Chartered Accountant Confirms Gam Petroleum Financial Statements

By Dawda Faye

Aji Penda Sankareh, a chartered accountant and managing partner of DT Associates, today confirms the financial statements of Gam Petroleum before the Commission of Inquiry.

She was summoned to submit documents relating to Gam Petroleum storage facility which she did, and Counsel Amie Bensouda applied to tender the said documents which were admitted in evidence.

She testified that she started work from 1999 which is about 19 years, and at this juncture, the 2010 and 2011 financial statements of Gam Petroleum were given to her to confirm, which she did and said they were the same.

According to her, the 2012 financial statement of the company was not signed by the board of directors of the company. However, other documents that were signed relating to the company were also shown to her, which she confirmed.

At this juncture, the said documents were tendered and admitted in evidence as exhibits.

Mrs. Sankareh told the commission that DT Associates were not the auditors of the company. Counsel Bensouda put it to her that according to the evaluation report, 2.6 million Euros was disbursed.

In response, she said she did not know, and that the purpose of the evaluation was financial due diligence. It was again put to her that the shareholders of Gam Petroleum came up with an evaluation to the tune of D35, 000,000, but according to their firm, their evaluation was D32, 000,000.

She responded that there was an adjustment made by their firm, according to their report, adding that the assets were devalued. She testified further that she was involved in the share holders’ report, noting that their firm was written to by the former government to review the financial report of Gam Petroleum.

She adduced that Gam Petroleum was not complying at all, further stating that their firm was given figures that were not backed up.  She said that it was a bitter exhibiting.

Mrs. Sankareh told the commission that the shareholders of Gam Petroleum were not happy, and they said it was an investigation. She further disclosed that because of the financial statements they prepared, Fadia Mazegi and Mr. Manha insulted them at the meeting.

Mr. Njogu Bah and Mr. Momodou O. S. Badjie also testified on the same subject matter.

Commission to resume on Monday.