Tsatsu indicts Akufo-Addo, others in drillship sale

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Abu Issaka 12 years ago

your paymaster has spoken, huh?

your paymaster has spoken, huh?
Vuvuzela 12 years ago

Which toilet paper? Did you listen to Tsikata's testimony? Do you believe in Kufuor's administration? Judging from the way the former president's administration endeavored to have Tsatsu killed in jail, you come to easy concl ...
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Which toilet paper? Did you listen to Tsikata's testimony? Do you believe in Kufuor's administration? Judging from the way the former president's administration endeavored to have Tsatsu killed in jail, you come to easy conclusion they (Kufuor's administration) orchestrated shaddy deals that they would not have coming to light anytime.

Who will believe Kufuor?
Pelicles 12 years ago

At times, objectivity is needed. Efo, who pardoned Tsikata? If Kufuor wants this man dead as allege, why will be pardoned him? Come on, at least, we should try to let the truth come out.

At times, objectivity is needed. Efo, who pardoned Tsikata? If Kufuor wants this man dead as allege, why will be pardoned him? Come on, at least, we should try to let the truth come out.
krikri 12 years ago

This is all that Thiefman Kufour cared for: LOOT, LOOT & LOOT. After this, he demolished Ghana Airways and shared its assets among his brother in law, JH Mensah, Vuvusella, Akoto Osei, etc. this was also followed by dashing G ...
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This is all that Thiefman Kufour cared for: LOOT, LOOT & LOOT. After this, he demolished Ghana Airways and shared its assets among his brother in law, JH Mensah, Vuvusella, Akoto Osei, etc. this was also followed by dashing Ghana Telecom to vodafon and pocketing $30.0 million for himself. What a Greedy Thief?
BEN 12 years ago

GHANA NEWS

GHANA NEWS
ATSU, HO 12 years ago

IT IS OBVIOUS THE IMPLCATION OF THE WINNER TAKES ALL. JUST LIKE IN THE WOYOME CASE WHAT PREVENTED THE KUFFOUR GOVT GROM BRINGING TSATSU IN THE MATTER WHILES ATTEMPTING TO RESOLVE THE ISSUE. UNLESS WE ARE UNITED IN PURPOSE AS ...
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IT IS OBVIOUS THE IMPLCATION OF THE WINNER TAKES ALL. JUST LIKE IN THE WOYOME CASE WHAT PREVENTED THE KUFFOUR GOVT GROM BRINGING TSATSU IN THE MATTER WHILES ATTEMPTING TO RESOLVE THE ISSUE. UNLESS WE ARE UNITED IN PURPOSE AS A NATION WE WILL CONTINUE TO THROW SCARCE RESOURCES AWAY AND PLAY THE BLAME GAME
GTV-TV3 on WWW.OFMTV.COM 12 years ago

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FELA O FELA: NPP BONESHAKER LA 12 years ago

Tsatsu created most of the opportunities that KUFFOUR and the NPP came to loot to enrich themselves and Tsatsu knew them too well and was too smart for them. That was why they trying to kill him by wrongful prosecution and im ...
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Tsatsu created most of the opportunities that KUFFOUR and the NPP came to loot to enrich themselves and Tsatsu knew them too well and was too smart for them. That was why they trying to kill him by wrongful prosecution and imprisonment but now the man they feared dead is now alive and free and now determining his jailers' political future....

Tsatsu created GNPC, and look at all the looting that went on under NPP?...(e.i..EO GROUP, Sahara Oil, and now selling of Discoverer 511 for dirt cheap price)

Tsatsu created Ecobank, and under KUFFOUR regime, Ecobank was sold to Ecobank Transnational Corporation.

Tsatsu created Westel Communication, and KUFFOUR once again sold that to Zain....and was still not given the Mo Ibrahim Award.

The list goes on and on.....so it is no wander? why they hate Tsatsu Tsikata with so much passion....

Long Live Tsatsu Tsikata
Long Live JJ Rawlings

Long Live Mother Ghana

Death to the UP Tradition
insight to the bone 12 years ago

why shouldn't we call pepeni a fool as its not an insult but a fact . All these scandals ,tribal ethnic biased anti Akan ministerial appointments non action on worthy projects and action on foolishness and stupid corrupt dea ...
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why shouldn't we call pepeni a fool as its not an insult but a fact . All these scandals ,tribal ethnic biased anti Akan ministerial appointments non action on worthy projects and action on foolishness and stupid corrupt deals. his mentor is kuffuor whose greatest achievement was to give all our gold fields to foreigners who dont invest a single penny in our economy but take out over 10 billion dollars a year . his weak ayigbe national security could not advise him to do what president putin of russia did , nationalise the mines and give it to local corrupt Akans and others , then tax them well. instead we run around trying to borrow this same money and watch as the various superpowers play with us , where is the wisdom in that ? pepeni you a big fool and chronically retarded as you have no shame, integrity , honor or decency yourself . you can only understand indecency and insults as thats what gets registered. instead of going out there to acquire technologies that will create jobs, factories and self reliance for our people you attend useless meetings that bring nothing. you have failed us like all the others before you and we look forward gloomy future because you wont step aside so those with courage knowledge and real projects based on sound macroeconomics take over. commot from there
Fernando S 12 years ago

You too do you think at all before you put pen to paper?Any fool like you can write anything on the net

You too do you think at all before you put pen to paper?Any fool like you can write anything on the net

insight to the bone 12 years ago

i wonder why you were so inspired to comment . the truth is the truth .period

i wonder why you were so inspired to comment . the truth is the truth .period
kobby 12 years ago

u are a fool, only red eyed black dwarfs will talk like that ... abooaba

u are a fool, only red eyed black dwarfs will talk like that ... abooaba
NA 12 years ago

You don't what is the truth and you can not handle the truth.

You don't what is the truth and you can not handle the truth.
JENGBERA JENGBE 12 years ago

Kokoase krachi, as you believe in facts so much, why don't you tell us why you call His Excellency the President of Ghana a fool? A statement isn't a fact because a kumasianist says so. So please tell us why our head of stat ...
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Kokoase krachi, as you believe in facts so much, why don't you tell us why you call His Excellency the President of Ghana a fool? A statement isn't a fact because a kumasianist says so. So please tell us why our head of state is a fool in your view. Scandals - which? Non action on worthy projects - what are you talking about? Name the projects and tell us the non action. This forum is first and foremost one of information; the insults, hatred and tribalism come second. If you accept that to be the case, then inform us - enlighten us. Stupid corrupt deals- why don't you expose them here and now? As for your anti Akan ministerial appointment allegation, it is contemptible and I won't dignity it with a request. But if yours isn't just sheer prejudice and barefaced tribalism, put your FACTS on the table.
Raymond Agbeli 12 years ago

Tsatsu is just too much for them!!.all they seemed to know better is childish talks and fabrication of lies,that's what makes them thinks they are smart!what a people!!!!

