{"id":83682,"date":"2025-08-09T18:32:25","date_gmt":"2025-08-09T18:32:25","guid":{"rendered":"https:\/\/www.africa-press.net\/gambia\/uncategorized\/gtsc-boss-admits-error-in-ex-presidents-vehicle-valuation"},"modified":"2025-08-11T16:49:24","modified_gmt":"2025-08-11T16:49:24","slug":"gtsc-boss-admits-error-in-ex-presidents-vehicle-valuation","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/gambia\/all-news\/gtsc-boss-admits-error-in-ex-presidents-vehicle-valuation","title":{"rendered":"GTSC Boss Admits Error in Ex-President’S Vehicle Valuation"},"content":{"rendered":"

Africa-Press – Gambia. <\/strong><\/span>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.<\/b><\/p>\n

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.<\/p>\n

\u201cYou cannot depreciate an asset based on the year it was manufactured. That\u2019s completely wrong,\u201d Hon. Kebba Lang Fofana told Mr. Kanyi during the session. In response, Kanyi agreed, saying, \u201cAs the General Manager of GTSC, I would never do that,\u201d referring to current practice under his leadership.<\/p>\n

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. \u201cThis was the only basis we could use to guide us,\u201d he said.<\/p>\n

Committee members challenged this rationale, asking why GTSC failed to formally inform the Janneh Commission or any authority about the absence of data. \u201cDid you write to inform them?\u201d Hon. Fofana asked. Mr. Kanyi replied, \u201cWe did not.\u201d<\/p>\n

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.<\/p>\n

Despite admitting the use of a flawed depreciation basis, Kanyi defended the assigned market value, stating it reflected the vehicles\u2019 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\u2019s remarks column. \u201cThose compromises diluted the authenticity of your report,\u201d one member remarked.<\/p>\n

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\u2019s political transition.<\/p>\n

For More News And Analysis About Gambia<\/span> Follow Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":84,"featured_media":83681,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[260],"class_list":["post-83682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-gambia"],"yoast_head":"\nGTSC Boss Admits Error in Ex-President'S Vehicle Valuation - Gambia<\/title>\n<meta name=\"description\" content=\"The General Manager of the Gambia Transport Service Company (GTSC), Mr. Seedy Kanyi, has admitted before the National ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/gambia\/all-news\/gtsc-boss-admits-error-in-ex-presidents-vehicle-valuation\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GTSC Boss Admits Error in Ex-President'S Vehicle Valuation\" \/>\n<meta property=\"og:description\" content=\"The General Manager of the Gambia Transport Service Company (GTSC), Mr. Seedy Kanyi, has admitted before the National ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/gambia\/all-news\/gtsc-boss-admits-error-in-ex-presidents-vehicle-valuation\" \/>\n<meta property=\"og:site_name\" content=\"Gambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2025-08-09T18:32:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-08-11T16:49:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/gambia\/sites\/19\/2025\/08\/sm_1754754838.885141.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/gtsc-boss-admits-error-in-ex-presidents-vehicle-valuation#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/gtsc-boss-admits-error-in-ex-presidents-vehicle-valuation\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"GTSC Boss Admits Error in Ex-President’S Vehicle Valuation\",\"datePublished\":\"2025-08-09T18:32:25+00:00\",\"dateModified\":\"2025-08-11T16:49:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/gtsc-boss-admits-error-in-ex-presidents-vehicle-valuation\"},\"wordCount\":392,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/gtsc-boss-admits-error-in-ex-presidents-vehicle-valuation#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/gambia\/sites\/19\/2025\/08\/sm_1754754838.885141.jpg\",\"keywords\":[\"Gambia\"],\"articleSection\":[\"all news\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/gambia\/all-news\/gtsc-boss-admits-error-in-ex-presidents-vehicle-valuation#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/gtsc-boss-admits-error-in-ex-presidents-vehicle-valuation\",\"url\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/gtsc-boss-admits-error-in-ex-presidents-vehicle-valuation\",\"name\":\"GTSC Boss Admits Error in Ex-President'S Vehicle Valuation - 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