All, you've raised relevant questions regarding this tall tale from Lang.
Remember, he has a lot of time to pad the numbers.  Someone asked about the
validity of his investment gain, both from his accounts and the sale of a
his house.  The gain from his house cannot be and anyone that lived in the
US for a year knows that.  That is a big lie he was selling to JP.

Now regarding buying a house in this country after arriving within two
years, that can be.  You have a lot of corrupt realtors and bankers that
would forge your income, and provide you employment on paper if you do not
have one.  There is a whole industry of that and that is the reason why the
number of foreclosures has sharply risen.  Just recently one of your fellow
Gambians was nabbed by the federal government, running such scams.  What
these crooks would do is, say you see a house that costs $100,000.  The
crooks would inflate the price and your income.  The crooks with their
insiders in the banking industry will then list it as say, $154,000 as in
the case of Lang.  They get their cut and you end up with a house and a
little money from the remnant of the $54,000.  Now, if you work for Micky D
to pay for the mortgage, that's the buyer's problem and on top of that you
end up owing the entire principal and interest, which they can't afford in
the first place, thus the foreclosures galore.  Unfortunately, a lot of
minorities and foreigners are being preyed upon by these vultures, for their
lack of knowledge.  No different from the number the car dealerships spin on
our community.  Thus you have brothers and sisters being swept clean because
of ignorance of value.

About his investments returns, again, a big lie.  Remember, the crook had
all the time to think through the numbers that he needed for his story.
Having presented his story to JP, his next battle is to prove existence -
back up the tale with documents.  The house and Wachovia investments can be
easily verified by just a phone call to the bank for statements to be
provided.  The Central bank theft is self evident.  Nearly every thing he
listed can be proved.

But this is half the story.  The other half deals with the assets he hid?
Thus, I say, what he revealed to this point is just the tip of the iceberg.
Trust me, what he's sitting on is far more than the tale he presented.
Someone alluded to him being honest with JP, are you kidding me?  No, Lang
is embarked on a big "Saalmal" project on JP.  Thanks to his big mouth,
folks know where he has most of the things he's hiding, from his own mouth.
But, I would not place any confidence on JP and his surrogates, for Lang is
also a front to other things, just like Blood Diamond Jobe.  So, do not be
surprised if Lang is railroaded in a flash.  Why do you suppose the cat
$27,000,000 of your money to play with and is still at home surrounded by
jalis?  Don't Tony know of that?  You bet, but why is he mute in Kanilai?
buyer beware!

Chi Jaama

Joe

>From: "Joe Sambou" <[log in to unmask]>
>Reply-To: [log in to unmask]
>To: [log in to unmask], [log in to unmask]
>Subject: [>-<] Lang Conteh, Clarke Bajo appear at the JP Circus
>Date: Wed, 06 Oct 2004 20:45:21 +0000
>
>[ This e-mail is posted to Gambia|Post e-Gathering by "Joe Sambou"
><[log in to unmask]> ]
>
>
>House loan 1997           ($154,000) D3,850,000
>Sold House 1999            $274,000) D6,850,000
>
>Profit from sale               $100,000 or D2,500,000 (65% profit) in 2 big
>years folks.  Is he kidding? Continuing!
>Equity                             $30,000 or D750,000 (19% of loan amount)
>approximately 1,250/month
>
>Take home from sale       $130,000 (D3,250,000 assuming D25 to $1)
>Stock Investment             $65,000
>Deposited Remainder        $65,000
>
>Would have made 25% profit ($32,000) form his $130,000, but what happened?
>How much did he end up making from his investments?
>
>Continuing with the                                    $130,000
>He thought he came back to the Gambia with $25,000 (cash) - violation of US
>laws.
>
>Remaining                                                  $110,000 or
>D2,750,000
>However, he wired to Gambia                       $200,000 or D5,000,000
>(where did he get the
>                                                                remaining
>$90,000 from?
