The Minority of Parlament has stated that it has handed the CHRAJ report to US Securities and Exchange Commission (US SEC) as part of the primary evidence of irregularities by the Minister of Finance Ken Ofori-Atta in the issuance of $2.25 billion bonds.

The high ranking member of the Ministry of Foreign Affairs as well as the North Tongu MP, Samuel Okujeto Ablakwa has said the report was a clear vindication of their long-held argument of the insider trading and a breach of the processes by the Finance Minister with regards to the bond.

The former Deputy Minister of Education is being hopeful that the report will help their case submitted before the US SEC in which  they have among other things pointed accusing fingers at the Finance Minister of conflict of interest  and breach of contract in the issuing of the bond.

Background

The government early last year issued a $2.25 billion bond to raise money to refinance its domestic debt and to shore up the cedi.

The bond was patronized by buyers including US investment company Franklin Templeton.

However, the Minority in Parliament raised issues about the bond issue and accused the Finance Minister of conflict of interest.

They claimed the bond was issued in secret and “cooked” to favour Franklin Templeton whose director Trevor Trefgarne is also a joint shareholder of Enterprise Group, a company owned by the Finance Minister.

The Minority in Parliament first hauled the Minister before the House to answer questions about the bond.

Not satisfied with the responses, they proceeded to the US Securities and Exchange Commission accusing both Franklin Templeton and Finance Minister of Conflict of Interest.

An executive of the NDC also proceeded to CHRAJ with the same accusations and demanded the anti-graft agency to investigate it.

CHRAJ has since completed its investigations, cleared the Minister of conflict of interest but raised issues about the procedures used in issuing the bond.

Deputy Attorney General Godfred Dame has raised issues about the CHRAJ findings accusing the body of going beyond its mandate.

He would rather the issues about the processes involved in the issuance of the bond were left for the Securities and Exchange Commission to determine.

But Samuel Okudzeto Ablakwa thinks otherwise. He accused the Deputy Attorney General of trying to intimidate the CHRAJ.

“They were virtually threatening CHRAJ. This is not a good sign for our democracy. It is clear they are worried and they stand accused," he stated, adding, “the Finance Minister is worried because of what this CHRAJ report means."

He said the CHRAJ report “confirmed exactly what we said; the bond was not transparent, clear case of insider trading.”

“These are very serious infractions and violations of the law,” he told Joy News.

Asked when their case before the US SEC, will be completed, he said it is now at the evidence gathering stage but cannot say exactly when it will be concluded.

Apart from the case before the US SEC, he said they are going to trigger other processes in Parliament to force the hand of government to reform the breaches outlined by CHRAJ.

Ghanaguardian.com