Home | News    Tuesday 28 April 2009

South Sudan pays $11 mln to Ivory Bank

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By James Gatdet Dak and Isaac Vuni

April 27, 2009 (JUBA) – Ivory Bank, a pioneer banking institution in Sudan, has moved its headquarters from Khartoum to its branch in Juba, an event marked by a pledge of US$11 million in financing from the Government of Southern Sudan.

Gabriel Changson Chang, chairman of the Board of Directors of the bank, said he was satisfied with the operations of Ivory Bank, which he said is moving beyond its debts into profit-making, and he appealed to the regional government --- for which he is minister of information — to fully fulfil its pledge to pay US$11 million to the bank beyond the six million already paid.

The bank, opened by southern economists in September 1994 in Khartoum to serve the interests of southern Sudanese, plans to open several additional branches across Southern Sudan, according to Chang’s remarks.

Unlike the Islamic system in northern Sudan, Ivory Bank is part of the conventional banking system. It also operates a branch in Malakal, along with the near-collapsing Nile Commercial Bank, which was established about six years ago in 2003 in areas held by the SPLM/A insurgency.

Ivory Bank’s new headquarters was inaugurated in the regional capital, Juba, on Monday by the Vice President of the Government of Southern Sudan, Dr. Riek Machar Teny.

In his inaugural remarks, the vice president said the current situation in Southern Sudan posed a challenge to the bank to deliver services to the people in the region. Although Ivory Bank has attracted many clients, its services are rudimentary due to lack of trained staff further constrained by lack of new technology.

But Machar pledged millions to assist the bank to take off with its new policy, directing the Minister of Finance and Economic Planning to immediately transfer the balance of eleven million dollars to Ivory Bank.

With the opening of the latest electronic money transfer technology by Ivory bank, people of the south should be able to reduce alleged financial missteps while moving salaries and development funds to various units or states in south Sudan.

Another boon from the bank would be reducing dependency on imported food by facilitating movement of fruits, eggs, vegetable and pineapples from Western Equatoria state, posited Machar. “For how long must we depend on imported food?” he asked.

Elijah Malok Aleng, Governor of the Bank of Southern Sudan, appreciated the repatriation of the bank headquarters to Southern Sudan, stressing that the region needed the Southern Sudan-based commercial banks to improve their services.

He further hailed Ivory Bank for its move toward profit-making after noticing that between 2007 and 2008 there were a lot of unsettled debts. He advised that at least eighty percent of borrowed amount be returned before effecting any deals with future clients.

He also announced that the manager and his deputy are being rewarded with two months’ gross pay while other staffs get one month gross pay as appreciation for their demanding service.

Earlier, General Manger Ernest Woderif Marbaga described the inauguration as “a milestone in history of banking in South Sudan.”

However, Marbaga observed that a sudden exodus of Islamic banks from the south has negatively impacted innocent people because of overstretched meagre resources and manpower.

Nevertheless, he emphasized that southerners have taken over dilapidated structures and made provisions to hire new personnel to fill the vacuum left by departing bank officials, particularly in Aweil, Bentiu, and Malakal

The general manager commented that banking is a highly professional occupation that cannot be mastered overnight, hence it requires many years of intensive training for personnel.

(ST)

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  • 29 April 2009 07:47, by junub

    I said no to Riek’s idea of $11 militions to be transfered to his Ivory Bank. Better for the devil we know then the angel we don’t know.

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  • 29 April 2009 19:09, by John Costa

    The problems with Southern Sudanese that they do not see any decision without the lens of tribalism; these will defiantly halt the development of our region. That the crux, if all started to trust easy other leadership, we would not see all these tribal conflict of interest.

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  • 29 April 2009 20:27, by AUGUSTINO DENG

    Dr Riak Machar Teny and Changson Chang, are the mess to this issue of allowing the Ivory Bank to be situated in Southern Sudan. Well, allowing Ivory Bank to entrange its banking system in Southern Sudan is not bad anyway, but they should come with their own money. Second, Western Africans sometimes can’t be most trusted and as a fact, SPLM/SPLA should not rely on this people because they are "easy going to any direction".

    What I do know is that, Dr Riak Machar Teny and Changson Chang, allow this bank in order to transacted their money which they have dwindled from Southern Sudan. And that is the main point of Dr Riak Machar Teny to allow Ivory Bank to carry it operational system in Southern Sudan.

    If Dr Riak Machar Teny, is a sophisticated leader, then he should first of all himself investigated the reason why Khartoum Government expelled or discontinued Ivory Bank operation in Khartoum. I don’t ever trust whatever Dr Riak Machar Teny is doing completely. This is the first time to heard Dr Riak Machar trying to talk about a new innovation, but he fell to address the issue of the SPLA who don’t receive their salaries. SPLM/SPLA need to watch out about accepting this kind of a blatant lies being practiced by some other idiots people.

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    • 29 April 2009 23:24, by junub

      Riek’s ideas is illogical because the Ivory Bank is not a National Bank but a cooperate or privade bank, so why do GoSS have to transfers the $11 millions to the Ivory Bank while there’s a bank which was stupilated by the CPA agreement? Truth is Riek is not a long term member of the SPLM, and so he is trying to screw up anything much as quick as possible.