Tsatsu is just too much for them!!.all they seemed to know better is childish talks and fabrication of lies,that's what makes them thinks they are smart!what a people!!!!
BRIAN WILLIAMS 12 years ago

HOW CAN TSATSU CALL HIMSELF BRIGHT AND TRUST THIS FRENCH BANK WILL HELP HIM MANAGE HIS RISK IN THE DERIVATIVES MARKET. THE COUNTRY IS NOT DOING WELL BECAUSE WE HAVE LEADERS WHO JUST CAN'T THINK. THE FRENCH BANK GOT WHAT THEY ...
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HOW CAN TSATSU CALL HIMSELF BRIGHT AND TRUST THIS FRENCH BANK WILL HELP HIM MANAGE HIS RISK IN THE DERIVATIVES MARKET. THE COUNTRY IS NOT DOING WELL BECAUSE WE HAVE LEADERS WHO JUST CAN'T THINK. THE FRENCH BANK GOT WHAT THEY WANTED:GETTING PAID WITHOUT PAPER TRAIL. KUFOUR, AKUFO ADDO, MAHAMA, TSIKATA AND RAWLINGS SHOULD ALL BE JAILED.
GHFUO, change ur thinking 12 years ago

ARE OUR ELDERS USELESS?
President John Dramani Mahama has added a whopping GHc15.6 billion to Ghana’s total public debt stock since being sworn into office as caretaker and substantive president within the period from July ...
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ARE OUR ELDERS USELESS?
President John Dramani Mahama has added a whopping GHc15.6 billion to Ghana’s total public debt stock since being sworn into office as caretaker and substantive president within the period from July 2012 to August 2013.
This implies that President John Mahama has contracted a total of GHc15.6 billion of debt for Ghanaians since becoming the President of Ghana. MAHAMA, WHERE IS THE MONEY? OUR KIDS HAVE NO EDUCATION. HOW SISTERS, MOTHERS N CHILDREN HAVE NO HOSPITALS.
LOOK AT OUR INFRASTRUCTURE? NO FACTORIES, NO JOBS, NO WATER....
WHAT DO WE HAVE TO SHOW FOR ALL THIS DEBT? WHO VOTED FOR NDC? GO N CLAIM YOUR SHARE....
MAYELE AA, VS MAHAMA?
WHAT DO THESE 2 HAVE IN COMMON?
WE ARE QUICK TO MENTION SCENT,THE SCENT ON HIM OR HER. HOW SMELLY,DIRTY AND DUSTY IS GH?I MEAN GO TO ACCRA, KUMASI, TAADI N YOU WILL FIND THE ALIEN SMELLS N SCENTS!
OPEN GUTTERS EVERYWHERE...TRASH BEING THROWN OR BURNT ANYWHERE. PPL ARE SHITING N THROWING FEACES ANYWHERE, ANYHOW...OH LORD, ANIMAL KINGDOM PAA NIE?!
FOLKS, WAT ARE THE COMMONALITIES BETWEEN BOTH PERSONS HERE? AA AND MAHAMA ARE BLESSED WITH A TAXABLE POPULATION, STAR PLAYERS, AMAZING POOL OF TALENT N RESORCES TO EASILY BECOME A FIRST RATED
NATION/SOCCER TEAM. HOWEVER, THE TRUE POTENTIAL CAN NEVER BE REALISED (NO AFCON TROPHY FOR AA, NO REAL ECONOMIC IMPRVMENT/INFRASTRUCTURAL DEV IN GH). SIMPLY BCOS AA AND MAHAMA ARE CLUELESS N CONFUSED.
THEY DONT EVEN KNOW WAT TO DO....AND DONT HAVE THE COURAGE TO KNOW HOW.....ISNT THAT PETTY N PATHETIC?
LOOK AT THE QUALITY OF OUR REGIONAL STADIUMS...DEPLORABLE. KUMASI STADIUM HAS TOO MANY POTHOLES, THE PLAYERS WERE TRIPPING OVER THEM. ASK ATSU.
UPGRADE THE PITCH INTO A MODERN PITCH N STOP THE MEDIOCRITY IN GH. BUILD MORE MODERN PITCHES SO GH CAN HOST MORE AFRICAN N WORLD TOURNAMENTS. WE CANT HOST WMNS WCUP OR EVEN U17 ON GH.
MEANWHILE NAIJA, EGPYPT, S AFRICA HAVE ALL HOSTED MAJOR CONTINENTAL N WORLD TOURNAMNTS...
THE PITCH IN ACCRA AND KUMASI CAN NOT MEET THE STANDARDS OF A WORLD CLASS SOCCER PITCH. THIS IS A FACT...YOU CAN PLAY ON THEM, BUT YOU RISK AN INJURY BCOS OF THE UNDULATING SURFACE, UNEVENESS
OF THE FIELD, HOLES IN THE FIELD.
SO CANT THE MIN OF SPORTS GO TO SOUTH AFRICA N SEE? PLS, JUST TAKE A TRIP TO SOUTH AFRICA N SEE WAT A REAL STADIUM LOOKS LIKE. GO TO BRASIL N SEEK HELP.
SPEAK TO THE MINISTERS OVER THERE N TELL THEM. WE NEED THESE IN GH TOO.
DONT BE ASHAMED TO ASK FOR GUIDANCE/HELP. WE TALK LIKE HYENAS. EVEN GABON/EQ GUINEA, ANGOLA, NAIJA ALL HAVE BETTER STADIUM FACILITIES
THAN WHAT WE HAVE IN GH. IF I AM KP BOATENG/ESSIEN/DEDE, NO WAY IN HELL AM I RISKING MY CAREER ON THIS PITCH. HW3, I WONT PLAY ON THAT PITCH N TRY TO INJURE MYSELF?
TWEAA, STADIUM WITH POTHOLES WEI? IN THIS MODERN DAY N AGE?
WHAT IS THE GROSS DOMESTIC PRODUCT OF EQ GUINEA/GABON? LOOK AT THE CONDITION N QUALITY OF OUR AIRPORTS? KUMASI N ACCRA? AGAIN, THE MIN OF TRANSPORT THE THE AVIATION DEPTS NEED TO GO
TO SOUTH AFRICA N SEE WELL, WELL. DONT SIT IN UR AC OFFICES IN ACCRA EATING KELEWELE N NUTS WITH FANTA N SAYING...AHHHHHHHH....LOL
LOOK AT THE STATE OF OUR ROADS N REGIONAL HIGHWAYS? ITS VERY SAD. I ALWAYS GET MADD N UPSET WHEN IM IN GH......UUURRRGGGHHHH!!!
GH IS PROLLY THE NATION WITH THE MOST HIGH QUALITY FOREIGN BASED PLAYERS IN AFRICA. YET, WE CANT WIN A MILK TIN? WHY?
IF APPIAH WHO NEVER PLAYED OUTSIDE GH, HAS HAD OVER 6YRS AS GBSTARS COACHING APPRENTICE, HAS HAD LESS COACHING EDUCATION, CAN PRODUCE MEDIOCRE RESULTS LIKE THIS.
WHAT WILL HAPPEN IF DESAILLY IS PLUGGED IN THE EQUATION AS COACH OR ADVISOR? OH GH, WE HAVE GOLD, OIL, DIAMONDS, PREGNABLE WOMEN AND POTENT MEN, COCOA, LEARNED MINDS LIKE ANNAN, KUFFOUR AND NDUOM..
EVEN SHEA BUTTER SEF WE GET, BUT LOOK AT OUR DEPLORABLE ROADS AND HIGHWAYS, STADIUMS, SCHOOLS, HOSPITALS...OUR NATION?! WATCH AND LEARN!
THE MIN OF SPORT IN GH MUST MOBILIZE FUNDS FROM THE CENTRAL GOVT, PRIVATE SECTOR N REGIONAL GOVTS. GO TO S AFRICA/BRASIL N SEEK HELP. THESE AFUOM LANDSCAPERS AT GGT ARE NOT PROFESSIONAL.
THEY DNT EVEN KNOW WAT THEY ARE DOING.....
WATCH THE BRASILIAN LEAGUE. U WILL SEE PLAYERS LIKE DIDA, RIVALDO, RONALDINHO, FREDDY ADU, BAPTISTA, COACH DUNGA, DIEGO FORLAN, PATO OF AC MILAN, JUAN, AND MANY MORE ALL PLAYING OVER THERE.
WHERE ARE FMR GBSTAR PLAYERS LIKE OLELE, APPIAH, PAINSTIL, JOHN MENSAH ETC STILL DOING IN EUROPE? FOOLISHNESS!
UNDERDEVELOPED GH
even by africa standards ghana is waaay underdeveloped but ghanaians do not seem to notice that….
airports , roads, stadia in ghana are still sub standard….THIS IS WHY I HATE coming to ghana…Africans who LOVE AND respect ghana, are surprised AT what they see when they visit..
There is a old saying: "when something is working, leave it alone; work on something else where you can create something new for doing good". This is universal truth. Somethings are meant to be that way.
MAJORITY OF THE PPL CANT USE A COMPUTER. INTERNET CONNECTIVITY IN GH IS VERY POOR. THE GOVT AND PRIVATE SECTOR MUST INVEST IN NATIONWIDE BROADBAND TECHNOLOGY, FAST! THIS IS THE FUTURE.
PARENTS, STOP ENROLLING YOUR KIDS IN SCHOOL. LET THEM ROAM THE STREETS. IF THE GOVT ASKS WHY.
TELL THE GOVT YOU DEMAND FREE BASIC SCHOOL FOR ALL GH KIDDIES UP TO SHS..4YRS!
GH GOVT MUST OFFER FINANCIAL SUPPORT TO GHWEB. WE NEED RAPID INTERNET BROADBAND INFRASTRUCTURE IN GH. THIS MUST BE A PRIORITY FOR THE GOVT!
GO N GET A LOAN N USE IT FOR INITIAVES LIKE THIS.
OTHER NATIONS WITH LESS ENDOWED NATURAL RESOURCES, POPULATIONS ARE DOING IT....
PLS TELL AA N KONADU TO WATCH BRAZILIAN LEAGUE. SHOW BRAZILIAN LEAGUE GAMES ON GH TV.@ ...WWW.P2P4U.NET
GFA WHEN WILL YOU STREAM PREMIER LEAGUE GAMES LIVE ONLINE FOR THE WHOLE WORLD TO WATCH? OH GH, WHEN OOOO! ARE U ASHAMED OF YOUR UNDULATING, UNEVEN SOCCER PITCHES?
AGENTS/CLUBS OUTSIDE GH COULD HAVE THE CHANCE TO SEE OUR LEAGUE, PLAYERS. THIS WILL HELP GH. GFA, GET CURRENT
NYANTAKYI IS RUNNING THE GH LEAGUE LIKE FOSU LINE, DONGOMI. THE EARLIER HE LEAVES, THE BETTER GH SOCCER WILL BE
Ghana is NOW like Haiti!!! There was only one airport in Haiti and when the disaster strucked,aid donors HAD it so hard to send humanritan reliefs because the only one international airport
was destroyed. just imagining if Ghana is not the same as Haiti!! Building one international airport in Kumasi has turn into a tribal politics!!#
President John Dramani Mahama has added a whopping GHc15.6 billion to Ghana’s total public debt stock since being sworn into office as caretaker and substantive president within the period from July 2012 to August 2013.
This implies that President John Mahama has contracted a total of GHc15.6 billion of debt for Ghanaians since becoming the President of Ghana.
WHAT DO WE HAVE TO SHOW FOR ALL THIS DEBT? WHO VOTED FOR NDC? GO N CLAIM YOUR SHARE....
BOMPATA STONE 12 years ago

