The Minister of Finance and Economic Affairs has said that investigations conducted by his Ministry so far has revealed some alarming and gross mismanagement of public funds. He has confirmed that the economy of the country has been completely destroyed and part f the stories are related to the action of the then President Exiled Yahya Jammeh and his enablers.
Amadou Sanneh made this revelation on Monday during a press conference on the state of the Gambian economy and the fraudulent activities of the former President Yahya Jammeh and his APRC Government.
The revealation by Minister Sanneh were based on preliminary findings on three public enterprises namely Social Security and Housing Finance Corporation (SSHFC), Gambia telecommunication Company Ltd (Gamtel), the Carnegie Mining project.
Gamtel Gateway Revenue
According to Minister Sanneh, it was discovered that the Gamtel Gateway Termination Revenue had been sycophoned by the former president. He said the gateway project is being managed by Gamtel on behalf of the Gambia government and incomes emanating from international incoming and outgoing traffic are generated through this gateway and initially used by Gamtel to offset its costs and loans.
“However, the management of the gateway was contracted to third parties over the years, Spectrum System1, Tel. and MGI. Currently, the government through Gamtel Ltd is having a 5 year contract with MGI from 2014 to 2019. The incomes generated by this project were diverted from Gamtel to an account – International Gateway Account at the Central Bank of the Gambia from September 13 2013 to July 4 2014. This account had an accumulated deposit for this period of US$5, 421, 732.98 of which US$5, 421, 440.61 was withdrawn leaving a balance of only US$292. 37” he said.
He further revealed that on July 10, 2014, another account was opened in the name of ‘the Special Projects Fund’ and a total of US$45, 194, 083.24 was deposited over the period and US$45, 171.05 was withdrawn over the same period leaving a balance of only US$110, 630.42 as at January 23, 2017.
“A sample of the withdrawals include on July 15, 2014 cash withdrawal of US$300,000 by one Sanna Jarju, Office of the President; July 23, 2014 cash withdrawal of US$700,000 through Sanna Jarju, Office of the President; July 23, 2014 cash withdrawal of US$600,000 by Sanna Jarju, Office of the president; 11th August 2014 cash withdrawal of US$1, 000, 000 Office of the President; 10th September 2014 cash withdrawal of US$1,000,000Office of the President; March 25, 2015 cash withdrawal of US$750, 000 by Sanna jarju, Office of the president; September 16, 2015 cash withdrawal of US$400,000 by Sulayman Badjie, Office of the President; September 16, 2015 cash withdrawal of US$800,000 through Sulayman Badjie, Office of the president; September 16, 2015 cash withdrawal of US$704, 721.63 through Nuha Williams, Office of the President; September 26, 2015 cash withdrawal of uS$500,000 through Sulayman Badjie, office of the president; November 14, 2016 cash withdrawal of US$704, 721.63 through Nuha Williams, Office of the President” he revealed.
According to him, preliminary findings shows that these amounts have been withdrawn in cash US dollars or Gambian dalasis withdrawn and US dollars bought in the foreign exchange market thus creating undue pressure on both our reserves and the exchange rates. He said these two accounts totalling US$50, 615, 816.22 in deposits of international call terminating revenue have been withdrawn mainly in cash foreign currency and dalasis converted into foreign currency.
Carnegie Mining Project
According to Minister Sanneh, The Gambia has not discovered huge mineral resources but Elminite has been discovered and mined over the years. He said Carnegie Mining Project account was opened at The Central Bank of The Gambia from January 24, 2012 to December 30, 2015 receiving D139, 423 million as deposits and D139. 312 millions expenditure. This he said leaves a balance of only D110, 630 as at this date today.
“This account was operated outside the Central Revenue Fund. The account has been managed by the Office of the Paresident and Yahya Jammeh and all expenditures were done at his directives or will. A sample of these expenditures inckudes transfer to Trust Bank Ltd in favour of EAGL for D30, 969, 140; cash foreign currency withdrawals of D3, 833, 000; cheque payment for D5, 000, 000; cash payments to Governors for cost of fishing boats D600,000 and Donation/support by Gambia Government of D21, 635.000” Minister Sanneh stated.
He revealed that from December 30, 2015, there was no deposit into this account and government is now investigating where the revenues due to the government from the mining contract went. He said the government is paying the services of lawyers retained for the legal case with Carnegie with retainer fees totally D59.28 million to date and claims of monthly payments of £50,000 per month still running. He noted that the Attorney General and Minister of Justice will look into these payments and the legal issues with Carnegie with the view of bringing this bizarre drama indicative of the selfish interest of the Jammeh APRC Regime to an end.
“We are verifying the current contract that exists between the Mining operators and a company said to have the mining rights – Alhamdulillah Petroleum and Mineral Company. From our initial investigations of this company, there was no trace of its registration with the Registrar of Companies, but the Attorney General and Minister of Justice is assisting us on this matter” he Stated.
