GAMBIA: BREAKING NEWS: AUGUSTUS PROM AUDIT FIRM REACTS TO RAMBO JATTA’S CLAIMS ON THE SALE OF JAMMEH’S ASSETS: 28 JUNE 2020 – ARTICLE CLARIFICATION – ASSETS OF THE FORMER PRESIDENT – FREEDOMNEWSPAPER

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Dear Pa Nderry,

I would like to clarify on your recent 28 June 2020 online article on Freedomnewspaper regarding comments by Rambo Jatta & the assets of the former President.

The issue of these assets is a sensitive national matter hence requires all parties involved to be diligent & fair.

The article stated that “Augustus Promp was charging ten percent of the sale of each asset of Jammeh. Despite the controversies surrounding the Commission, they said ten percent was too much. They said it should be reduced to three percent.”

This is not accurate . The Augustus Prom firm (AP) through a High Court Order dated 22 May 2017 , was mandated to be a “Receiver” ( interim manager ) of the frozen companies associated to the Former President, & not a “liquidator” (seller of corporate assets in financial & legal distress  ).

The first High Court order was suppose to be for six months but was later extended by the AG-MInistry of Justice to allow time for the Janneh Commission to complete its financial investigations.

Our mandate as receiver ended on 17th June 2019 during which we officially handed back to the AG-MInistry of Justice as supported with our Volume 3 Final Receiver Report, all the frozen companies with their fixed assets, properties & frozen corporate bank accounts.

Our Receiver fees were approved through High Court Orders & are based on the financial performance of the companies under our interim management.

To avoid distortion of the facts , we (the AP Firm) did not lobby or negotiate at any point with the Commission of Inquiry or the AG-MOJ, to further engage the role of a liquidator or a Receiver Trustee (seller) of these companies & their assets.

Best Regards,

Mr. Louis Prom
Head of Tax & Advisory

Augustus Prom
Audit. Tax.  Advisory.           

Over 35 years of dedicated service.

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