>
>Also, is the $200,000 transfer different from his divestiture from his
>Wachovia holdings, which he also said he lodged into his a/c at SCB.
>
>Now he owns a six bedroom house D3,500,000 ($140,000)
>By this time, every cent from his holdings in Wachovia is wiped out and
>$10,000 in the hole.
>
>Bought house in 1995 for D400,000 ($16,000)
>This is prior to coming to America.  What is the source?
>
>Invested in a plot D700,000 ($28,000)
>What is the source?
>
>Constructed Destiny Entertainment D4,000,000 ($160,000)
>What is the source?
>
>Annual proceeds from Camelot D1,500,000 x 3= D4,500,000 ($60,000 x 3=
>$90,000)
>What is the cost of sale?  How about gross sales? Has this guy ever paid
>taxes on anything?
>
>
>Debt to Overseas suppliers ($74,000) D1,850,000
>
>Debt to Central Bank D27,000,000 ($1,080,000)
>How come???  What is the circumstance of this debt???  Who authorized it???
>
>Now listen to this, out of a debt of D27,000,000, he repaid D568,000 (2%)
>This was the grounds for his release.
>
>He vigorously tried to stabilize the Dalasi, How so?
>
>He inherited his mother's car, who is he kidding?  But hey, anything flies
>with JP.
>
>Bought a car for his wife              D300,000 ($12,000)
>Bought three trucks                 D1,300,000 ($52,000)
>bought a Pajero                          D450,000 ($18,000)
>Sold Pajero                                (D300,000 ($12,000)
>
>Remittances to kids in UK 3 years  ($67,500) D1,687,500
>Remittance to kid in the US 3 years ($15,000) D375,000
>
>In layperson's terms what Lang told Paul is his assets (what he said he
>owns) as listed is D25,462,500 or $928,000.  His debts to Central Bank his
>employer, is D27,000,000, less D568,000, or D26,432,000 ($1,057,280).  His
>debts to his suppliers is D1,850,000 or $74,000.  This brings his total
>debts to  D28,282,000 or $1,131,280, excluding interest, taxes and
>penalties.  Now, do you see how close the chunk from the Central Bank is to
>the total assets he listed.  Where is his properties in the UK and Atlanta?
>  I know this is just the tip of the iceberg, but Lang as suspected by most
>of us, was having fun with your and my money.  Doubts anyone?  I'm
>exhausted to start with Clarke Bajo.  Please read below.
>
>Lang Conteh, Clarke Bajo appear
>By Pa Malick Faye & Ousman Darboe
>Oct 6, 2004, 16:43
>
>Email this article
>Printer friendly page
>
>Lang Conteh, the former foreign exchange manager at the Central Bank Monday
>told the Paul Commission that he joined the bank as an accounts clerk in
>1978.
>By 1994, he said he was a senior officer at the Bank’s foreign exchange
>department and that in 1996 he left for further studies to the US.
>
>On his return in 2000 he joined the Bank again. In 2001, Mr Conteh said he
>was acting foreign exchange manager and between May and September 2003 he
>was confirmed foreign exchange manager.
>
>Mr Conteh said while in the US, he took a credit facility in 1997 to buy a
>house. “I did take a housing mortgage loan of US$154,000. It should have
>been for a 30 year period but I sold the property for US$274,000 in 1999
>when I was about to return to The Gambia. I was left with US$130,000 after
>the mortgage providers took their share. The profit from the this
>transaction is part of the money I brought to The Gambia,” he said.
>
>Mr Conteh said he invested about US$65,000 in stocks at the Wachovia
>Investment group and that he deposited the remaining money into his
>Wachovia bank account in the US.
>He further said he would have made a 25 per cent profit and that about 90
>per cent of his holdings in the US was transferred to The Gambia on his
>return.
>
>“When returning home, I came with three containers of goods and personal
>effects. My accounts are still running in the US though not active. When I
>was coming, I think I came with about US$25,000 cash to the Gambia. I
>divested most of my stock holdings through my Wachovia account and lodged
>them into my accounts at Standard Chartered Bank and Trust Bank in The
>Gambia.”
