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Nyarikangbanna
United Kingdom
1382 Posts |
 Posted - 06 Aug 2008 : 22:32:58
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quote:
Originally posted by Momodou
Shaka, you are on spot. A 50:50 fifty share in a company and a management contract are two different things. Could it be that Spectrum still maintains their 50% share but lost the management contract or they never had any share but got a management contract? I think the story is incomplete and a clarification is needed.
Momodou, privatisation contracts do normally have claw back clauses that would allow govt. to regain control if the private transferee does not live up to the terms and condition of the contract, and this is justified on the basis that privatised assets are normally state assets. This may lead to compensation being paid to the losing party albeit could also recieve nothing if their acts or ommissions are grossly adverse. All depends on the terms and conditions of the contract and sometimes on factors that may be beyond the party's control but which prevents it from delivering on the the terms of the agreement.
Thanks |
I do not oppose unity but I oppose dumb union. |
Edited by - Nyarikangbanna on 06 Aug 2008 22:44:52 |
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Momodou
Denmark
11855 Posts |
Posted - 06 Aug 2008 : 22:49:55
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Nyarikangbanna, your input has been appreciated. I see the Daily Observer is denying the story.
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A clear conscience fears no accusation - proverb from Sierra Leone |
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shaka
996 Posts |
Posted - 06 Aug 2008 : 23:40:26
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I doubt if a reversed privatisation is the case here. The arguement is here is how a company which owns 50% stake in both Gamtel and Gamcel entered into this "contract" subject to yearly renewal. What is the legale explaination for this Nyari? What are the possible clauses to explain this "contract"?
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shaka
996 Posts |
Posted - 07 Aug 2008 : 00:10:55
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Pape Saine is an experienced journalist and i doubt it would come to any such thing. I think the exicement behind observer story is the possible purchase of a communication license by Globacom, which if the deal goes through will witness the emergence of the fourth cellphone company in the Gambia, after Gamcel, Africel and Comium. The funny thing is, half the sale price of any such license naturally belongs to Spectrum. Let's wait for further development, this wil be interesting. If reversed privatisation is the case here it will be quite interesting that it occurs a few days before clinching the Globacom deal. quote:
Originally posted by toubab1020
Lets see what the next ephisode brings,I have concerns for the welfare of the staff at The Point though,watch developments at The Point Newspaper,spreading false information and that sort of stuff.Enquiries are in hand by this dept or that dept.
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MADIBA
United Kingdom
1275 Posts |
Posted - 07 Aug 2008 : 00:36:16
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Folks
I think i heard smthg similar to what Nyari has just explained. It is sort of performance contract similar to the GIA one.
I suspect there is some dirty politics being played at the moment. Who is denying? DO. Who's DO MD? Neneh. Neneh was the sitting SoS wen the deal was concluded. Neneh is married to one time Gamtel director whose ambition of heading that company was no secret acording to close sources. His ambitions were said to be very aggressive.
The most annoying thing to me is this deal like many others before it was not concluded in a transparent atmosphere as it should have been.
Jammeh seem to be an expert in everything. This is one of the many reasons why The Gambia is in the trouble it is in. We are not sort of the people to turn around the fortunes of this beautiful country. We just need a better leadership and some change in attitudes. |
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shaka
996 Posts |
Posted - 07 Aug 2008 : 01:01:41
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Madiba the GIA contract is a management contract. GIA is not privatised. It is totally different from ownership contract as is the case of Spectrum. This government has a bad reputation when it comes to reversed privatision as is the case of the groundnut processing plant which was part owned by the Swiss company Alimenta. The government was successfully sued for millions of dollars by Alimenta. They will be insane to attempt the same **** with Spectrum if it actually owns 50% of Gamtel and Gamtel after one year into the contract. Like i said before i would like to know if Spectrum actually invested a butut to buy 50% stakes in both companies or was it just a scam by Jammeh and his Lebanese friends to defraud the nation.
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toubab1020
12314 Posts |
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shaka
996 Posts |
Posted - 08 Aug 2008 : 20:32:35
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It seems like the government PR machinery is up and running again with their terrible attempts at cover up exercises. This time the story has shifted from the GIA management contract awarded to GS Aviation to a management contract with a Jacques Zghinou who had since "absconded" from Gambia's jurisdiction for a while now with GIA suffering unheard of losses of D84million. The scapegoat this time is the GIA Managing Director. I am pretty sure it was not the GIA MD who identified and awarded this contract to Jacques Zghinou/GS Aviation. They usually deal directly with Mr President. Why is the GIA MD the only culprit here? Who approved the Jacques Zghinou/GS Aviation contract? Why are they not in NIA custody as well? Was Jacques Zghinou alone in this deal or was he just a front for a higher authority? How did he managed to abscond so easily?
http://thepoint.gm/africa/article/2008/8/8/gia-managing-director-sacked |
Edited by - shaka on 08 Aug 2008 20:36:57 |
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toubab1020
12314 Posts |
Posted - 08 Aug 2008 : 20:46:54
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Shaka
These sort of deals are far to big for just one man to complete. |
"Simple is good" & I strongly dislike politics. You cannot defend the indefensible.
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shaka
996 Posts |
Posted - 08 Aug 2008 : 21:13:40
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That is exactly my point. Who are the big cats in this deal is the million dollar question.quote:
Originally posted by toubab1020
Shaka
These sort of deals are far to big for just one man to complete.
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shaka
996 Posts |
Posted - 11 Aug 2008 : 21:42:56
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The Ghanians should be lauded for the near transparent and mature manner they handle privatisation of state enterprises. And they attract quality investors as well unlike the shady and hush hush manner the APRC government is notorious for operating. Atleast they have a functioning parliament and an opposition.
http://allafrica.com/stories/200808111242.html |
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