According to the National Audit Office’s 2023 report, the government’s financial accounts failed to declare D24,442,358.89 in revenue from the sale of Mega Bank, which was received from KM Holdings on August 31, 2023.
The audit found that the Central Bank transferred D23,031,187.10 of this undisclosed sum straight to accounts at Guarantee Trust Bank, avoiding the Treasury Main Account (TMA) and the Consolidated Revenue Fund (CRF).
The auditors suggested that management make sure the balance is fully disclosed in financial records and give the audit team proof of this disclosure for validation.
Management replied that D896,805,125.96, which represented payment from KM Holdings, was credited to the Treasury Main Account. Since it was not placed into the Treasury Main Account, the additional D24,442,358.89 that was paid on August 31, 2023, was not shown in the financial statements.
Mega Bank was sold for a total of GMD 921,247,484, according to the audit report. But only GMD 896,805,125.96 was revealed in the financial accounts and documented in the TMA. “The Central Bank of The Gambia account number 124090001, which is intended for investment in Keystone Bank, received the remaining amount of GMD 24,442,358.89. According to the study, this sum was not recorded in the financial records or transferred through the Consolidated Revenue Fund/Treasury Main Account (CRF/TMA).
The auditors also verified that the Central Bank moved D23,031,187.10 of the D24,442,358.89 to Guarantee Trust Bank accounts without utilizing the CRF/TMA, which is why the difference remains unresolved.
