News Equatorial Guinea :: FINANCES: THE COMPANY GAJO TRADING UNDER AN ABUSIVE SANCTION IN EQUATORIAL GUINEA :: Equatorial guinea news

Is the sub-regional integration called for by all the heads of state and government of the Central African sub-region ultimately a decoy when reading what this company is undergoing in the country of Théodor Obiang? Nguema Mbazogo? One could answer in the affirmative, reading this cabal that was started by an authority on this side.

This is a case that once again brings back into the saddle the difficulties of sub-regional integration, which nevertheless guarantees economic growth in Central Africa. Indeed, Gajo Trading, a company under Equatorial Guinean law, created by a young and brilliant Cameroonian entrepreneur has recently been the subject of a cabal like no other.

Indeed, the money transfer company remittence is facing administrative pressure like no other, since these various bank accounts have been blocked without any notification from the local financial authority that is the Ministry of Finance. Basically, the person responsible for this closure is none other than the national director of BEAC Guinee Equatorial (Bank of Central African States), who on April 4 notified through a formal notice the closure of all Gajo Trading agencies operating in Equatorial Guinea within 72 hours.

This document also had the direct impact of closing all the bank accounts of the structure in question. Having received the letter, the arbitration of the Minister of Finance had been requested so that a solution could be found. The latter, being the competent authority in the matter believes that the problem will find a solution, however so far nothing.

Moreover, it is important to remember that the decision to delete the bank accounts of Gajo Trading Company by the national director of BEAC Guinea-Equatorial is illegal because not being the local monetary authority, it is therefore up to the Ministry finances to make such a decision. So the question that arises is whether we are not here faced with an abuse of power or a relentlessness, since the Minister of Finance, who is the local monetary authority in charge of these issues, has instructed through a document to rehabilitate the accounts of this company, an instruction that has remained a dead letter to this day.

Why do banks refuse to comply? It is therefore obvious that it is neither more nor less than a witch hunt on the part of this authority which surely takes a dim view of the fact that a company whose founder is an expatriate can prosper so much . The height is that this company participates in a clear way in the emergence of the Equatorial Guinean economy with nearly 100 employees and nearly 2000 partners, no less than 400 direct jobs & 1500 indirect. The competent authorities must urgently take this problem head on so that the sub-regional integration which is advocated becomes a reality.

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