PDS Says It ‘Considers Itself Vindicated On Core Allegations” in ECG Suit

The Power Distribution Services Ghana Limited (PDS) deems the London-based tribunal ruling on its suit against the Electricity Company of Ghana (ECG) as a “vindication” of its core allegations.

In its view, the arbitral tribunal found no misrepresentation on its part regarding the financial instruments.

“Accordingly, PDS considers itself vindicated on the core allegations, consistent with its position from the outset,” it reacted in a statement issued on November 5, 2025.

It referenced that the tribunal rejected ECG’s claims for damages; found that PDS held a genuine belief in the validity of the financial instruments it provided to ECG; and fully accepted the results of the independent investigation that found that “there was no information to suggest that …PDS …committed or conspired to commit fraud or other malfeasance” in relation to the financial instruments”.

It, however, emphasised that its communique does not constitute acceptance of the tribunal’s reasoning.

It may be recalled that the ECG terminated a 20-year contract with PDS in 2019, a few months later, over allegations that the payment guarantees provided by PDS—through Al Koot Insurance and Reinsurance Company of Qatar—were fraudulent.

PDS proceeded to court while seeking direct costs of about US$39.4 million and an alleged US$351.5 million loss.

The tribunal subsequently ruled in favour of ECG.

Story by Hajara Fuseini

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