Africa-Press – Gambia. The General Manager of the Gambia Transport Service Company (GTSC), Mr. Seedy Kanyi, has admitted before the National Assembly Select Committee that his team used an incorrect depreciation method in valuing a vehicle associated with former President Yahya Jammeh.
Reappearing before the committee on Thursday, Mr. Kanyi acknowledged that the valuation exercise relied on the year of manufacture rather than the year of acquisition to calculate depreciation an approach that contravenes standard accounting principles.
“You cannot depreciate an asset based on the year it was manufactured. That’s completely wrong,” Hon. Kebba Lang Fofana told Mr. Kanyi during the session. In response, Kanyi agreed, saying, “As the General Manager of GTSC, I would never do that,” referring to current practice under his leadership.
Under questioning, Mr. Kanyi explained that the GTSC valuation team was hampered by a lack of critical records, including the date of purchase and cost of acquisition. He said the use of the manufacturing year was a compromise due to this information gap. “This was the only basis we could use to guide us,” he said.
Committee members challenged this rationale, asking why GTSC failed to formally inform the Janneh Commission or any authority about the absence of data. “Did you write to inform them?” Hon. Fofana asked. Mr. Kanyi replied, “We did not.”
According to Mr. Kanyi, the exercise followed a verbal invitation from the Janneh Commission and was carried out under informal terms, with his team receiving a one-day allowance for work in Kalagi. He also cited limited access to the vehicles and restricted operational scope.
Despite admitting the use of a flawed depreciation basis, Kanyi defended the assigned market value, stating it reflected the vehicles’ physical condition and prevailing second-hand market rates. However, committee members criticized the lack of transparency, noting that no justification for the depreciation method appeared in the report’s remarks column. “Those compromises diluted the authenticity of your report,” one member remarked.
The Select Committee warned that if this was the only valuation relied upon by the Janneh Commission, then the conclusion was fundamentally flawed. The probe forms part of a broader investigation into the management and disposal of assets linked to the former president following the country’s political transition.
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