THIS ARTICLE IS POORLY WRITTEN..IF YOU DON'T KNOW MUCH ABOUT THIS ISSUE THEN YOU WILL BE LOST TYING TO FILL IN THE BLANKS.12 YEARS AGO IS A LONG TIME. ALSO HOW DID THIS DRILL SHIP BECOME ASSOCIATED WITH GHANA..WHAT IN THE WO ...
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THIS ARTICLE IS POORLY WRITTEN..IF YOU DON'T KNOW MUCH ABOUT THIS ISSUE THEN YOU WILL BE LOST TYING TO FILL IN THE BLANKS.12 YEARS AGO IS A LONG TIME. ALSO HOW DID THIS DRILL SHIP BECOME ASSOCIATED WITH GHANA..WHAT IN THE WORLD IS A DRILLSHIP? WERE WE DRILLING OIL 12 YEARS AGO IN GHANA?..WHAT A DUMB MESS!!!KNOW THIS...ANYTIME ANY AFRICAN LEADER DEALS WITH A WHITE INSTITUTION KNOW THAT FIRST OF ALL THE AFRICAN LEADER WILL BE BAMBOOZLED BECAUSE OUR LEADERS ALWAYS PROOF THAT THEY ARE DUMB!!!..LOL
OmanheneU$A 12 years ago

As a typical Ghanaian official, BOASTFULNESS and AKESESEM are some of the main games to be played.

Tsikata HAD NO GOOD UNDERSTANDING of the "derivatives financial instruments, norms, processes and execution." He just BOAST ...
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As a typical Ghanaian official, BOASTFULNESS and AKESESEM are some of the main games to be played.

Tsikata HAD NO GOOD UNDERSTANDING of the "derivatives financial instruments, norms, processes and execution." He just BOASTED to the French Bank, Societe Generale, that he was a "financial whiz" and understood all those financial transactions. Alas, the French figured his rudimentary knowledge of stock trading damn ignorance out and took him and Ghana to the cleaners. What a country, Negro!!

Question: How much formal and practical education does Tsikata had in the arena of INTERNATIONAL FINANCE, ACCOUNTING, STOCK & BOND MARKETS, MONEY & BANKING?

He only used his position as the CEO of GNPC (courtesy of & thanks to ‘Patapaa’ Rawlings) to BRAG, BOAST, LIE, CHEAT, etc., to many equally IGNORANT Ghanaians (including Rawlings) and foreigners that he was very good with International financial instruments & trading—which was a big fat lie!!

$$ And where the hell did that DECEPTION get Ghana? A GARGANTUAN LOSS $$.
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C.Y. ANDY-K 12 years ago

FROM MODERNGHANA

23 February 2002 Last updated at 00:00 CET
0 Comment
ASHANTI: A Hedge Too Far
By Raymond Taylor

By: Mark Yirenkyi
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Mr. Sam Jonah the chief executive of Ashanti referri ...
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FROM MODERNGHANA

23 February 2002 Last updated at 00:00 CET
0 Comment
ASHANTI: A Hedge Too Far
By Raymond Taylor

By: Mark Yirenkyi
More Quotes | Submit Quote

Mr. Sam Jonah the chief executive of Ashanti referring to the financial debacle that hit the mining group stated "I am prepared to concede that that we were reckless. We took a bet on the price of gold. We thought that it would go down and we took a position". This we are sorry to say was not a good enough explanation and more of a display of shear arrogance. The firm went through a mauling only to escape battered and bruised by not only the markets but also the firms bankers led by Goldman Sachs. Had Mr. Jonah been the Chief Executive of a Japanese listed company, he would have done the honorable thing and handed in his resignation letter in Tears! My intention in is to explain why this should have been his response.

In the last week of September 1999, the price of Gold jumped by $11 to $281.10 per ounce in London. This was after 15 European central banks gave a surprise announcement on Sunday 26 September 1999 to curtail the sale of gold from their official reserves for five years. This decision had come in response to the Sharp fall in the price of gold since the UK Treasury had decided in May 1999 to sell 415 tonnes from its reserves. The decision not to sell was welcomed within gold mining circles. A rise in Gold's price it was argued will help gold mine operators hit hard by the collapse of the bullion price earlier that year. The bullion price as at 29 September 1999 was $281 per ounce nearly $30 higher than it was in August when it had reached its lowest for 20 years at $252. The price of gold was to surge to a new high amid volatile trading conditions. On 6 October, the price was fixed at $362.25 per ounce in the morning, before sliding back to $325.50 at the afternoon fix. This unexpected rise in the price of gold resulted in an increase in the long-term value of most mining companies.