>
>Mr Conteh said he transferred about US$200,000 into his accounts in The
>Gambia adding that his intention of coming to The Gambia was not for money
>but to serve and to create a company that would provide employment.
>About his landed properties, Mr Conteh said he owns a six bedroom house in
>Kotu East valued at D3.5 million. He said he also has a three bedroom house
>in Kotu South which he built in 1995 and another one he in Kerr Serign he
>bought from the AMRC in 2000/1 for about D400,000.
>
>He added that he was officially allocated a plot of land opposite his
>Camelot Boutique along Kairaba Avenue and that he has invested about
>D700,000 in it.
>
>He also said he was allocated land at the back of BB Hotel on which he has
>constructed Destiny Multi-purpose entertainment centre which is valued at
>D4 million.
>When queried on why he built a permanent structure on the land as the TDA
>is only designated for temporary structures, Mr Conteh replied that it was
>approved by the TDA board.
>
>Counsel Emmanuel Fagbenle then put it to him that most of the public
>servants were his men. To this, he said, “No, it was not Yanks who
>allocated it. It was the Tourism Board. I don’t take what does not belong
>to me. If I do I will return it. Yanks was aware but he was not involved. I
>swear by the Holy Qur’an. I am here to speak the truth.”
>
>Mr. Conteh said in 2001 he opened personal accounts at the Standard
>Chartered and Trust banks and that he also opened a separate account for
>his Camelot boutique.
>He disclosed that his annual proceeds from the boutique is about D1.5
>million.
>
>“A lot of my profit from Camelot goes to personal charity such as fees and
>relatives,” he stated. He said that some of his income from Camelot went
>into his building projects. He revealed that he got his goods from
>suppliers abroad and that Camelot owes suppliers abroad about US$74,000.
>
>On whether his daughter is a shareholder in the business, Mr Conteh said he
>is the actual owner of Camelot and that he used his daughter as a
>shareholder only for the purposes of registration.
>
>When Counsel Fagbenle asked him about his daughter’s involvement in the
>Wechit Faling bureau de change set up by insiders of the bank, Mr Conteh
>remarked that his daughter, Bintou Conteh, is not a partner to the
>business. He said her name was used as shareholder only to help the actual
>owner, Mrs Betty Saine, to register the bureau.
>
>He also mentioned the names of Begai Ceesay and the wife of the former
>governor of the bank, Oley Cham as shareholders of the business.
>
>When asked why he was then interrogated by the NIA regarding the D27
>million the bureau owed the Central Bank, Mr Conteh accepted being called
>upon by the NIA regarding Wechit Faling but that his daughter was not
>actually involved in the business. “Some of the amount has been paid and
>the remaining amount has gone down drastically. When I was called at the
>NIA office, the amount I paid was D568,000,” he added.
>
>Mr Conteh argued that as foreign exchange manager. he “vigorously” tried to
>stabilise the dalasi .
>Mr Conteh said he inherited his mother’s car and that he bought a mini
>pajero for his wife in 2003 for about D300,000.
>
>He said he bought three trucks totalling D1.3 million from TK Motors in
>2000, 2001, and 2002. He also said he brought two cars from the US on his
>return to The Gambia in 2000.
>
>“I had another Pajero I bought in 2001 for D450,000. I sold it in 2003 for
>about D300,000.”
>
>On how he spends his per diems, Mr Conteh said he mainly used the savings
>to buy gifts and presents for relatives and friends.
>
>He also told the commission that he annually remits about 15,000 Pounds
>Sterling to his two children in the UK and about US$5,000 to the one in the
>US. He was asked to report back to the commission with receipts, bank
>accounts and relevant documents relating to per diems and properties.
>
>Momodou Clarke Bajo
>Momodou Clarke Bajo, former Governor of the Central Bank yesterday told the
>Paul Commission that he could not recall the amount he was paid as Governor
>from October 1994 to early 1998, as it was not stated in his letter of
>appointment.
