chief Geologist of Trinity Geomining Services Limited, Prof. Oleksandr Borisovici Bobrov (Ukranian citizen), has denied all the allegations. He was contacted via WhatsApp messages after failing to show up for face-to-face interviewed.

For far too long, investors showing interest to come and do genuine business in Sierra Leone have suffered and still continue to suffer in the hands of fraudsters/criminals. These fraudsters/criminals, amongst other things give fake information to investors that they know exactly where the country’s natural resources are located and ready for exploration.

In a well-organized syndicate, the fraudsters always made available to investors samples of a particular mineral so as to lure the investors to directly do business with them rather than the Government of Sierra Leone. They further installed confidence in investors that they can also help them undertake easy access to register their business and begin operations within the shortest possible time.

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