Carbonatix Pre-Player Loader

Audio By Carbonatix

The Judgment Debt Commissioner says he will summon former GNPC boss Tsatsu Tsikata to answer questions relating to the controversial sale of the corporation's drill ship in 2001.

Mr Tsatsu Tsikata was Chief Executive Officer (CEO) of Ghana National Petroleum Corporation (GNPC) prior to the sale of the oil drill ship for $24m to defray a $19.5m judgment debt owed to French bank Societe Generale.

The Sole Commissioner, Justice Yaw Appau is 'frustrated' that no state institution has come out with documents on the sale. The Ministry of Finance and Bank of Ghana have denied knowledge of the sale. The French bank also insists there is no official documents covering the receipt of the money.

The Sole Commissioner believes the ex-GNPC boss can help explain the controversy surrounding the transaction as the judgment debt occurred during his time as CEO.

A deputy Minister of Energy, Kobina Tahir Hammond under the Kufuor administration, who actually sold the ship has also accused Tsatsu Tsikata of engaging in loss-incurring transactions with French bank Societe Generale, resulting in a judgment debt of $47m.

K.T Hammond said the ship was sold to pay off the debt after he successfully re-negotiated the debt from $47m to $19.5m.

Tsatsu Tsikata has denied these allegations and gone further to state government did not do enough due diligence before the sale. The date for his appearance before the Commission is unclear.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:  
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.