By: Kebba AF Touray
The Public Enterprise Committee (PEC) report indicates that there was a shortfall in the insurance cover of property and equipment of two million, four hundred and twenty-four thousand, four hundred Dalasi instead of a total net book value of three million, seven hundred and five thousand, five hundred and sixty-three Dalasi.
PEC unveiled this shortfall in its report on the 2020 financial activities of the State-Owned Enterprises (SOEs) such as Assets Management Recovery Corporation (AMRC).
The committee developed its report which emanated from the audit queries raised by the National Audit Office (NAO) during their engagements with the entities for audit exercise on the financial transactions of the SOEs.
Tabling the said report before the plenary, the Chairperson of PEC, Hon. Lamin J Sanneh, said after the presentation and consideration of AMRC’s 2020 reports, the Committee made observations and recommendations.
He highlighted that the auditors observed the lack of disaster recovery plan by the entity.
On Insurance Cover of Property Plant and Equipment, he reported that the auditors observed that AMRC has no updated Insurance policy in place covering the value of the building and its equipment from 24 July 2020 to 24 July 2021.
“In addition, the policy that covered the value of the building and equipment from 24 July 2019 to 24 December 2020 covered a total value of Two Million, Four Hundred and Twenty-Four Thousand and Four Hundred Dalasi (GMD2, 424, 400), rather than the net book value of Three Million, Seven Hundred and Five Thousand, Five Hundred and Sixty-Three Dalasi (GMD3, 705, 563),” he said.
He said the committee recommended that the Board and Management to put in place adequate disaster recovery plan to ascertain swift restoration of systems and operation.
Hon. Sanneh further detailed that the Committee recommends the Board and Management to ensure that all the value of the assets of the Corporation are adequately insured.
On Ex-Staff Loans, he reported to the legislature that the auditors observed that a loan of D1,729,756.20 for Ex-staff has not been moving and none of them made payment in the subsequent year.
The PEC recommended that Board and Management of the AMRC should put in place an effective payment plan to recover the loan.
