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

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