ACC Enters into settlement agreement with former Managing Director of Home Finance Company (HFC) to repay Le 269m
14th February, 2019
ACC ENTERS INTO SETTLEMENT AGREEMENT WITH FORMER MANAGING DIRECTOR OF HOME FINANCE COMPANY TO REPAY Le 269m
The Anti-Corruption Commission (ACC) wishes to inform the general public that it had entered into a settlement agreement with the Former Managing Director of Home Finance Company (HFC), Mr. Ahmed Kamara, in respect of investigations into failing to pay tax contrary to Section 48(1)(d) of the Anti-Corruption Act 2008.
After thorough investigations by the ACC, Mr. Kamara was found wanting for using the HFC to pay a 5% withholding tax on a property he personally sold to the National Social Security and Insurance Trust (NASSIT). The said tax which he was to personally pay, rather than HFC, amounted to Two Hundred and Sixty-Nine Million Leones (Le 269,000,000.00).
According to the agreement reached with the ACC, as settlement, Mr. Kamara agreed to pay the said sum to the Commission within six (6) months. He had paid back the sum of Twenty Million Leones. On 8th February 2019, Mr. Kamara also paid One Hundred Million Leones (Le 100,000,000.00) thereby totaling One Hundred and Twenty Million Leones (Le120,000,000.00), which is held by the ACC for transfer into the Consolidated Revenue Fund. There remains a balance of One Hundred and Forty Nine Million Leones (Le149,000,000.00) to be paid.
Within the past seven months, the ACC has recovered over Nine Billion Leones (Le 9,000,000,000.00); part of which has been accordingly paid back into the Consolidated Revenue Fund.
The Commission wishes to further reassure the general public of its continued commitment in ensuring that public funds are protected; and where necessary, recovered.
For further enquiries, please contact Margaret Murray, Public Relations Officer, on Tel: +232-78-832131.
DIRECTOR OF PUBLIC EDUCATION AND OUTREACH