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Saturday, September 23, 2023

SSHFC loses D37M suit against GRTS

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By Aisha Tamba

The High Court Annex in Bakau on Monday dismissed a suit filed by Social Security and Housing Finance Corporation against national broadcaster GRTS.
The SSHFC was claiming the recovery of D37.798 million it paid for a loan guaranteed on behalf of GRTS at the Trust Bank.
In 2009, the Permanent Secretary of the Ministry of Finance and Economic Affairs wrote to the SSHFC conveying the Government of The Gambia’s directives for the corporation to stand as guarantor for a loan in the sum of US$1, 845, 500 as part payment for GRTS Satellite Link and for the Construction of the Sankulay Kunda Bridge, from Trust Bank Limited, to which the SSHFC complied and Trust Bank provided the loan.
That when the loan was due, Trust Bank wrote to GRTS for the settlement of their outstanding liability and threatened to transfer its liability to the SSHFC if it fails to do so.
Subsequently, the bank sent several correspondences to both SSHFC and the national broadcaster requesting for payment to no avail.
The bank finally communicated to SSHFC in 2010 conveying that GRTS has not communicated any acceptable repayment proposal, and as such, they were transferring the SSHFC as guarantor for settlement and the corporation subsequently negotiated to pay the balance by monthly installments.
In another development, the SSHFC also received directives from the Office of the President in 2013 to pay 200, 000 euros on behalf of GRTS on a contract for the acquisition of CAF and European league broadcast rights.

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