GNPC rejects conflict of interest accusation

The Ghana National Petroleum Corporation (GNPC) has refuted media reports that its Chief Executive authorized the transfer of some $7.5 million to a company he once worked for in 2017 for payment of some residential facilities.

GNPC clarified that its residential apartments acquired in Takoradi were done in a transparent manner devoid of any conflict of interest.

The Corporation in a statement issued in Accra yesterday said its Chief Executive, Dr Kofi Kodua Sarpong was in no way involved in the purchase of the said apartments.

“It must be re-emphasized that due processes were followed at all times during the purchase of the property. There was no conflict of interest as is being alleged,” the statement said.

According to the National oil Company, prior to joining GNPC in January 2017, Dr Sarpong had back in November 2016 terminated all official association with the Global Haulage Group and its related companies.

The statement explained further that the Chief Executive of the Corporation, Dr Kofi Kodua Sarpong recused himself from the work and discussions of a Committee set up to handle the approval and purchase of the said property.

US$7.5 million paid, not US$9.5 million

The Corporation placed on record that the total payments made to Global Haulage Company Limited (GHCL) including withholding tax was USD7.5 million and not USD9.5 million as alleged.

on Tuesday sighted some internal GNPC memos signed by its Chief Executive Officer, Dr. K.K. Sarpong, authorizing the transfer of $7.5 million to a company he once worked for in 2017, Global Haulage Company Limited for the residential facilities.

This has raised concerns of conflict of interest, given that Dr. K.K Sarpong once served as Chief Executive of Global Haulage Limited.

The GNPC in a statement however insisted that there was no conflict of interest as far as the acquisition is concerned.

“The attention of the Ghana National Petroleum Corporation (GNPC) has been drawn to recent publications and news items on the acquisition of residential properties in The Corporation would like to set the records straight and to assure the general public that the GNPC indicated that the property offered by Global Haulage Company Limited (GHCL) was “selected for purchase after reviewing other offers.”

An audit of the transaction was expected to be performed after January 8, 2018. The underlying sale and purchase agreement with the seller had been effected before the said memo.