>
>In a marathon six-and-a-half hour testimony, Mr Bajo said he joined the
>Central Bank in May 1975 and that by July 1994, he was second in command as
>general manager of the Bank.
>
>He revealed that between December 1998 and November 2003, he was paid
>amonthly salary of D20,000 and an annual sum of D36,000 as housing
>allowance.
>
>Mr Bajo who was a member of the Gamtel board between 2001 and 2002 said he
>received D1000 monthly and received D750 as board member of the Central
>Bank during his tenure as governor. He admitted making savings from his
>travel per diems and apart from that he had no official source of income.
>
>“I used most of any per diems on my ongoing projects at my compound I live.
>In my regional travels, I saved almost 80 per cent of my per diems and 50
>to 60 per cent in other parts of the world. It is not a habit to pay the
>balances of any per diems into my account.”
>
>Landed properties
>Mr Bajo who affirmed that he had other sources of income apart from his
>official emoluments said he owns a compound and two plots of land in
>Sukuta. He said he “acquired the Sukuta proprties from my parents when I
>was in the university. The actual building started in 1999 and completed in
>2002. I spent about D1.2 million.”
>He said he did not keep records of items bought for the construction.
>
>The former Central Bank governor told the commission that a leased Kotu
>property was allocated to him in 1990. He further said he completed
>building a bungalow there in 1994 and “I gave it to it my friend who was
>staying there free of charge until he left. I later rented it to the first
>tenant for D70,000 dalasis for two years and now it is occupied by another
>tenant in his first year at D90,000 per annum. The first tenant occupied it
>from 2000 to 2002 and the second occupied it last December.”
>
>He said the proceeds of the rent are used to purchase building materials
>for his compound in Sukuta, adding that he spent, on three occassions,
>about D10,000 to repaint his Kotu property.
>
>Mr Bajo also said that he has two fenced plots in Jamisa which he bought at
>D15,000 each, a seaside plot in Tanji which he bought for D24,000 and one
>in Serrekunda which he bought for D80,000.
>
>He said that he has farms in Tanji, Sukuta and Tujereng where he grows
>mangoes, cassava, maize and groundnut. He denied owning plots in Manjai
>Kunda and Banjulinding but acknolwleged that he owns a herd of cattle.
>
>Vehicles
>Clarke Bajo told the commission that he has three trucks one of which was
>bought in 1989 and the rest in 2001.
>He took a Trust Bank loan of D600,000 to buy the two trucks in 2001. He
>revealed that he earns D45,000 monthly at the peak period and D30,000 at
>the low period, adding that the first truck he bought generated him a
>monthly sum of D25,000 between 1989 and 1994. He further told the
>commission that he had no documents in relatuion to the income generated
>from the trucks.
>
>On private vehicles, Bajo stated that he bought a BMW car in 1996 for about
>D80,000 and a Passat New Type in 2000 for which he has currently spent
>D375,000.
>He also made mention of a Pajero Jeep bought from TK Motors in 2001 for
>which he made a down payment of D200,000 through a Bank loan.
>
>When questioned by Counsel Emmanuel Fagbenle on a Nissan pick up which he
>failed to include in his declaration form, Bajo said it was acquired from
>Shyben Madi at a price he could not recall.
>
>Loans
>Mr Bajo said he took a building loan from the Central Bank in 1978 the
>balance of which stood at D277,000 at his retirement. He said “I am paying
>the outstanding amounts through my pension scheme as the loans are
>repayable in 30 years. Initially it was 20 years but it is now increased to
>30 years on Central Bank loans for the staff.”
>
>He also revealed that he took a car loan of D350,000 from the bank half of
>which is to be paid by him and the other half by the bank. “This is the
>bank’s policy for senior staff. At the time of my discharge, I was paid
>benefit which I used to settle the car loan and other personel
>liabilities.”
>
>© Copyright 2003 by Observer Company
>
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