By Maria Lopes
The Public Enterprise Committee (PEC) of the National Assembly on Monday 27th May 2019 adopted the activity report and audited financial statement for the year ended 2015, 2016 and 2017 of the Assets Management &Recovery Corporation (AMRC).
Saikou Kujabi Deputy Managing Director AMRC noted that the debts emanated from a business transaction by the AMRC in 2009-2010 by venturing into rice and cement business which resulted to commodities been distributed on loan to both Gambians and Non Gambians business dealers, adding that the corporation have been encountering difficulties in recovering some of those debts in the manner in which they were been distributed.
According to him, the AMRC also go through the recommendation of the auditors that this debts were reflecting in their books which overstate the accounts the AMRC to consider writing, based on our findings we realize that these debts are owed by Gambians and non-Gambians out of this 36 million owed over 15 million and were never traceable which resulted to the charge, prosecuted and sentenced of those two officers.
He added that the duration of the whole transaction of the outstanding balance started in 2009 up to date the decision taken by the board to write up the steps, present it and approved, the AMRC is still in pursue to recover as much as we can it will be recognized as an income once anything is recovered from those debts
Momodou Jallowm, Managing Director AMRC said that the AMRC is titled to recover all this properties there is no ambiguity that these properties are under control of the AMRC with regards to that in 2017 the government was also concern because this is a transition period, assets could be sold due consultation with regards to rice and cement then this business was carried out without authorization.
Mr Jallow added that the AMRC have the mandate and responsibility of these properties because all the queries are directed to them.
Hon. Halifa Sallah chairman of the Public Enterprise Committee (PEC) said that as a fair reflection of the state of affairs of the AMRC on the Activity report and Financial statement of these 3 years mentioned to be able to review and submit the fair report to the national assembly stating the strength and dignities and giving the types of revolution and recommendation that will add value to the evolution and development of the corporation as a viable ongoing concern
Hon Sallah added that the investment recorded by the corporation is a sum of D2, 770,000.00 for the year ending 31st December, 2017 compared to the sum of D2, 750, 000, 00 for the previous year 2016