Former Chief Executive Officer of the Ghana National Petroleum Corporation (GNPC) Tsatsu Tsikata has questioned the sale of the controversial oil drill ship by the John Agyekum Kufuor administration in 2001.

Mr. Tsikata said the oil drill ship was making so much revenue for the country, it should not have been sold.

Whilst vehemently denying allegations that the drill ship was used as a collateral to secure the funding transaction with Societe General, Mr. Tsikata also questioned the valuation of the ship which was subsequently sold for 24 million dollars to defray a negotiated 19.5 million dollars debt owed Societe Generale.

Mr. Tsikata made these revelations Tuesday, when  he appeared before the Justice Yaw Apau Commission constituted to investigate the phenomenon of judgment debts in the country.

Former Energy Minister Kan Dapaah had already told the Commission that GNPC, was indebted to the tune of 40 million dollars to Societe General during the administration of Tsatsu Tsikata.

He also claimed the drill ship had been used as a collateral in the oil exploration funding activities with Societe General.

The French Bank, he noted sought a court order in Oman, where the ship had docked, to take over the ship and even made attempts to sell the ship.

He said the government subsequently agreed to sell the ship after due valuation and diligence had been concluded.

But Mr. Tsatu Tsikata denied the claims. He told the Commission there was no need at all to sell the ship, adding, the ship was in good condition before he left office.

He argued given the commercial activity the ship was engaged in and the revenue it was making to the country, it was completely ill-advised for the Kufuor administration to sell the ship.

He said with Societe General dangling a default judgment around the neck of the country it was absolutely impossible to have gotten a good price and value for the ship.