By Binta Jaiteh
The Assets Management and Recovery Corporation (AMRC) has presented its Activity Report and Financial statement for the year ended 31st December 2020 to the National Assembly Select Committee on Public Enterprise Committee.
During the presentation of the report, Ansumana Sanneh, managing director said one of the institution’s core mandates is debt recovery and during this period the management and staff worked hard to improve the revenue capacity of the Institution.
He noted that in July 2017 they signed an MOU through the Ministry of Finance to recover the debt of former Keystone Bank (debt) amounting to six hundred and sixty-five million, eight hundred and forty thousand, eight hundred and two dalasi sixty butut (D665, 840,802.60) with an initial of 5% from 2017 to March 2019 but this was increased to 15% in April 2019 to date.
As an Institution, he said its vision statement is to transform the corporation into a premiere institution in that recovery and property management that provides skillful and competent profession and profitable servicing.
According to him, the financial report for 2020 indicates the total collection of D18,100,634 from the various account compared to D2,665,813.20 in 2019 this shows an increase from the previous year 2019.
“During the period under review the corporation registered a surplus after a prolong struggle of deficit succeeded in the design and demarcation of three hundred plots at Brikama Nyambi Kala layout within one month,” he told the committee.
Amie Tunkara, Director of Finance also said the amount recovered in 2020 is D8,106,084, D2,665,813 in 2019.
She said the loss for the year 2019 is negative D8, 050,896 while the prior adjustment was D37,964,200
Omar K Jallow audit partner accord associates external auditor, said they have audited the financial statement of AMRC but in their opinion, the financial statement presents fairly in all material respect. The financial position of the corporation, its financial performance, and its cash flow for the year ended under the requirement of the companies act 2013, AMRC act amended in 1992.
He noted that there is one element that they drew attention to that is note 20 as stated in note 20 in the financial list between NAWEC and AMRC there has been deviation accounting treatment with regards to finance leases. (IS) 17 states that commence of the lease term the lessor should record a finance list balance sheet as receivable. With the NAWEC and AMRC arrangement, there has been no investment carried out by MRC on this asset because the assets were handed over by the government to AMRC.