Africa-Press – Gambia. Alagie S. Darboe, Chairperson of the National Assembly’s Joint Committee on the Finance and Public Accounts Committee (FPAC) and the Public Enterprises Committee (PEC), has announced that the committee could not establish allegations of bribery, tax evasion, or money laundering in the controversial $30 million petroleum import deal involving Polycrypt Energy Limited and Ultimate Bid.
Presenting the committee’s findings on the so-called “Russian Oil Saga” to the National Assembly, Darboe stated: “The Joint Committee, having conducted an exhaustive inquiry in pursuant to its mandate, finds that the matters under investigation, that is, the allegation of bribery, money laundering, and tax evasion by Polycrypt Energy Limited and Ultimate Bid on the sale of the petroleum products worth 36,953,614, metric tons valued at $30 million U.S. dollars, could not be established,” he said.
Despite the absence of evidence to support the criminal allegations, Darboe emphasized that the investigation revealed serious institutional and regulatory shortcomings.
“However, the inquiry reveals serious governance and regulatory failure, pervasive noncompliance with financial, tax, and corporate laws, and a troubling disregard for due process by both public institutions and private entities involved in the transaction,” he stated.
Furthermore, the committee identified systemic weaknesses in institutional oversight and enforcement mechanisms. “The inquiry has further uncovered systematic weaknesses in institutional oversight, inadequate enforcement of existing laws, and collusions, whether by omission or commission, that have resulted in significant risks to public revenue, financial integrity, and the credibility of national institutions,” Darboe added.
In light of these findings, the committee has recommended further investigations and substantial reforms.
“Accordingly the Committee underscores the urgent need for further investigation on certain matters highlighted in the report and recommends comprehensive institutional reform, rigorous enforcement of regulatory frameworks, and enhanced interagency coordination to prevent the recurrence of such malpractices,” he said.
He further noted that the Committee is submitting its report with the expectation that the National Assembly will adopt its findings and recommendations, and that the relevant authorities will take prompt and decisive action to uphold transparency, accountability, and the rule of law in the governance of both public and private sectors in The Gambia.
In addition, he revealed that the Committee has prepared a draft resolution for consideration by the National Assembly. “Let me submit that the Committee also prepared a draft resolution of the National Assembly of the Gambia on the findings and recommendations of the Joint Committee of FPAC and PEC on Petroleum Inquiry,” he said.
He further explained that the Joint Committee has officially submitted its report to the National Assembly, outlining systemic failures, violations of legal and regulatory frameworks, and instances of alleged administrative misconduct involving public institutions, state-owned enterprises, and private sector entities.
“The Joint Committee has duly submitted its report to the National Assembly detailing systematic failures, breaches of legal and regulatory obligations, and instances of alleged administrative misconduct across public institutions, state owned enterprises, and private sector actors,” he said.
Darboe concluded by emphasizing the importance of the resolution as a reflection of the National Assembly’s commitment to good governance: “These resolutions stand as an unequivocal expression of the National Assembly’s commitment to accountability, transparency, and the rule of law in the Gambia. It mandates the executive and all relevant institutions to act with urgency and fidelity to the principles of good governance and public interest.”
For More News And Analysis About Gambia Follow Africa-Press
