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Documents reveals untraceable amount of $12.2m was paid by PDS for ECG takeover

August 2, 2019by Kam Links0


Exclusive documents secured by JoyNews, a multimedia outlet has revealed that Power Distribution Service paid the required amount of $12.2million to secure the takeover of Electricity Company of Ghana (ECG). Details of the document revealed PDS paid $12.2million premium to secure guarantee to complete takeover of ECG.

In a letter dated 21st February 2019, Cal Bank Ltd. wrote to Millenium Development Authority (MiDA) with the notice that, theĀ  receipt of an amount of $8 million as a deposit for the payment of the charges for the issuance of the demand guarantees for a total value of $350 million. Later in May 2019, the final installment of $4.25million was settled from PDS account at Cal Bank.

Joy News also noted according to the document that once Cal Bank received the payment from PDS it worked with Donewell Insurance to finance the deal.

Donewell Insurance also engaged Jordanian based broker Jo Australia Reinsurance Brokers who were tasked with the job of finally making the required payments to secure the final demand guarantees from Qatar based insurance firm, Al Koot.

It is Al Koot which on July 16, 2019, through its Chief Officer General Insurance, Mr Osman Hag Musa, wrote to ECG, revealingĀ  to them about a situation of fraud which the initial guarantee submitted was allegedly forged by an employee of the company who does not have the authority to issue such a guarantee.

Few days ago, government suspended the PDS concession agreement based on fraudulent happenings and has started an inquiry into the matter and is expected to submit its findings within 30days.



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