Agustin
By Etienne Mainimo Mengnjo
The Mayor of Yaoundé VII, who is also the President of the United Council and Cities of Cameroon, Augustin Tamba has denounced what he calls political manipulation behind the seizure of his property.
Speaking at a press conference on September 3 in Yaoundé, he criticized the Debt Recovery Corporation (SRC) for putting some of his properties up for auction, claiming it was a deliberate attempt to damage his reputation.
Mayor Tamba admitted that he and his partners had been involved in financial dealings with the SRC and the defunct Société Camerounaise de Banque.
“For the past few days, a press release from SRC S.A announcing a public auction of personal effects and movable property belonging to Augustin Tamba has been widely circulated on social media by certain whistleblowers,” he said.
Mayor Tamba explained that he and the targeted groups owed millions of FCFA to the two institutions due to two loan agreements signed over 35 and 17 years ago, respectively. He said the first loan was for FCFA 100 million, while the second was a FCFA 150 million loan. Despite applying for FCFA 600 million, Tamba and his partners received the smaller amount to finance a one billion business venture.
Regarding the 100 million FCFA loan, Tamba said he had repaid the entire amount, even though his partners were unable to service their portion of the debt. Tamba further explained that he held a 25% stake in the business, while another shareholder had a 30% stake and a land title as collateral.
“I would like to remind everyone that the entire sum has been paid to date,” he said. “I no longer owe this company. I assume my past as a businessman and understand the dynamics of working with banks. It’s not a one-stop shop.”
Concerning the FCFA 150 million debt, Tamba said he recently made a payment of FCFA 25 million to the bank and requested an extension until the end of December 2024. However, the bank refused his request, insisting on a September 20 deadline. Tamba questioned why his properties were put up for auction before the deadline and why other members of the team who borrowed the money were not being pursued.
Mayor Tamba said he and the Société Camerounaise de Banque had entered into a loan agreement for 600 million FCFA approximately 17 years ago. The funds were intended to finance a business operation of about one billion FCFA.
“To date, we have not yet reached the agreed date for the next payment, which is September 20, 2024,” he said. “Unfortunately, I have received the constraints and, faced with these constraints, I have reacted and told them that I am going to pay them.”
Tamba expressed shock that the financial institution was attempting to seize his properties despite the existence of collateral. He also criticized the bank for not applying the same pressure to other partners in the deal.
Mayor Tamba accused individuals of using social media to tarnish his image. “There are things that I am hearing in the political circles as a result of this mess which is not pleasing to me,” he said.
“This is not normal. We want to get to the bottom of it. I have a mandate given to me by a people and cannot accept my image to be dragged in the mud. I am taking legal action.”
Between August 29 and 31, the debt recovery body issued a notice stating that Tamba’s property, including furniture, household appliances, decorations, and vehicles, and others would be auctioned to recover the money he owed. The news has been trending on social media.
20
0
20
20
