An independent forensic probe into allegations fraud following the takeover of Electricity Company of Ghana (ECG) by Power Distribution Service (PDS) has revealed, there is no evidence to suggest any of the entities involved in the deal conspired to defraud the state.
Documents available to JoyNews indicate, the private auditor hired by the Millennium Development Authority (MiDA), did not find any information to suggest that either PDS, Cal Bank, Donewell and or personnel from MiDA committed or conspired to commit fraud or other malfeasance, in relation to the demand guarantees.
The government on July 30 announced the suspension of the contract with PDS, barely six months after the company took over from ECG.
The decision, according to Information Minister, Kojo Oppong Nkrumah, “…follows the detection of fundamental and material breaches of PDS obligation in the provision of Payment Securities (Demand Guarantees) for the transaction which have been discovered upon further diligence. The Demand Guarantees were key prerequisites for the lease of assets on 1st March 2019 to secure the assets that were transferred to the concessionaire.”
Subsequently, MiDA hired the services of an independent investigator, FIT Consulting, on August 16, to conduct forensic audit over the alleged fraudulent guarantee documents submitted.
FIT on Tuesday, September 3, submitted the report on its findings to MiDA.
The findings are captured in an 11-point document summerising the works of the independent auditor which was submitted to the special ad hoc committee set up by MiDA to look into the issue.
Find the conclusion of the independent auditor below:
PDS Findings 1-Converted by myjoyonline.com on Scribd
Latest Stories
-
Hindsight: Dreams fairytale run proved one thing; it is possible
17 mins -
God makes rulers, not you; you can’t choose your successor – Mahama to Akufo-Addo
1 hour -
Contributors own SSNIT, they must decide who becomes its Director-General – Austin Gamey
2 hours -
Move away from theory-based learning towards practical learning approaches – AUCC President to students
2 hours -
Haaland scores as Manchester City beat Nottingham Forest
3 hours -
Villas-Boas elected Porto president
3 hours -
Situation on frontline has worsened, Ukraine army chief says
3 hours -
US doctor describes witnessing starvation in northern Gaza
4 hours -
CAFCC: RS Berkane make final after USM Alger refused to play 2nd leg over Moroccans’ jersey
4 hours -
Elon Musk in China to discuss enabling full self driving
4 hours -
PSG clinch Ligue 1 title after Lyon’s win over Monaco
6 hours -
Guinness Ghana sets the pace at Ghana Beverage Awards with six awards
6 hours -
Burkina Faso suspends BBC, VOA radio broadcasts over killings coverage
6 hours -
Nicole Kidman honoured with AFI Life Achievement Award
7 hours -
Brassier scores winner for Brest as they edge Rennes to secure European football
7 hours