In a significant ruling, the Conakry Commercial Tribunal has condemned AFG Bank Guinea SA to pay $3.7 million to Aladji Sidibé, also known as "Wassaba". The judgment, delivered on October 19, 2026, follows a dispute over the disappearance of funds from two safe deposit boxes rented by Sidibé at the bank. The tribunal held the bank civilly responsible for the loss, which occurred despite Sidibé's assertion that access to the boxes was subject to strict controls.
According to documents obtained by Mediaguinee, the dispute dates back to February 5, 2025, when Sidibé deposited $6 million with AFG Bank Guinea SA. The next day, he signed a contract to rent two safe deposit boxes, numbered 23 and 24. Over several weeks, Sidibé made multiple withdrawals, with the bank's involvement and oversight. However, upon his return from a pilgrimage to Mecca in June 2026, Sidibé discovered that both boxes were empty, with an estimated $3.4 million missing.
Sidibé has alleged that the bank failed to conduct proper investigations into the disappearance of the funds, including reviewing surveillance footage, and did not take disciplinary action against its employees. In response, AFG Bank Guinea SA argued that the initial deposit was placed in a "cantine" pending justification of the funds' origin and produced documents showing withdrawals. However, the tribunal found these arguments unconvincing, citing irregularities in the withdrawal documents, including the absence of Sidibé's signature.
The tribunal's decision emphasized that a bank questioning the origin of deposited funds should either prevent the transaction or freeze the amounts pending clarification, rather than invoking compliance rules to justify the loss. The court also highlighted that two distinct transactions, such as withdrawals, should not be documented on the same paper. Consequently, the judges ruled that the bank's actions were irregular and that Sidibé could not be bound by marginal notes not signed by him.
The tribunal's ruling ordered AFG Bank Guinea SA to pay $3.4 million in principal and $300,000 in damages, totaling $3.7 million. The bank has been held responsible for the disappearance of the funds placed in the safe deposit boxes under its custody. The court also decided that the bank would bear all costs but ruled that there was no need for provisional execution of the decision, leaving room for potential appeal.
AFG Bank Guinea SA has reportedly appealed the commercial tribunal's decision. This case raises critical questions about the security of funds entrusted to banking institutions, the traceability of transactions, and the responsibility of banks towards their clients. The outcome of the appeal and any subsequent actions remain to be seen.
The case highlights the need for banking institutions to maintain rigorous controls and transparency in their operations, particularly regarding safe deposit boxes and large transactions. Clients entrust banks with significant assets, expecting a high level of security and accountability. The tribunal's emphasis on these aspects underscores the importance of regulatory compliance and diligence in banking practices.
Key points
- The Conakry Commercial Tribunal has ruled that AFG Bank Guinea SA is responsible for the disappearance of $3.4 million from Aladji Sidibé's safe deposit boxes.
- The bank has been ordered to pay a total of $3.7 million, including principal and damages.
- The case has significant implications for banking practices in Guinea, emphasizing the need for strict controls, transparency, and accountability.
