Contact Us
This could be the biggest corruption scandal in the New Gambia
Home » News  »  This could be the biggest corruption scandal in the New Gambia
This could be the biggest corruption scandal in the New Gambia

President Adama Barrow's administration is about to battle with another corruption scandal following the secret sale of Mega Bank to the staggering tune of D1.5billion, What’s On Gambia can authoritatively reveal.

Mega Bank, which was formerly called Keystone Bank, was taken over by the Central Bank in May 2014 after it failed to meet the minimum banking regulatory requirements in The Gambia. At the time, Central Bank said it was acting under Section 45 of the Banking Act 2009 to safeguard the country's financial system and the economy in general.

One week today after the bank was sold, the vital information about the transaction remain hidden from the public: the sale price of the bank and the names of the buyers.

But sources alleged "the order came from the State House and Lawyer Badou Conteh was assigned to execute it."

According to the laws of The Gambia, a business transaction of this kind should be publicly announced.

 "The sale of the bank should have been announced immediately. The public should know the buyer and how much it was sold for,” former finance minister, Amadou Sanneh told What’s On- Gambia.

One of the workers at Mega Bank, who begged for anonymity, disclosed they have not received any notification about the sale.

But Lawyer Conteh, popularly known as Lord, confirmed Mega Bank has new owners but refused to disclose the sale price. He vehemently denied allegations that the sale took place in his office and present was a protocol officer from the State House.

"A sale of a bank can't happen in my office. If you write that I will take you to court," he said while fuming with anger.

When asked why the sale of Mega Bank is still kept under wraps, he responded: "Go and ask the Central Bank."

Lawyer Conteh added: "There was no foul play. I will never be a party to any illegal sale."

However, a reliable source at the Ministry of Finance disclosed to What's On-Gambia that the sale of Mega Bank remain secret “because the people involved want to give the public a different sale price, maybe D300million and share the rest among themselves.

All efforts to reach the governor of the Central Bank and his deputy proved futile.

Leave a Reply