More pressure pile on Tsatsu

Forensic reports on the Ghana National Petroleum Corporation, have confirmed that derivatives deal that former Chief Executive, Tsatsu Tsikata had engineered did not receive the approval of the Board of Directors of the Corporation, The Chronicle reports in Accra.

The forensic report provided by PriceWater House Coopers last week confirmed this and provided one of the basis for a looming criminal prosecution in addition to the one Tsatsu is already facing – the $1 million Valley Farms matter, the Chronicle says.

“Several Chronicle stories from April 1992 to 1996 when the paper raised an alarm over Tsatsu’s purchase of old, sometimes unserviceable, oil rigs have also been looked into by forensic auditors.”

The conclusion is that the former GNPC boss had caused over $20 million in losses in his acquisition and the subsequent sale of rigs” some of which he secretly used as a collateral guarantee in some of his bizarre schemes,” The Chronicle which has over the years been critical of the former GNPC boss reports. The loss to the state, according to the report stands at ?500 billion.

Chronicle reports also say Mr. Tsikata was stopped at the exit point when he tried to leave the country to Lagos, nearly two weeks ago. “A passenger aboard the plane told The Chronicle that they suffered delays and did not understand it until he heard that there was some encounter with one big man.” “One source familiar with the matter explained to the Chronicle that once it has been established that he took those decisions without board approval, it becomes a difficult matter to extricate one’s self from blame.”