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By Makutu Manneh
A recent audit of government financial statements has raised questions over the fees charged by Alpha Kapital Advisory in the sale of assets belonging to former President Yahya Jammeh.
The National Audit Office, reviewing records for the year ending December 31, 2024, found that the advisory firm applied commission rates higher than those stipulated in agreements. According to the report, Alpha Kapital Advisory charged a 5 percent commission on dividends instead of the agreed 4 percent and a 10 percent rate on other assets instead of 5 percent.
Alpha Kapital Advisory was contracted to manage the sale of assets identified by the Janneh Commission, which investigated the former president’s holdings.
The audit report highlighted potential risks, stating that “the rate applied to proceeds from the sale of assets—including shares, properties, dividends, and vehicles—paid to the receiver was misstated. The lack of clear supporting fee documentation undermines transparency and accountability, increasing susceptibility to financial irregularities.”
“There is a risk that the rate applied to proceeds from the sale of assets (shares, properties, dividends, and vehicles) paid to the receiver was misstated. The lack of clear supporting receiver fee charges undermines transparency and accountability, increasing susceptibility to financial irregularities,” the report stated.
Auditors recommended that the Ministry of Justice provide documented justification for the discrepancies noted.
In its response, the government said that commission rates applied between 2019 and 2020 were guided by appointment letters issued prior to a January 2021 agreement. Some of these letters were initially unavailable to auditors but have since been submitted, including those covering the period from June 19 to December 19, 2019.
“These letters outline the applicable fee structure for each period. Once reviewed, they will confirm that the receiver’s calculations were based strictly on official directives,” the government responded.
Despite this, the auditors noted that Alpha Kapital Advisory continued to apply rates of 5 percent for shares and dividends and 10 percent for other assets, deviating from the contract effective January 1, 2021. The report concluded that these discrepancies could lead to overcharging and weaken financial accountability, emphasizing that the matter remains unresolved until the rates are reconciled with contractual terms and supporting documentation.