Ashanti with reserves of 23 million ounces was in theory supposed to benefit from this price increase. However, this was not the case. The rise in the gold price put a negative value of $450 million on its derivative hedge book “contracts the company has entered into to reduce its exposure to a falling gold price” of a net 11 million ounces. Gold market participants questioned why Ashanti had hedged such an unusually high proportion of its total reserves. The negative value of $450 million on Ashantis' hedge book meant that its 17 hedgebook counterparties (banks with which Ashanti transacted its derivative business) could call margin deposits of $150 million. Further increases in the price of gold, could result in even larger deposits being called. If the counter parties where to decline to call margin and allowed the contracts to run to maturity, Ashanti could satisfy them with physical gold it had mined.

However, Ashantis' balance sheet was excessively stretched. It had over the last 5 years embarked upon a substantial capital expansion program. The firm had sought to turn itself into a Pan-African gold producer having acquired mines in Ghana, Guinea and Zimbabwe.

Ashanti in 1998 had produced 1.7 million ounces of gold and this was in recent years predicted to reach high of 2 million ounces of gold when its new Geita mine in Tanzania came on stream. The fall in the price of gold forced Ashanti to reign back its expansion plans. The main reason being Ashanti had made acquisition for debt rather than equity. Aware of this financial situation, and the potential associated liquidity problems, Ashanti had sought to strengthen its finances through a merger with another gold mining group. Thus on 5 October, Lonmin (a rump of the former Lonhro group) and Ashanti confirmed that they were in merger talks. Lonmin at that stage already owned 32% of Ashanti. As to whether this was a merger or a take-over was open to questioning. Reports had indicated that the two companies had been in discussion for some time, and Lonmin was yet to decide whether to make Ashanti a merger offer. Fred Ohene-Kena then Minister for Mines and energy commenting on the Lonmin Merger had stated "such a merger will enable AGC to become a major entity and have a competitive edge over other mining companies".

Thus, from the point of view of the Ashanti board, the rise in the price of gold was to come at a rather unfortunate time. The gold price rise and Ashantis' precarious situation was to result in a serious adverse effect in its stock price. This is because Ashanti did not have the liquidty to meet its margin calls and as a result sent a negative view about the firm amongst investors. The rally in gold resulted in a 50per-cent decline in Ashanti's' stock value. The stock price was to fall from $8.50 (a market capitalization of $890 million) to $4.62. The stock continued to plunge to a 12-month low of $3 on 6 October 1999 from an annual peak of $10.69 in January 1999. Ashanti at this stage had been completely wrong footed and was ripe for a take over. By far the largest quoted company in Ghana, Ashanti found itself in a financial debacle of enormous proportions after placing bets on the direction of gold prices. Ashanti had overstepped the delicate balance of using derivatives as a risk management tool and speculating with shareholders capital. The firm had hedged more than it was ever capable of producing for the duration the hedge deal.

Its problems where essentially due to its speculative hedging activity, which I am share holders where not aware of and the resulting cash flow issues. However since it had been completely wrong footed, it was liable for a take-over. John Hathaway of Tocqville Asset Management stated (in a report) that "as of June 30 Ashanti Goldfields was hedged 11 million ounces of production 50 percent of its reserves. According to Hathaway using "conservative assumption" the value of hedged book was $290 million. However, the asset would become worthless "if gold traded at $325; at $330, the company would begin to face margin calls". Hathaway wrote "The Ashanti hedgebook is a bet that the gold market would will remain quiescent and trouble free. Ashantis' sanguine view of the market is not unusual. Few in the industry are prepared to hope for a spike in the gold price, especially one which does not retrace".Well as events turned out Hathaway was not too far from the truth. As at 8 October 1999, the Ashanti hedgebook partly designed to protect profits resuting from a decline in the price of gold and partly as an alternative source of profits which I hasten to add is not the reason for hedging, had a negative value of $570 million at a gold price of $325 per ounce. With this negative value of $570m, Ashantis' bankers had the right to request cash deposits of $270 million as variation margin on the derivative contracts.

At this stage the question to ask is why was Ashanti so heavily exposed. Hedging is not a new financial phenomenon. It was used by the Egyptians before Christ to manage risk. Most commodity buyers and sellers use various forms of financial instruments as part of their financial strategy to protect or enhance their revenues. Generally Hedging is a means by which producers lock in to the current price of a commodity in respect to future production. Thus by selling forward producers can predetermine their revenue over a specific time period. This process of selling short enabled Ashanti to realise profits even when the price of gold was falling. Ashanti will have to hedge only a certain amount of its reserves since it will be able to physically deliver the gold when the hedging instrument matured. Thus although it will sell its gold at the prevailing market price, it would realise a profit on its hedging activity. The net effect will be that Ashanti would have realised the returns it had deemed acceptable as part of its financial strategy when it entered into the derivative contracts. Any increase or fall in the price of gold should under these circumstances have not been of concern to Ashanti since the net effect would be similar. However, Ashantis' hedging strategy was not designed on managing risk. It had crossed the fine line between using derivatives as a risk management tool to using it speculatively. Prior hedging activity had provided positive returns to the firm, and it begun to see these as an alternative source of its profits. Ashanti was taken positions in the gold derivative markets, which were much larger than actual production for the periods that these positions were open. As to whether it had systems in place which could capture and quantify these risk appropriately as well as the expertise to develops risk models which highlighted the firms worse case scenario is a question only Sam Jonah and Mark Keatly his then Chief Financial Officer can answer.

Several explanations have been put forward for this state of affairs. It is argued that Sam Jonah and Mark Keatly did not understand the nature of the derivative instruments they had entered into. This is an unlikely explanation because it was reported that Mr Keatly had boasted about having taught the investment bankers all they had to know about derivatives. For someone to make such a statement he must have known a fair bit about the instruments even if not their mechanics. Another explanation was that put forward by Mr Jonah himself that ". This has more to do with our address than our fundamentals, or the strength of our management". This excuse is not credible because Ashanti when agreeing and signing its derivative contracts would have agreed to the margin terms which were based on a credit assessment of the firm by its counterparts.

That Ashanti after its floatation has performed badly, could be easily explained as being due to the fall in the bullion price. However it has even under performed this benchmark. Ashanti after a disastrous management and financial strategy sought to rectify its performance by speculating in gold under the pretext of managing its risk. Mr Jonah had boasted that his firmed had earned more than $600 million dollars from hedging. Sam Jonah has not only let the shareholders of Ashanti down, but also the people of Ghana and Africa as a whole. He was entrusted with the management of the one of the few African companies listed globally, and he has not only underperformed the bullion price but almost sought to bring the company to its knees through rogue trading. Shareholders bought Ashantis' stock because they believed the company was prudent and financially sound. However as events have turned out its seems they would have been better of if they had invested their money in high risk gold futures and options. For the sake of Ashanti and to set precedence to weak ineffectual managers in Ghana and the rest of the emerging world Mr Sam Jonah and Mark Keatly must GO!!. Mark Keatly has already departed but now we await Sam Jonah to do the honourable thing. It is not too late.

