Gambiaj.com – (BANJUL, The Gambia) – According to Gambian online newspaper The Republic, the sale of five aircraft belonging to former Gambian president Yahya Jammeh has been marred by lapses in transparency and significant profit margins for a private businessman, even as the assets were ostensibly under the process of a court freeze.

Reports indicate that Momodou Turo Darboe, the owner of Sankajula Holding Company, acquired the aircraft for $740,000 but later resold them for a total of $1,080,000, pocketing a profit of at least $340,000. The sales occurred while Jammeh’s assets were frozen by a 2017 High Court order and before any official forfeiture directives were issued by the Janneh Commission—a state inquiry into the former leader’s alleged embezzlement of public funds.

Assets Sold Below Valuation

The five aircraft, including a 12-seater Bombardier Challenger 600, two Boeing 727s, and two agricultural air tractors, were sold at prices far below their estimated market value. A 2018 valuation by Viridis Aviation Partners placed the collective worth of the aircraft at $2.2 million. However, the total sale price to Darboe was just $740,000—roughly 33% of their valuation.

The Ministry of Finance justified the lower sale prices, citing the aircraft’s deteriorated condition. Yet, this claim has come under scrutiny. For instance, the Bombardier Challenger 600, reportedly in the best condition, was valued at $900,000 but was abandoned at a maintenance facility in Germany. Former Finance Minister Mambury Njie assured lawmakers in 2020 that the aircraft had completed maintenance and was ready for use, contradicting claims that the plane’s upkeep cost exceeded its value.

Circumventing Competitive Processes and Questionable Legal Basis

The sale process has also been criticized for its lack of competitive bidding. While Darboe claimed his purchase was the result of a bidding process, former Finance Minister Amadou Sanneh and his successor Mambury Njie admitted that the aircraft were sold through direct offers rather than public tenders. This raises questions about the transparency of the transactions and whether the state maximized revenue from these sales.

Legal experts have pointed out the irregularities surrounding the asset sales. Although the High Court had frozen Jammeh’s assets, the aircraft were not explicitly listed among the frozen properties. This loophole appears to have facilitated their sale before any formal confiscation orders were issued. Justice Amina Saho Ceesay, who oversaw related asset matters, had previously ruled that using Jammeh’s assets without a forfeiture order constituted a “travesty of justice.”

Buyer’s Windfall

The sale of the aircraft to Darboe proved to be highly lucrative. For instance, the two agricultural air tractors, purchased for $240,000, were resold to a U.S.-based company for $350,000. Similarly, the engines of one Boeing 727 were sold for $650,000, while the Ilyushin aircraft, bought for $80,000, was sold to a Belarusian freight carrier.

Darboe, when contacted, denied making significant profits, claiming he “made far less than the money spent on the aircraft.” However, the financial records suggest otherwise.

The handling of these transactions underscores broader concerns about governance and accountability in the disposal of state assets. Critics argue that the opaque sale process undermines public trust and raises doubts about the government’s commitment to recovering stolen wealth.

Yahya Jammeh, who ruled The Gambia for 22 years, has been accused of embezzling at least $362 million in state funds. The Janneh Commission’s recommendations for asset recovery were intended to recoup some of these losses. However, the aircraft sales raise questions about whether these efforts are achieving their intended goals or merely creating opportunities for private gain.

As more contentious reports about Yahya Jammeh’s asset sales and recovery surface, many have called for a comprehensive investigation and more stringent oversight to account for any sold items.

Source: The Republic