Assets Management and Recovery Corporation (AMRC), has told lawmakers that their untraceable debt is at a tune of 15 million dalasi.

The Institution made the revelation to the members of the Public Enterprise Committee during the tabling of its activity and financial statement for the year 2015-2017.

Assets Management and Recovery Corporation is the institution that deals in Gambia’s land sale tenders for re-possessed plots, houses, commercial buildings and other assets on behalf of the Government. 

During tabling of the reports before the committee, the managing director of AMRC,  Saikou Kujabi said that the debts emanated from a business transaction by the AMRC in 2009-2010 by venturing into rice and cement business.

“This debts were reflected in our books which overstate the accounts the AMRC to consider writing, based on our findings we realized that these debts are owed by Gambians and non-Gambians; out of this 36 million owed over 15 million were never traceable which resulted to the charge, prosecution and sentencing of those two officers (involved),” he said.

According to him, this resulted in commodities been distributed on loan to both Gambians and non-Gambians business dealers, adding that “the corporation has been encountering difficulties in recovering some of the debts in the manner in which they were distributed.”

Momodou Jallow, managing director of AMRC, said the institution is entitled to recover all these properties, adding there is no ambiguity that these properties are under the control of the AMRC.

He said: “AMRC have the mandate and responsibility of these properties because all the queries are directed to them.”

Meanwhile, their reports have been approved by the committee.

Reporting by Adama Makasuba