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Momodou
Denmark
11513 Posts |
 Posted - 05 Jan 2024 : 10:09:08
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Good morning, Gambia!
As promised, here is Part 1 of the intelligence report on the Russian oil scandal. In this report, the Financial Intelligence Unit (FIU) reveals how a Russian company, that was not registered in The Gambia, was allowed to sell fuel in the country, make millions of US Dollars and transfer the money to Dubai without paying a single butut to the Gambia Revenue Authority. Some government officials were allegedly receiving D600,000 per month from the Russians.
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INTELLIGENCE REPORT
The Financial Intelligence Unit of The Gambia received intelligence on the operations of a company called Apoge FZC, a non-registered company in The Gambia. Intelligence also indicates that Apoge FZC relies on Creed Energy and Ultimate Beige Logistic companies, both registered in The Gambia, for trading in petroleum products within The Gambia and internationally.
However, neither Creed Energy nor Ultimate Beige Logistic are licensed to trade in such products within The Gambia. The Intelligence also indicates that Creed Energy maintains an account with Access Bank, while Ultimate Beige Logistic maintains an account with Ecobank (G) Limited.
Both companies jointly opened accounts with Apogee FC to receive the proceeds from the sales of the products and further remit the funds to Apogee FZC ni Dubai upon Apoge FZCs' instructions.
The FIU also received intelligence that certain individual(s) are receiving kickbacks (bribes) of GMD600,000.00.
In light of these circumstances, the FIU requested from Access Bank and Ecobank, the account opening packages and statement of accounts of the said companies to conduct an analysis of the matter.
A. PREMESIS/FACTS ON THE REGISTRATION OF THE COMPANIES AND OPENING OF BANK ACCOUNTS
CREED ENERGY AND APOGEE FZC
1. Creed Energy was registered on the 7th of May 2021, with business registration number 2100209051 to carry out business of energy consultancy, petroleum trading and retailing, alternative energy solution and petroleum financing, and other related activities, both within and outside The Gambia.
2. On the 20th of November 2021, the Board of Directors of Creed Energy Limited held an Executive meeting to approve the opening of corporate current accounts in US Dollars, Euro and GMD with Acces Bank (G) Limited in the name of the Company and the following individuals were identified as signatories to the account: Mr. Clement N.A Koranteng and Mr. Ousman Drammeh.
3. The company wrote to the bank to open another account for commodity trading such as rice, sugar, cooking oil and other foodstuff. Although the company is registered as a petroleum company, they have not been granted a license to operate as such. The letter was signed by Clement N.A Koranteng, the C.E.O of Creed Energy Limited. Based on the above request, an internal memo was raised for Management approval to grant the request for the opening of an account, thus; the request was approved and the account was opened and placed under the high-risk customer category.
4. On the 5th of April 2023, Creed Energy Limited passed a Resolution at its Board meeting for a change of Directors. At the meeting, it was approved that Mr. Ousman Drammeh shall transfer his shares to Binta K. Sanyang of Tallinding, Kanifing Municipality, The Gambia as a gift and no payment of consideration. Based on the decisions in that meeting, Mr. Clement N. A Koranteng now owns 90% shares of th e company whilst Binta K . Sanyang owns 10% shares.
5. On the 5th of April 2023, Creed Energy Limited wrote to the Branch Manager, Access Bank (G) Kairaba Avenue, requesting for a bank comfort letter to complete a diesel sale transaction with their supplier. In the letter, they stated that they have been with the bank since 2021 and therefore would engage the bank to ensure the successful running of this transaction. The expected cargo was 36,935.614 metric tonnes of petroleum products and its estimated time of arrival was on the 21st of April 2023. The pricing as given by the supplier is based on the platts system using the European market scan for African products, (FOBSTS West Africa) with a premium of $25 per tonne. The projected inflow to
the bank after sales was estimated at excess of $30,000,000.00 (thirty million dollars) with a payback period after sales being 7(seven) days.
6. The identified supplier in the letter was Ultimate Beige Logistics based in Ghana in partnership with Apogee FC based in Dubai. The bank granted the comfort letter on the basis of the request.
7. On the 8th May of 2023, Creed Energy Limited wrote to the Managing Director Access Bank (G) Limited, requesting the opening of sub-accounts in GMD, USD and Euro in the name of Creed Energy/Apogee FZC for the purpose of completing a business transaction with their supplier. In the letter, they appointed one Mr. AURIMAS STEIBLYS as the sole signatory to the account. The request was approved and Mr. Aurimas Steiblys was identified as the sole signatory to the accounts.
8. A review of the bank statement showed that, the GMD account number 0010110000555 received a total deposit/lodgement of GMD 544,692,431.55 (five hundred and forty-four million, six hundred and ninety-two thousand, four hundred and thirty-one dalasis and fifty-five bututs), between the period of May 1s to August 30th, 2023. The closing balance as of August 30th, 2023 is GMD286,710,653.48 (two hundred and eighty-six million, seven hundred and ten thousand, six hundred fifty-three dalasis and forty-eight bututs).
Part 2 coming!
Source: What’s On Gambia
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A clear conscience fears no accusation - proverb from Sierra Leone |
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WOG: Good morning, Gambia!