Recent suggestions by Jonah that Ashantis stock is under performing because of the governments golden share are baseless and his attributing this to Ghana’s attractiveness to foreign investors shows how low this man can stoop to save his own damaged reputation. Investors where aware of the governments golden share when they bought the stock at over $25, and so was Lonmin when it acquired 32% of Ashanti. Furthermore I find it rather strange that the Ghana SFO, failed to bring charges against Sam Jonah since Ashantis speculative activity was not within the remit of the firm. If Tsatsu Tsikata is on trial today for financial impropriety, then so should Sam Jonah. They are both guilty of misallocating funds through speculative activity, Gold derivatives for Jonah and Crude Oil derivatives for Tsikata. Sam Jonah through Ashanti, introduced Tsatsu Tsikata to J Aron the commodities arm of Goldman Sachs.

For too long weak management in Ghana from the State to heads of Institutions have used external factors to cover their inefficiencies. In most circumstances the workers have been made to bare the brunt of the results of ineffective management.

The time has come for the people of Ghana to exercise their sovereign rights through their elected government. The government should not allow its desire to promote private business be abused by opportunist like Sam Jonah who seek to [our gold dust in its eyes.

Gold is our countries highest earner and we should be careful not to loose control of this asset. The Ghana government should seek to ensure it keeps a keen eye on the management of these firms. In short the government should not be passive in the event of such financial scandals. The recent example at Enron and the role of Ken Lay has laid bare the fact that corporate big wigs far all their schmoozing are dangerous and should be watched closely. For in this game the Barbarians are at the gate. No one individual is bigger than Ashanti, and as a company and for the sake of shareholders and the people of Ghana, Ashanti deserves better.

Raymond Taylor , London UK.

C.Y. ANDY-K 12 years ago

Sam Jonah's Mess At AGC
pic 55669785 – A CRY FOR ACTION FROM THE GOVERNMENT

Introduction
No one in the history of Ghana has caused more financial mess and losses by his singular action than Sam Kwesi Esson Jonah of Ash ...
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Sam Jonah's Mess At AGC
pic 55669785 – A CRY FOR ACTION FROM THE GOVERNMENT

Introduction
No one in the history of Ghana has caused more financial mess and losses by his singular action than Sam Kwesi Esson Jonah of Ashanti Goldfields (AGC). Yet, despite this rogue action by Sam K. Esson Jonah and his cronies at AGC, he continues to walk confidently through the corridors of power of the NPP administration. What Ghanaians do not know is that the largest derivative transactions which caused the highest losses in Ghana were deliberate “reckless” actions which have gone unpunished. Indeed, he has been rewarded. Because of Ghana’s pernicious habit of rewarding failure, incompetence and corruption with praise, adulation and awe, Sam Jonah, who lost $570 million, has succeeded in conning certain Ghanaians into believing that he is the Jack Welch of Ghana. By Sam Esson Jonah’s action, the share price of AGC fell by 37%.

Again, due to Ghanaian leadership’s proclivity not to act no amount of information leads to meaningful law enforcement and regulatory actions against Sam E. Jonah. The lack of enforcement and the disconnect between words and deeds is a painful failing of Ghanaian leadership. How could this happen and how can a man who lost the equivalent of ten per cent of Ghana’s total debts and the largest corporate loss in African history benefit from it and still be regarded by some as a hero or a man of substance?

AGC is virtually a bankrupt company. Its position is no different from Ghana Airways. According to AGC’s year 2000 annual reports, it has negative reserves of $270 million. Its current liabilities exceed its current assets. Indeed, at the end of year 2000, it had $185 million net current liabilities. According to AGC’s third quarter ending September 2001 financial results (latest publicly available), AGC has cash of $51 million and current liabilities (money due to be paid to its creditors) of $171 million. The problem is how AGC will pay this $171 million, if its creditors do not reschedule this debt, especially if AGC does not convince the Government to sell the golden shares, which I believe the government should not do. This is not the shining crown jewel that certain Ghanaians think AGC is.

With almost fifty percent of its reserves sold in hedging activities till the year 2013 and with the same management in place any savvy investor knows that AGC is not the place to put your money. The market is no fool! Ghanaians should not be fooled by AGC leadership’s attempt to use the restructuring necessitated by “reckless” management actions to stampede or steam roll them into giving away the golden shares, which gives the Ghana government certain veto powers on the operations of AGC in Ghana. The deliberate inclusion of this condition in the restructuring of the 5.5% Guaranteed Exchangeable Notes due 2003 MUST be flatly rejected by the government of Ghana and Sam Jonah and Lonmin plc’s bluff MUST be called! The government should then renationalize the mines and clear all those corrupt people parading in AGC.

This is not a story of the destruction of the environment in Obuasi and other places where AGC operates. This is another story in itself. It is sad and regrettable that as Sam Jonah continues to destroy the finance and mining base of Ghana, destroy the environment of Ghana and other countries in Africa and threatens and intimidates people who do not agree him, Mr. Kofi Annan of the UN, unaware of his actions has found it fit to appoint Sam Jonah as the only African member of the United Nations Secretary General’s Global Compact Advisory Council. It is sad that the Compact initiative promotes action of nine internationally accepted principles on human and labor rights and environment, the very things that are anathema of Sam Jonah’s being and style. It is equally sad that he is the Chancellor of the University of Cape Coast and a member of President Thabo Mbeki’s International Investment Advisory Council of South Africa, initiatives which are laudable but which Sam Jonah works against each day.

The Class Action Suit against Sam Jonah in the US As a result of his deplorable action, three class actions suits were commenced during the first half of year 2000 against AGC and Sam Jonah and other current and former directors including the former CFO, Mark Keatley. The suits were filed under the US Federal Securities laws in the US District Court for the Eastern District of New York. The allegations include non-disclosures and misrepresentation regarding AGC’s hedging position and hedging program. The three suits were merged into a consolidated amended Class Action complaint (CV-00-0717). On September 6, 2001, the plaintiff and defendants’ attorneys made submissions. The Judge will rule on whether the case should go forward or not. If the case goes forward, the charges may be expanded and the number of defendants and plaintiffs can be expanded as well. Meanwhile, one law firm is considering another derivative class action suit in the US. The law firm may either have a parallel suit dealing with certain classes of shareholders who are not covered by the current consolidated suit. Additionally, the attorneys may increase the charges and the defendants to include Lonmin plc, the auditors, Goldman Sachs and the then constituted board. The lawyers indicated they may also work with the lawyers in the current consolidated suit to seek unspecified damages including punitive damages.

It is important for legal experts and other interested people to read a copy of the 39 page suit which can be obtained from the internet. www.whafh.com/cases/complaint/ashanticmplt.htm .

The suit alleges that Sam Jonah and AGC orchestrated a pattern of withholding critical information from investors and enforcement authorities. Additionally, the suit alleges that Sam Jonah and his CFO converted Ashanti “…from a gold mining company into a financial entity that was speculating on future gold price volatility. It supports this allegation with a quote from Bloomberg Business News report of July 28, 1999, stating that the London branch of Investec Securities, in a report published earlier that month, had stated that: “The most remarkable feature of Ashanti is not the quality of its ore body, nor the skills of its mining team. It is the financial ability of its treasury department which has managed to construct a hedge position that insures the future of the mine well into the next century”

Again, the suit alleges that the defendants deliberately omitted data such as the strike prices and maturities of the various specific options contracts; the counterparty agreements and margin requirements; and especially the terms of the various exotic options contracts and lease swaps with embedded exotic options. Also, the suit alleges “Ashanti had not merely traded unwisely, it had materially falsely characterized its purported hedge book as a protective tool, and concealed the truth from investors. In fact, and unbeknownst to investors, Ashanti’s hedging had materially increased the company risk.”

