Breaking: ‘Fraudster’ involved in securing ECG deal for PDS

Breaking: ‘Fraudster’ involved in securing ECG deal for PDS

-The Government of Ghana has with immediate effect, suspended the concession agreement with the Power Distribution Services (PDS) Ghana

- Government has discovered that the person involved in the PDS deal was a fraudster

- Meanwhile, a government delegation is expected to travel to Qatar on Wednesday July 31, 2019 to meet with officials from Al Koot in order to verify the information specifically on the fraud aspect

It is emerging that the Government of Ghana suspended the concession agreement with Power Distribution Services (PDS) after it discovered that a fraudster was involved in the deal.

According to YEN’s sources the man who executed the demand guarantees presented by PDS was not authorized to do so.

Sources say the development came to light following a series of due diligence tests the guarantees were subjected to by the ECG.

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This development forced government to suspend the agreement with immediate effect.

It has also been revealed that there is an element of fraud in the transfer of ECG’s assets and management to PDS.

Government has since held meetings with stakeholders and a delegation from Ghana is also expected to travel to Qatar to meet with officials from Al Koot (the company that owns PDS) in order to verify the information specifically on the fraud aspect.

The Government of Ghana has with immediate effect suspended the concession agreement with the Power Distribution Services (PDS) Ghana.

A statement signed by the Information Minister, Kojo Oppong Nkrumah, said the decision was taken after some fundamental and material breaches were detected on the part of PDS.

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The Government of Ghana, through the Ministry of Finance and the Electricity of Ghana, has suspended the concession agreement with the Power Distribution Services (PDS) Ghana Limited with immediate effect,” the statement read.

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Source: Yen.com.gh

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