Sky Train Scandal: Former GIIF CEO and Board Chair Charged

The Office of the Attorney-General has officially filed charges against the former CEO of Ghana Infrastructure Investment Fund (GIIF), Mr. Solomon Asamoah, and the former Board Chairman, Prof. Ameyaw Ekumfi, in the Sky Train Scandal.

Among the charges is causing financial loss to the state,

It is alleged that GIIF paid $2 million to a company for preliminary work on the project without obtaining board approval.

At a press conference two weeks ago, the A-G said the CEO and the Board Chair were the only persons who knew and acted on the payment.

“On the Sky train, we noticed that there was no Board approval for the transaction, and the conditions precedent to disbursement had not been met. We have perused all the meetings during the period, it showed there was on Board approval…Also, the interrogation has revealed that the other Board Members said they did not have knowledge of this transaction.”

At an earlier presser, the A-G said the $2 million paid for the project under the previous government was made to a non-existent Mauritius company.

The payments, according to him, was made at the request of the former Chairman and the former CEO.

“When you are buying shares in a company, that’s the equity contribution to the company. The money is supposed to be paid into the shares account of that company but the money was given to Africa Investment Holdings and we noticed that when it was paid, Africa Investment Holdings was paid $100,000 as the GIIF’s contribution to equity and $1.9million was paid to Africa Investment Holdings as Shared Premium.”

Source: opemsuo.com/Hajara Fuseini