Further, the suit alleges that ‘All of the defendants had motives to pursue a fraudulent scheme in furtherance of their common goal i.e. inflating the reported profits of Ashanti and the trading price of Ashanti shares by making false and misleading statements and concealing material adverse information. The fraudulent scheme and course of business was designed to and did (i) deceive the investing public, including plaintiffs and other Class members; (ii) artificially inflate the price of Ashanti shares during the class period; (iii) cause the plaintiffs and other members of the Class to purchase Ashanti shares at inflated prices; (iv) conceal and cover-up the individual defendants mismanagement of Ashanti”

Furthermore, the suit alleges that Sam Jonah and Mark Keatley “(a) employed schemes, and artifices to defraud; (b) made untrue statements of material facts and/or omitted to state facts necessary to make the statements not misleading; and (c) engaged in acts, practices and a course of business which operated as a fraud and deceit upon purchasers of the Company’s common shares in an effort to maintain artificially high market prices for Ashanti common stock in violation of section 10(b) of the Exchange Act and Rule 10b-5”

Finally, readers should appreciate that there is no substitute to reading the entire class action suit to appreciate and understand the nature of the activities of Sam Jonah and his CFO.

Effects of Sam Jonah’s abuses and losses

The effects of Sam Jonah’s reckless action on Ghanaians and the future of AGC are complex and continuing. The people of Ghana are paying. 2,000 miners lost their jobs in Obuasi. Another 500 casual workers were sent home. In Ghana, if one estimates that one working person supports about ten people one can conclude that 25,000 people lost their daily bread due to the deliberate reckless actions of Sam Jonah and his men. This is only one aspect of the story.

To appease the 17 banks and creditors Sam Jonah and his men gave sweetheart deals on warrants (options to buy shares) and attempted to offer AGC as a takeover target. Additionally, AGC sold half of its "jewel" the most promising gold project (Geita in Tanzania) to help pay for Sam Jonah’s follies and personal aggrandizement. By issuing 20 million warrants (equivalent to 15% of AGC) at $3, Ghana’s 20% in AGC was diluted to under 17%. Any Ghanaian who thinks Ghana owns 20% of AGC is painfully misled and sadly mistaken. Denial by Sam Jonah Notwithstanding the serious nature of his “reckless” actions, Sam Jonah is defiant and in denial of what happened. He is happy to cloak himself with the cloth of mismanagement rather than accept that his team operated a fraudulent scheme which turned AGC from a mining company to a financial company which its articles of incorporation do not authorize. To illustrate the still speculative nature of AGC’s hedge book more than two years after its first financial and liquidity crisis, one must look at the quarter ending September 30, 2001 financial report. For a company that produces approximately 1 million oz of gold a year, AGC purports to deliver 9.4 million oz of gold if the price hits $400. How can it realize this if this happens anytime in year 2003 to 2013? And where will it get $450 million to pay its margin call? This is the speculative and fraudulent nature of the hedging transactions undertook by AGC.

Also, he attributes the losses to mere paper losses. This is preposterous! How do we explain the lawsuit in the United States, the loss of jobs in Ghana, the exceptional write of expenses in 1999 and thereafter, the sale of part of Geita to finance the margin call, the near bankruptcy of AGC and the sweet heart deal, the issue of 20 million warrants? Future of AGC All these appeasements will not save AGC if the fortune of the gold price changes and a gold rally pushes the price above $350 anytime between year 2003 and 2013. The irony is that a gold producing company, AGC, hopes that the price of gold remains low from year 2003 to year 2013. If the price of gold rises above $350, AGC will be in the same soup again since its margin debts will mount again. Some have described AGC as “a prisoner on the run” while others consider AGC’s position similar to a cancer patient whose disease is in remission, but who runs the risk of the cancer reappearing. This is one of the main reasons why the price of AGC shares will not go up. This is because there is a hidden contingent liability which is not adequately disclosed to its shareholders but clearly known to the sophisticated investors in the UK, US, Canada, Australia and elsewhere. This contingent liability can run over a billion dollars if the price of gold rises to anywhere between $350 and $500. Gold prices cannot be predicted by anyone but expecting the price of gold to stay below $350 from year 2003 to year 2013 is a dangerous expectation for AGC. Government must act! Ghana should not wait for events to change. It must be proactive by acting. Because Lonmin plc and Sam Jonah are knowledgeable about the consequences of their actions in the coming ten years after year 2002 they will act with great alacrity. Sam Jonah and his Lonmin plc know that should gold prices go up, AGC will be bankrupt and Ghana with its golden shares and special provisions, as outlined in the 1994 prospectus, can obtain the mine lease and renationalize the company. This partly explains why Lonmin plc has tried to acquire AGC. Another strategy is to do away with golden shares and erase the provisions in the 1994 prospectus that allow Ghana to foreclose on the properties in the event of bankruptcy. This explains AGC’s current strategy of strongly persuading Kufuor and his men to do away with the golden shares. There are other ramifications on the golden shares discussed later.

Ghana’s government must end the arrangement whereby Lonmin plc manages AGC. This is because Lonmin plc has not acted in good faith or in the interest of all the shareholders, particularly Ghana. Indeed, Lonmin plc has acted against Ghana’s interest. Additionally, Ghana must remove Sam Jonah as the CEO and replace him with a more level headed quality manger who is not self–seeking, self-dealing, reckless and incompetent. Ghana must act to remove all the stock options given to Sam Jonah and his cronies as they plan to destroy Ashanti in order to enrich themselves. If Ghana fails to act, there will be serious consequences for the government. The Golden Shares debate The concept of the Golden Shares is not unique in Ghana or AGC for that matter. The name Golden Shares is not derived from the gold in which AGC operates either. The golden shares have been used extensively in privatizations in Singapore, Malaysia, Britain and other countries. In the sale of Malaysia Airlines, Telecom Malaysia, and other companies the Malaysian government used the golden shares concept to protect their interests. Golden shares were used in many privatizations in public offerings in Britain during the 1980s. The British government had golden shares in Jaguar and Britoil. The advantage in the golden shares is that it affords the government special rights which the government can choose not to exercise. The golden shares address political rather than legal or economic concerns. It appeases nationalistic interests.

It is important to understand that the golden shares are irrelevant and a red herring in any discussions about the share price of AGC and the ability of AGC to obtain credit if AGC is a solvent company. The veto powers embed in the golden shares provisions are of importance in discussions relating to any acquisition of AGC, a mining company whose operations have significant financial, political and environmental impact on Ghana. Gold mining is obviously an extractive industry with finite ore reserves and therefore governmental actions must be cognizant of that. If anyone believes a contrary position then the writer postulates that there is a grand design to sell AGC to either Lonmin plc for further sale for profit or to sell AGC to Termite for further sale for profit to another entity.

The golden shares provisions were embedded in the prospectus to secure Ghana’s interest. By including a request from Ghana to relinquish the golden shares, AGC, Lonmin plc, the bankers and potential creditors are asking Ghana to pledge the golden shares as ‘perpetual’ collateral security to enable them grant a loan without Ghana getting any meaningful consideration in return. This request for a collateral security has become critical for the lenders because they are aware that the potential for the collapse of AGC between 2003 and 2013 is very high since gold prices may rise above $350 during this period. In fact, if gold prices rise to $500, the level of 1987, AGC will have to pay a margin call of approximately $1.317 to $1.517 billion which it will not have. With the golden shares provision in place, Ghana can immediately re-nationalize its mines, continue operations of the mines without loss of jobs and fire all those so-called technical experts and employees including the CEO.

