An audit of government financial statements has recently brought to light concerns regarding the fees imposed by Alpha Kapital Advisory in the asset sales associated with former President Yahya Jammeh.
The National Audit Office, in its review of records for the year ending December 31, 2024, discovered that the advisory firm implemented commission rates that exceeded those outlined in the agreements. The report indicates that Alpha Kapital Advisory applied a 5 percent commission on dividends rather than the agreed 4 percent, and a 10 percent rate on other assets instead of the stipulated 5 percent.
Alpha Kapital Advisory was engaged to oversee the sale of assets identified by the Janneh Commission, which examined the former president’s holdings.
The audit report identified potential risks, noting that “the rate applied to proceeds from the sale of assets—including shares, properties, dividends, and vehicles—paid to the receiver was misstated.” The absence of clear supporting fee documentation diminishes transparency and accountability, heightening the risk of financial irregularities.
“There is a risk that the rate applied to proceeds from the sale of assets (shares, properties, dividends, and vehicles) paid to the receiver was misstated. The lack of clear supporting receiver fee charges undermines transparency and accountability, increasing susceptibility to financial irregularities,” the report stated.
The auditors advised that the Ministry of Justice should furnish documented justification for the discrepancies observed.
The government stated that the commission rates in effect from 2019 to 2020 were determined by appointment letters that were issued before an agreement made in January 2021. Initially, some of these letters were not accessible to auditors; however, they have now been submitted, including those pertaining to the period from June 19 to December 19, 2019.
These letters outline the applicable fee structure for each period. Once reviewed, they will confirm that the receiver’s calculations were based strictly on official directives,” the government responded.
The auditors observed that Alpha Kapital Advisory maintained rates of 5 percent for shares and dividends, as well as 10 percent for other assets, which diverged from the contract that took effect on January 1, 2021. The report determined that these discrepancies might result in overcharging and undermine financial accountability, highlighting that the issue persists until the rates are aligned with contractual terms and supporting documentation.
