AMRC appears before PEC

Tuesday, May 28, 2019

Officials of Assets Management and Recovery Corporation (AMRC), last Thursday appeared before the Public Enterprise Committee (PEC) of the National Assembly where they presented their 2017 annual activity report.

Presenting the report, Momodou Jallow, Managing director of AMRC told the PEC that it was the former government that guaranteed loans to the Area Councils and disbursed through the Ministry of Finance and other business people.

He said a total of D38, 080,000.00 was received for the year ending 31st December, 2017, adding that indicates a negative outstanding balance of D8,459,756.00 which transpired as a result of an appreciation in the value of the property as disclosed in the financial statement.

MD Jallow further informed deputies that due to the controversial nature of the sale of foreclosed S.S. Ceesay and Sons Property (warehouse) and the ongoing litigation at the High Court, the amount of D38,000,000.00 was set aside pending judgment.

“Some of the properties under the management of the Corporation are used on rental basis to generate income,” he said, and added, “The revenue generated for the year ending 31st December, 2017 was D2, 225,235.00 compared to the sum of D2, 072,835.00 for the previous year.”

The increase, he added, was the result of an increase in the recovery from commodities (rice and cement), increase in the interest received on staff loans as well as the income from the Farafenni guesthouse.

Author: Njie Baldeh