Free Press

The Free Press says in spite of the hullabaloo associated with the operation of the Securities Discount Company (SDC), highly-placed public institutions, including officials from the Bank of Ghana (BOG) and the Serious Fraud Office (SFO), had done brisk business with the company.

In a story headlined: "Startling revelations on SDCI...BOG drew 500 million cedis, Serious Fraud Office boss involved", the paper says this happened moments before the BOG withdrew the licence of SDCI, a subsidiary of SDC, to pave the way for the liquidation process in 1996.

According to the paper, the same officials who pointed accusing fingers at the manner SDCI was run and thus called for its liquidation, are the same who did active business with the discount and brokerage company.

The Free Press, quoting a source, says the BOG for instance, took 500 million cedis loan from the SDCI and paid back the loan "under very flexible terms". GRI