The Reliance Insurance Trust Corporation (RITCORP) almost wholly owned by former President Koroma was not doing well in the insurance business before 2007.
It started dominating the Insurance business when Ernest Koroma took over the reins of Government in September, 2007. This period witnessed the economic boom in the mining industry leading to the establishment of several mining companies in the country such as African Minerals, London Mining, Cape Lambert and Addax Bio- Energy.
Most of the companies had contracted RITCORP to oversee the medical insurance of their workers due to the strong influence of the former President.
These companies contributed and turned over millions of Leones to RITCORP on behalf of their workers in Pepel, Tonkolili, Lunsar and Makeni and other areas of the country at the expense of the state owned National Insurance Company .
The was also the same for the Mobile Companies and even Government establishments like the Sierra Leone Road Safety Authority. RITCORP had even created an office at the Authority to handle all the insurance needs of the drivers who turned up to license their vehicles on a daily basis.
These actions led to the downfall of NIC who could no longer attract customers. Most investors and investments in the country for the last ten years had willy-nilly preferred to do business with RITCORP.
The was never a worrisome development for the APC even when they knew Government was losing at the expense of an entity owned by just individuals.The APC believes in placing self interest above that of the state.
Government lost billions of dollars and will still continue to lose if this trend is not checked immediately.
The Anti-Corruption Commission should investigate the activities of RITCORP with a view to establish whither direct dealings with state owned Parastatals like the Sierra Leone Road Safety Authority, Sierra Leone Ports Authority and also State Owned Banks were genuine.