JUBA – South Sudan’s central bank has ordered the freezing of bank accounts of Silicon Valley Co. Limited over noncompliance with relevant institutions.
Deng Aru Bol, Director of Supervision Department, Bank of South Sudan issued an order over the weekend directing all commercial Bank Operating in South Sudan to stop banking with Silicon Valley saying the company is still under investigation over non-compliance with authorities.
“Therefore, you are hereby directed to block and freeze the bank account of Silicon Valley Co.ltd until further notice,” Bol said in a statement seen by Sudans Post.
“The Bank of South (BoSS) top management would like to inform you that Silicon Valley Co. Ltd is still under investigation on issues related to compliance with all the relevant laws of South Sudan,” Bol said.
Last month, the firm headquartered in San Francisco and New York briefly stopped its website which resulted in the suspension of many accounts.
The incident reportedly made some South Sudanese investors worried about losing thousands of US dollars after the company suspended its business.
A crowd of disgruntled investors in Juba stormed the purported Silicone Valley Shares office and quarreled with staff at the premises.
But days after their complaints, the Silicone Valley Shares restored the website, forcing the security operatives in Juba to arrest their staff, seized the company funds, and shut down the office.