Agib Bank’s operations supervisor requests time to supply value of ‘Mbalit’ vans
Ousainou Jallow, head of operations at Agib Bank Gambia Limited, has requested time from the Commission to supply a letter from Espace Motors outlining the price of the vans and the anticipated revenue from the transaction.
Jallow defined that the financial institution’s relationship supervisor on the time of issuing the mortgage to the KMC Staff Welfare Association is not with Agib Bank. He stepped into the matter by advantage of his position as head of operations.
He testified that Agib Bank and Espace Motors have a joint-venture funding settlement during which the financial institution funds the acquisition of autos, with income shared between the 2 entities.
Regarding the acquisition of the “Mbalit” vans, Jallow confirmed that Agib Bank funded the mission, emphasising the existence of an settlement between Espace Motors and the financial institution.
“Whenever they [Espace Motors] want to purchase vehicles, they write to us indicating the cost and the profit. Then we provide the funds,” he defined.
On the vans delivered to the Kanifing Municipal Council (KMC), Jallow famous that the transaction was a part of the joint-venture settlement with Espace Motors. He additionally acknowledged that Espace Motors had authorised Agib Bank to liaise straight with the KMC.
However, when requested by Lead Counsel Patrick Gomez whether or not the financial institution had scrutinised the viability of the “Mbalit” mortgage scheme, Jallow mentioned he was not sure. This query was raised resulting from considerations about potential challenges in amassing funds from the vans’ proceeds.
Jallow revealed that he had already offered the Commission’s investigators with the requested paperwork. Lead Counsel Gomez indicated that the paperwork could be reviewed and that Jallow could be recalled for additional testimony.
Repayment Structure and Challenges
Explaining the compensation construction, Jallow mentioned it was based mostly on the turnover from KMC’s 19 wards. However, there have been cases when the funds generated by the vans had been inadequate to fulfill the KMC’s month-to-month obligations. In such circumstances, the financial institution deducted funds straight from KMC’s foremost account, funded by taxpayers’ cash, as the first supply of compensation—the ward accounts—was not offering adequate funds.
When requested how a lot was generated from the ward accounts, Jallow requested further time to supply the figures.
Costs and Documentation
Jallow was questioned about whether or not Espace Motors acted as an agent for the provider, to which he responded that he didn’t know. When requested about the price of the vans, he testified that Espace Motors had despatched a letter to Agib Bank indicating the price and revenue of the transaction. The Commission ordered him to current the doc.
By Adama Makasuba
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