How did I estimate $1.317 to $1.517 billion margin call? As at September 30, 2001, according to AGC’s latest financials, the mark-to-market value of AGC was a positive $40.8 million at a spot price of $291/oz. The delta of its hedge book was $6.5 million, that is, each dollar increase in the price of gold adversely affects the mark-to-market value by $6.5 million. Consequently, if the gold price increases to $500/oz from the $291/oz price at the end of September, all things being equal, its mark-to-market increases adversely by (500-291)*6.5 million to negative $1.358 billion minus the positive $40.8 million mark-to-market value at the end of September. Consequently, a gold price of $500/oz will increase mark-to-market value to negative $1.317. Additionally, AGC risk could be higher if LIBOR interest rates move from their current levels of 2% to say 4.5%, AGC mark-to-market level with a gold price of $500/oz could increase by $200 million (10*20 million) to $1.517 billion. Further, this assumes that AGC’s Delta, Gamma and Rho calculation have been conservatively estimated by AGC. It could be worse if these estimates are incorrect.

The banks and the hedge counterparties want the government to relinquish its golden shares because a substantial portion of the AGC’s hedges still make it very vulnerable to gold price volatility as these hedges literally bet against future upward movements in the price of gold. These expected upward movements would bankrupt AGC as discussed in the preceding paragraph. However, the government through its golden shares could renationalize AGC in the event of its bankruptcy. The bankers want to make sure that the government of Ghana does not have the golden shares when such an event occurs so that they can get paid and Ghana is left in the hole.

Ghana owns shares in AGC. Indeed, it is the second majority shareholder. It cannot therefore say it will not be involved in the actions of the management of AGC. While it may be correct to remove ministers of state from its board, the government must appoint board members to represent its interest in the same way as Lonmin plc has appointed the CEO and board members to represent its interest. Sam Jonah and his cronies are certainly not acting in the interest of Ghana and any action intended to give Sam Jonah free rein in what happens in AGC will have serious financial and political consequences for Kufour’s administration.

According to President Kufuor "…gold remains the cornerstone of the economy and nothing would be done to subvert the gold market.” This also means that everything must be done to prevent the subverting of the gold market by anyone including Sam Jonah, a close confident of the president. Again, President Kufuor’s mantra ‘zero tolerance for corruption” implies that all illegal activities and corrupt practices should be exposed and actions taken. It is left to be seen what President Kufuor’s administration will do to Sam Jonah and his cronies. It remains to be seen whether President Kufuor and his NPP will act!

The golden shares must remain. If the golden shares are given away it will provide the enemies of AGC opportunities to destroy AGC and then enrich themselves if it is contended that the value of AGC will go up. Currently, Sam Jonah and his friends have formed a fund called Termite. The investment strategy of Termite is to “seek opportunities in Africa with short pay back periods and high potential for returns greater than 50% in real terms”. It is no wild speculation that should the government provide the right framework Sam Jonah and his cronies will come and buy AGC for a song and then sell it off for huge profits.

Sam Jonah’s presence on this fund led to the increase in the fund amount from $100 to $200 million. Due to secrecy and the deceitful disclosures of Ashanti and Lonmin plc it is difficult to determine the extent of Sam Jonah’s wealth, which is estimated to be between $50 and $150 million. However, one can glean from what was published by Minews when Sam Jonah accepted to join Termite’s committee (of which Mr. Algy Cluff who sold Cluff Resources to Ashanti and now runs Cluff Mining is a member). Though Minews could not link Sam Jonah’s acceptance to the immediate increase of the fund to $200 million from $100 million, it is clear that he has impacted the fund and increased expectations. Where did he get $100 million? Has he paid taxes reflecting this wealth and is all his wealth legitimately acquired or is it part of the corruption and double dealing that has bedeviled Ashanti Goldfields for ages?

According to Minesite.com “...bad management and corruption have always been a problem at Ashanti’s Obuasi mine in Ghana. Way back in 1997 Canadian contractors working out there complained that money due on work done was never forthcoming from the accountants unless a suitable donation was made. And when complaints were made to management they brushed them aside, as were queries about who skimmed commissions on major plant and equipment acquired in South Africa.” It is also not out of the question to surmise that if the wealth accumulation allegation is correct then Sam Jonah may have evaded taxes.

Again, if the golden shares are removed Sam Jonah will seek to make huge gains if it is contended that AGC value will rise. After all “The Chief Executive (Sam Jonah) said that it was only when the “Golden Shares was removed that investors would do business with Ashanti on the stock market or “play the game” with Ashanti” This is because he and his board have given him performance options (in the wake of his disastrous performance which has brought the company to its knees). As of December 2,000, Sam Jonah had been given 290,000 stock options despite his poor performance. These options are worthless in so far as the stock price is pocket change. If the golden shares are removed and the provisions which allow Ghana to take over the mines in the event of bankruptcy are removed the price of AGC shares may (in the mind of Sam Jonah) rise by say $20. This means Sam Jonah can expect to reap approximately $6 million. We must not let this happen to our country and we must not let this man prosper for his incompetence and deliberate “reckless” actions!

Additionally, Sam Jonah contends that the share price of Ashanti is undervalued because of the presence of the golden shares. This is very incorrect because the presence of the golden shares did not prevent the share price reaching $27. So how can it be the factor explaining the low price of AGC? Poor management, “rogue trading” in derivatives, and the presence of a major contingency that can run over $1 billion which are some of the factors that contribute to the low share price of AGC. Unless the management structure, including the CEO, is replaced it is inconceivable that the price of AGC will appreciate significantly in the foreseeable future. One should note in passing that commodity price increases lead to corresponding increases in the share prices of companies in the mining of the relevant commodities. However, in the current state of AGC gold price increases will produce corresponding adverse or negative price movements of the share price of AGC.

Given the current management structure, the golden shares provide a check, a unique security, that protects Ghana’s interest. Additionally, Lonmin has been on record that it wants to be a platinum company. To achieve this, it wants to sell its 32% stake in AGC. This is impossible if it cannot take over AGC through the removal of the golden shares and the increase in the price of the shares and thereby sell AGC at a huge profit to itself. Kufour and his NPP must not let this happen since such activities would have political repercussions for the NPP administration.

Furthermore, Sam Jonah contends that if the golden shares are not removed “the mining company will not survive the mergers and acquisition in the gold industry.” The golden shares provision is specifically designed to prevent AGC from being swallowed by interests working against Ghana. For this reason the golden shares must remain.

And if all of this does not get through to the NPP administration then let me paint a vivid picture of the gloom and doom (which will make an indelible mark in the minds of my readers) of what can happen if the golden shares are relinquished. I am a poor soothsayer. Take a scenario by fast forwarding time to events at the ides of March 2004 when gold price rallies all of a sudden to $500/oz and AGC is bankrupt because it cannot get $1.5 billion to pay its margin call. The bankers and creditors arrive from Britain and elsewhere and close all the mines, sell of the assets and lay off about 11,000 miners in Obuasi, Bibiani and other places. The miners, their families, friends and sympathizers angry about the loss of their jobs and the failure of the government to protect and secure their jobs because of the relinquishing of the golden shares mount demonstrations with sticks, pick axes, shovels, knives, bows and arrows, cudgels, etc and chant war songs in the streets of Accra, Kumasi, Sekondi, Takoradi, Obuasi, Bibiani, Ayamfuri, Cape Coast, Tarkwa, Prestea, Bogoso, Aboso, Akwatia, Kibi, Kade, Nsuta, etc.

The opposition parties, in particular, the NDC, seeing “raw meat” and blood and taking advantage of the situation, the easy going tolerance of the government and the grave nature of the economy whip nationalistic sentiments and fervor which becomes a rallying cry for an immediate change. There is commotion everywhere. It is all over! It is the end! It is Argentina repeated in Africa!