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    • 30 April 2009 00:22, by Bialach

      I can’t understand why everybody is talking about Dr. Riek. This guy can’t involve in all these mess of which many of your people are doing, I mean he has determination. The money you are talking about Mr. Augustino, he was the one who went to Khartoum for the budget of GoSS to be release though he knows it’s the budget of Nyadau and so on. Besides, Changson Lew Chang has been brought up in a very good family he is not after Guruch(money) as you thinks. And I can promise you, this Ivory bank will never and ever collapse like that bank you know.So, please mind you own business, insulting Dr. Riek and Changson will not help you anyway

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      • 30 April 2009 20:24, by AUGUSTINO DENG

        Hey Mr Bialach, Ejiin Laach mii tot ke lach mii diit?

        Ngai e jeh kehoh jiin dhool Nuereh. Kel e nhiam, teke mii tot goreh jeh keh hoh de ngai ke jii meeh jiin dhool Nuereh meh ngai ngoni rool Nuereh keliu. Dr Riak Machar Teny, reei Nuereh keliu, e jen raminan mii ngai goor kerode thiil keh neei thangkeen meh ngai goor ken? Dr Riak Machar Teny, thiil raminan miih lohje ke hooh cheh ba la Kuar nei rei Sudan. Lakin, Dr Riak Machar Teny, thiileh mii choleh boom looi ke jeh. Dr Riak Machar Teny, lah goh eh tameh ke wala be jeeh. Kuar nei chah lah goh kehooh be teke chaar wii mii jeh rei nei keh. Gooh eh kehooh bah teke chaar wii mii gooh rei nei keh. Tetii keliu cakeh goor keh thuuk nuereh kehooh bii kehling neh gooh mii jiin gatnuer mii ngai ngooni.\

        My friend Bialach, frankly speaking, what do you mean about the word"determination" on Dr Riak Machar Teny’s as a remark? To be honest with you, you use this word but you doesn’h has a peripheral clue about it. I don’t see the point of saying that word because determination has to do with someone who think a head, well sophisticated or wiseful person, someone who have a perservence of the hear as well as someone who have an ability to judge things before they become or turned in to major problems. So, be aware that using that mean a lot of thing, but you don’t need to use it on Dr Riak Machar Teny. I love Dr Riak Machar Teny, but I didn’t see him doing something good in Southern Sudan nor other people from Southern Sudan including Shilluk, Equatorian, Nuer and Dinkas can tell if I’m not wrong.

        Second,can you differentiated the different between a Vice president and a Minister of Financial? If Dr Riak Machar Teny, went to Khartoum and collected the budget of the Government of Southern Sudan, then he is completely wrong because that is not his job.In addition, if Dr Riak Machar Teny, want to be a Minister of Financial, then he should have to resign first from the position of a Vice president and handed it to somebody else if he otherwise think that he will be okay in handling the position of the Minister of Finance. If not, then Dr Riak Machar Teny, shouldn’t serve two positions at one time. In other meaning,serving both two positions in one time, is termed as "guermandering" and that is what Dr Riak Machar Teny, is doing.

        Third, you told me about the way how Changson was raised by his family. What is the connection between someone who was "raised in a family and someone who know the laws"? Well, even if he was raised in rich family, I don’t care, but it doesn’t mean that Changson know how to implemented the laws. Being well raised by your parents or whoever taking care of you doesn’t mean that you know the laws and that you have a right to implement everything. Changson, need to refrain from jumping from his postion to someone’s position as to Dr Riak Machar Teny as well. If Dr Riak Machar, is a wiseful leader, why he pay $$$ 11 million to Ivory Bank instead of paying that amount to a Nile Commericial Bank of Southern Sudan which is running out of money? This mean that Dr Riak Machar, want to wired this huge sum of money to Western Africa so that he can go and stay there because he see that his political dialogue is unstalled by the SPLM/SPLA.

        Shame on you Mr Bialach and your uncles namely Changson and Dr Riak Machar.

        repondre message

      • 3 May 2009 07:31, by Axan

        Baliach,

        Class-consciousness is the worse enemy of transparence in any political arena...if you can’t tell your uncle how he went wrong doing something, then you are far from telling the truth. Reik or else, may be competitive politicians in the today South sudan, but for truth to be told, Dr. riek is one of the people that would not be trusted. You may be from the same tribe with Riek in order for him to be great, but the fact is, Riek is just a copycat, who cannot lead southerners at time of horrors period!, nor is ideas or initiatives are fruitless.

        repondre message

    • 3 May 2009 06:58, by Axan

      Augustino Deng,

      I hope you keenly read the article, if not, read it again. In fact, there is nothing about West Africa portrayed in the article, the article does not say Ivory Coast to ease your misunderstanding. It is just Ivory Bank, and was founded by fellow southern sudanese in the north. Got it.
      Hope that helps...

      repondre message

      • 4 May 2009 20:12, by AUGUSTINO DENG

        Hey Mr Axan,

        I think you are the one who didn’t understand it. First all, where is Ivory Bank come from? This bank is for the Ivory Coast people and it was sponsored by the Khartoum Government in 1996. Meanwhile, when the Khartoum Government found that this bank is not a bank, then it was expelled back by the Khartoum to the Ivory Coast because these people are full of fraudelent. They forged the money in other meaning.

        To assure you, this bank now in Kenya is the one which bring the system of forging the money and that is why right now, there are a lot forgering taking place in Kenya all the times. So, how come for Dr Riak Machar, in order to accept the operational system of this bank in Southern Sudan? I believe that Dr Riak Machar Teny, know something about it. So, my friend Axan, you better go and read again and find out what the article is "inferring" about.

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