Gambiaj.com – (BANJUl, The Gambia) –Members of the National Assembly Select Committee on Public Enterprises put the Managing Director of the Gambia Transport Service Company (GTSC), Mr. Seedy Kanyi, under the spotlight earlier on Tuesday, challenging the accuracy of a bus valuation report presented in connection with assets once owned by the former president.
The committee zeroed in on cost recovery, sales value, depreciation, and what they described as inaccurate market valuations, saying the entire report raises serious questions about transparency and accountability.
At the center of the debate was how the GTSC calculated depreciation, a key component in determining both cost recovery and sales value. Committee members, among the committee members is Honourable Kebba Lang Fofana, argued that GTSC used the year of manufacture instead of the year of acquisition, which they say is a fundamental accounting error.
“You calculate depreciation from when the vehicle starts service, not when it leaves the factory,” Hon. Fofana told Mr. Kanyi. “This mistake distorts the entire cost recovery model.”
The report also listed similar market values for buses of different makes, years, and conditions, raising red flags across the table. Lawmakers questioned how such uniformity in value could be possible, with Hon. Fofana calling the figures “unrealistic” and “not professionally grounded.”
Mr. Kanyi admitted that the team had limited information, including a lack of original purchase documents. He explained that the year of manufacture was used as a reference to estimate the depreciation and current market value.
But the committee was not convinced. They said key limitations and assumptions in the valuation process were not disclosed in the remarks section of the report, making it misleading.
“If you didn’t have the right data, you should have made that clear,” Hon. Fofana emphasized. “This report as it stands cannot be relied upon.”
The committee has asked GTSC to either submit a revised valuation report based on accurate and accepted accounting standards or to provide supporting documentation that justifies the figures presented.
The session has been adjourned pending further review, but the message from council was loud and clear; public asset valuations must reflect transparency, accuracy, and professional integrity.
