The rogue regime in Banjul is on the verge of finalizing an Offshore Banking deal with some Hong Kong multi-million dollar companies, the Freedom Newspaper can reveal. Under the new deal, the Jammeh government is going to open an Offshore Bank in The Gambia, with the primary objective of helping tax evaders from Hong Kong, Europe and in the Americas to help them conceal stolen money or taxable funds from their respective countries. The goal, for this latest desperate move, is to help the bankrupt regime in Banjul, to attract foreign exchange, as there is limited foreign money in the impoverished West African nation.
Gambia’s Finance Minister Abdou Colley, is heading the delegation tasked by dictator Yahya Jammeh to set up Gambia’s Offshore Bank—the first of its kind since the regime came to power twenty one years ago through a military coup. The delegation has outlined some of the prospects and legal framework that would guarantee Hong Kong investors and businessmen to be able to hide their taxable funds in The Gambia.
A communication intercepted by the Freedom Newspaper dated October 19, 2015 revealed the following:
Set up Offshore Company and Bank Account in Republic of Gambia, which is a member of the United Nations, the African Union and other National and International Organisations.
Fastest Incorporation worldwide: just 5 minutes
Fastest delivery of Corporate documents: immediately available
Legalization: Complete set of legalized Corporate documents within 5 minutes of Incorporation
Nil Tax on Foreign Income and Exempt from Withholding Tax
High Level of Secrecy: closed Registry of Shareholders, Directors and Assets
International Banking: Gambia is not on OECD or FATF Blacklist. Gambia jurisdiction is acceptable to many Offshore or Onshore Banking Institutions.
The International Monetary Fund (IMF) in a report recently lamented about the deplorable situation of Gambia’s economy and collapsed infrastructure. The country has less than two months import cover. All sectors of national development are crumbling including Tourism and Agriculture. The health sector too is virtually dead—with no drugs, bed and food for patients.
The firm has recommended for some serious reforms to revamp the dead economy. It also advices the regime in Banjul to cut down on unnecessary spending.
Gambia’s domestic and international debt has risen to one hundred percent. The regime is heavily indebted. Domestic borrowings has jumped the roof. Local banks are closing due to insolvency.
According to the Newsmax.com website lead story captioned: Big U.S. Firms Hold $2.1 Trillion Overseas to Avoid Taxes -study “The 500 largest American companies hold more than $2.1 trillion in accumulated profits offshore to avoid U.S. taxes and would collectively owe an estimated $620 billion in U.S. taxes if they repatriated the funds, according to a study released on Tuesday,” the site reported.
The study, the website went on, by two left-leaning non-profit groups, found that nearly three-quarters of the firms on the Fortune 500 list of biggest American companies by gross revenue operate tax haven subsidiaries in countries like Bermuda, Ireland, Luxembourg and the Netherlands.
The Center for Tax Justice and the U.S. Public Interest Research Group Education Fund used the companies’ own financial filings with the Securities and Exchange Commission to reach their conclusions, the paper reported.
According to highly placed administration sources in Banjul, The Gambia stands to rake millions of dollars in foreign exchange if the deal is finalized. The broke dictator is pressing that the Offshore Bank deal must be finalized soonest so that he can bailout the country from the current economic predicament it found herself, our source intimated.
Under the new deal, The Gambia would serve as a safe heaven or financial conduit for western companies trying to evade taxes from their respective countries. Jammeh has guaranteed them their full protection and financial security.
Officials from The Gambia’s Justice Department are also part of the delegation pushing for an Offshore Bank to be opened in The Gambia. The deal is likely to be finalized in coming days, our source hinted.
The autocratic Jammeh administration has been reputed to be duping local and international investors. Many foreign investors have resorted to taking the government to court for illegally closing their businesses.
The latest western company to sue the government was the Australian based mining company Carnegie minerals. Carnegie sued the Jammeh regime for contract breaches and the firm was awarded several millions of dollars by a UK based Investment dispute settlement court.
Alimenta, a groundnut trading company, also won a lawsuit against the regime in Banjul some years ago. The company’s offices were illegally closed; its management detained by the dictator’s rogue NIA. It resorted to instituting legal action against the regime. Alimenta was awarded substantial damages by a western Investment dispute settlement court.
The Gambia government hardly puts up a serious defense in most of the Investment related dispute lawsuits. It opts out for settlement in an attempt to evade possible punitive damages.
Written by Pa Nderry M’Bai
E-mail: [email protected]