Gambia: “I paid over 9 million Dalasis in capital gains tax,” Amadou Samba told the Janneh Commission

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In his testimony regarding GamPetroleum today at the Janneh Commission, Gambian magnate Mr. Amadou Samba said he paid D 9,434,250.00 in capital gains tax on the sale of his actions in government.

He told the commission that he was no longer a shareholder in Gampetroleum, as he had already sold his shares to the Gambian government, when the government requested his shares to allow them to have controlling shares in the company. He added that he initially owned around 9% of the shares. The government decided to buy it out because they said Gampetroleum is a strategic business for the country. He said it was because of his civil works, supplying basalt and other materials, that he received shares in the company.

He added that he had had a meeting with the government which was represented by Mr. Kebba Touray, then Minister of Finance, Governor of the Central Bank, Gambia Ports Authority and Social Security. He said he sold his shares to the Gambian government at their book value. The value was determined by Deloitte and Touche.

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According to him, the shareholding of the company was distributed as follows: Social security 31%, GPA 10%, GNPC 7%, Amadou Samba 10%, Bazzi 31.5% and Fadhi 10%. When it sold its shares, the government then held the majority shares.

He then produced the necessary documents showing the value of the stock and the amount of money he paid in capital gains tax, which were filed in evidence. He added that he had hired an independent audit firm Deloitte and Touche to do the assessment and calculations for him. After that, he paid his taxes in full.

It will be recalled that Mr. Samba had previously testified that he had never had any trouble with Yahya Jammeh because he always paid all his taxes in full and on time, so much so that he was decorated by the Gambia Revenue Authority. .

On the other hand, it should also be remembered that the chairman of the commission of inquiry Saharata Janneh and the commission’s lead counsel Ms. Amie Bensuoda are notorious tax evaders, who were indicted by the Mama Singateh Tax Commission in 2013 for tax evasion to the tune of one million Dalasis and six million Dalasis respectively.


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