Readers: I am forwarding the e-mail below on behalf of a concerned Gambia. It is a news item from The Point Newspaper. Coach >To: [log in to unmask] >Subject: Lang Conteh, BJ, GFAM Taken to Court For Economic Crime >Date: Mon, 23 Feb 2004 11:26:56 +0000 > > >Culled from The Point of Monday February 23, 2004 > > >Lang Conteh, BJ, GFAM Taken to Court for Economic Crime >By Pa Nderry Mbai > > >Six Prosecution witnesses are lined up to testify in the high profile >economic crime case involving Lang Conteh, former Central Bank Foreign >Exchange Manager, and Baba K. Jobe and the Global Finance and Assets >Management Limited, The Point has reliably learnt. > >Conteh and Jobe are facing five count charges for economic crimes and >forgery. The duo are expected to stand trial on Wednesday before the High >Court in Banjul. > >Lang Conteh, as Forex Manager, is incriminated as having willfully and >recklessly arranged and executed foreign exchange contracts on behalf of >the said bank with Global Finance and assets Management Limited between >2001 and 2003. This is said to have caused a substantial loss of revenue >to the state equivalent to D156 million. > >Both Baba K. Jobe and Lang Conteh, operating under the name and style of >Global Finance and Assets Management limited, a company registered and >operating in The Gambia, effected transactions with the Central Bank >Foreign Department, between 2001 and 2003 intentionally caused loss to the >bank in foreign currency equivalent to D156million.” > >The acts of the two are described as detrimental to the fragile economy of >The Gambia and her people. Both Jobe and Conteh were also accused of >forging memorandum and articles of Association of Global Finance and asset >Management Limited on March 19th 2001. Our sources revealed that the two >were with the intention to “deceive that Lang Conteh was no longer the >holder of forty-nine percent of shares of Global Finance.” > >According to sources, the state had a list of exhibits connecting accused >to the economic crimes committed. One of the exhibits talks about foreign >exchange purchase contract and foreign exchange dealing tickets in respect >of foreign currency supply contracts signed by Conteh on behalf of the bank >and remaining accused. > >The following witnesses are to testify in the economic crime case: >Abdoulie B. Cham former financial controller at the Central Bank, Aji Haddy >A. Sallah, Phillip Akingbogun, Momodou Clark Bajo, Former Governor, ASP >Lamin Touray, Momodou Bamba Saho and Registrar of Companies Dr. Henry >Carrol. > >In his statement, Abdoulie Cham alias “Capu” stated that these contracts >were entered into through foreign currency dealing tickets fro the Foreign >Department and were reflected in the books by finance department. > >Mr. Cham intimated that at the time of his retirement, the following >Bureaux – Global Trading, Wechit-faling, Boule and Company, Gam Investment >and I.G. Finance had outstanding amounts of money to settle with the >Central Bank. > >Aji Haddy A. Sallah in her statement confirmed that on February 2003, a >submission was made by the Manager of the Foreign Department that the first >quarter was approaching and the bank should prepare itself to augment the >national reserves. > >As the head of the bank, she said, the minutes were forwarded to the >governor for approval. She added that upon approval, the minutes were sent >to the head of Foreign Department for action or spot transaction. “This >was to make the level of resources in order to meet the March targets of >the IMF. From August 2003 to date efforts were made to recover the monies >in the hands of the Forex Bureau Operators,” she added. > >Former Governor Momodou Clark Bajo in his statement said the decision to >intervene in terms of interventions to purchase was taken after a need >assessment by the relevant technical departments, principally from the >point of view of balance of payment requirement and the need to meet >minimum reserves target agreed with the IMF. > >In a related development, six individuals are facing similar charges of >economic crimes. The six are identified a Betty Saine, Bigay Ceesay, Lang >Conteh, Bintou Conteh, Mrs. Nyang Joof and Wechit/Faling Bureau De Change >limited. > >It is held against Lang Conteh and Bigay Ceesay that between 2001 and 2003 >while serving as manager of Foreign Department and Auditor respectively >willfully and recklessly arranged and executed foreign exchange contracts >on behalf of the Central Bank with Wechit/Faling Bureau De Change Limited. > >This is said to have caused a loss to the state to the tune of D68million. >Seven prosecution witnesses are lined up to testify in this case. > >No charges have so far been proffered against Momodou Clark Bajo and other >witnesses are currently being held by the NIA. Reprinted from The Point Newspaper Monday, 23rd February 2004 _________________________________________________________________ Stay in touch with absent friends - get MSN Messenger http://www.msn.co.uk/messenger ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ To Search in the Gambia-L archives, go to: http://maelstrom.stjohns.edu/CGI/wa.exe?S1=gambia-l To contact the List Management, please send an e-mail to: [log in to unmask] To unsubscribe/subscribe or view archives of postings, go to the Gambia-L Web interface at: http://maelstrom.stjohns.edu/archives/gambia-l.html ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~