Meanwhile, Mr. Sam Jonah and his cronies aware of the impending crisis have flown to Britain in a private jet and sought political asylum and refuge in Good Old Great Britain. Sam Jonah, his family and friends then watch this spectacle unfold in Ghana on British TV and CNN as they quaff expensive drinks such as Johnnie Walker black label and eat bacon and eggs in their beautiful and expensive mansions. Then again, it may not be that dramatic. But, is it far from real? President Kufuor and the top NPP administration, please watch out, because you do not want to step on a land mine. My advice is do not turn the golden shares into a hangman’s noose. This Golden share issue is like toxic waste that sits quietly and will one day contaminate the whole economic, financial and political system if not checked! Sam Jonah’s defence Sam Jonah has tried to explain his deliberate actions in a number of ways. First, he plays the race card to defend himself. He refuses to accept his responsibility for the largest loss in the history of Ghana by a company CEO. He says AGC was treated that way because of its “address” meaning because its offices are based in Accra, Ghana. This is nonsense! This is the man who does not fail to rub shoulders with white men and women if he can. He courts awards by choosing board members such as Lynda Chalker (UK) and Chester Crocker (US) so that they can defend him for his actions when he is in trouble. Further, this is a man whose presence at AGC is supported by his white masters, Lonmin plc!

Another weak argument by Sam Jonah for the loss due to the derivatives was that he was merely “reckless” implying he did not think through or understands his actions. This is hogwash! Sam Jonah and his board knew they were entering one-sided bets on the price of gold. Sam Jonah and his associates became aware of Barrick’s representative Peter Munk at gold conferences. Munk touted hedging for profit purposes. Barrick has been recognized as “the initiator of hedging as a profit earner, rather than as a basic form of insurance”.

The success of acting in this deliberate reckless manner led to boasts by Sam Jonah. At one point it was opined that AGC’s success was not based on its ore, or its mining team but its treasury activities. The actions of Sam Jonah and his board were in contravention of its own policies clearly stated in its 1998 annual report “hedging instruments such as forwards, swaps and options are used to achieve those objectives and the portfolio is actively managed. Maximum use is made of contracts that preserve exposure to upward gold price movements. The hedging program is subject to strict risk management controls and is reviewed closely by the board of directors.” Ghanaian Voice raises concerns The Ghanaian Voice in its article “AGC, What’s happening?” raised certain issues that the government of Ghana should address. Of course, it raised the issue of the Technical Services Agreement (TSA) which is flawed in the sense that it allows only Lonmin plc “to make procumbent for Ashanti – a situation that is obviously dangerous and has a high potential for abuse”. The continued presence of the TSA implies one of two things. Either Lonmin plc is using the TSA to fleece Ghana by obtaining a return on their capital and a return of their capital or Lonmin has failed to train qualified Ghanaians to take over the management of the company. Either of these scenarios implies Ghana should end this deal. What is Ghana paying approximately $2 million for? Is there any exit strategy or clause to end this awful arrangement? If Lonmin over ten years cannot train Ghanaians to run AGC then it must pack and go?

Additionally, “Lonmin’s agent also heads the Charitable Donations Committee – a slush that gives him access to monies that can be easily directed to influence others to write policy in a favorable direction and/or to overlook obvious acts that are not in the interests of the people of Ghana.” It is important for the government of Ghana to audit this committee for the past fifteen years and determine what the fund has been used for. It is important to determine who the constituent beneficiaries are and whether the committee overseeing the fund has been using this fund for its prescribed legal purposes. Allegations of payments to newspaper reporters, editors and publishers of $1,000 a month to keep mum about Sam Jonah’s activities or write positive articles about Sam Jonah and AGC as well as write negative articles about the adversaries of Sam Jonah have been made. Such allegations are troubling indeed and need investigations.

Even more troubling is the allegation made about swap agreements with Lonmin – gold for platinum swaps. The paper alleges that the swap agreement allows Lonmin to assume the risk/reward profile of owning AGC and effectively results in a back-door way to have the same benefits as owning the company. The government of Ghana must investigate this and act to remove those involved from AGC if this is found to be true. The government of Ghana has the right to act by ejecting Lonmin plc from Ghana if it is found to operate in a fraudulent way using its surrogates.

Comparison of AGC losses with the losses of Enron in United States The losses in AGC were the largest in Ghana and African history. The Enron collapse is the largest in US history. The US Justice Department has started criminal investigations against Enron’s top echelons. No criminal investigations have been undertaken against Sam Jonah and his cronies. I strongly urge the Attorney General and the Minister of Justice Nana Akuffo Addo and the President of Ghana, John Agyekum Kuffuor to start criminal prosecutions against Sam Jonah and all who were participants in this “reckless” action. The laws of Ghana must be enforced. Again, I ask the NPP dominated parliament to start hearings about criminal activities related to the debacle in AGC. In order to realize its objectives, parliament should sequester documentations and information from Sam Jonah, AGC and any person who has prepared any report on AGC.

No criminal investigations in AGC can be complete unless a full investigation into certain activities in AGC. In particular, the charitable donations fund discussed earlier should be investigated to determine if it is an arm of corruption in AGC. Additionally, all major contracts, capital expenditures and contracts for consulting services and materials and supplies of AGC for the past 15 years should be investigated to determine their performance, legality and absence of conflict of interests. Again, the government should investigate all contracts between AGC and Kwesi Ndoum and Deloitte and Touche to determine whether contracts were performed or not. Specifically, the government should investigate a purported $5 million contract for information systems which is alleged not to have been performed or poorly performed by Kwesi Ndoum despite payments being made. It is important to determine who has been awarded contracts, if they are foreign companies, who are the agents, were commissions paid and to whom were they paid, were taxes paid on these commissions and were these agents and companies’ fronts of Sam Jonah and his cronies. There is a need to follow the money paper trail to determine allegations of self-dealing and conflicts of interests which is not reported in accordance with the law of countries where AGC is listed.

The people of Ghana are watching to determine if President Kufour is engaged in electioneering slogan when he talks about “zero tolerance for corruption” or whether he means business. No amount of tough talk and lip service to issues of morality, integrity and the rule of law will get in the heads of Ghanaians if it is seen that certain well-placed Ghanaians like Sam Jonah and his cronies can flout the law with impunity and believe they are untouchable and above the law. The essence of the rule of law is that no one is above the law and no one is below the law. For certain citizens to be left free because of their connections and associations derived from their alleged ill-gotten gains makes any talk of “zero tolerance for corruption” hollow. The President of Ghana and the Attorney General and Minister of Justice must enforce the law without consideration to personalities! We musty strive to be a “land of laws” not a “land of men”. The Bet (CHA CHA) Mr. Sam Jonah played “cha cha” with the people of Ashanti Goldfield’s money. This is a classic case of moral hazard and what one calls deliberate reckless use of OPM (Other people’s money). True to Sam Jonah’s form, he was on both sides of the transaction. He moved swiftly to the political corridors of NPP to become a pillar of influence and destruction again. Today, he sits with Kufour and recommends board members, cabinet level appointments and holds veto powers on appointments of people of integrity he is afraid will expose his alleged fraudulent dealings. Ghana Airways Sam Jonah is now Chairman of Ghana Airways after his appointment by President Kufuor. Sam Jonah will do to Ghana Airways what he has done for AGC which was in a far better shape when he took over. And it is his intention to destroy this airline (which Rawlings prevented him from doing when Sam Jonah previously served as Chairman.) In United States and in certain European countries, including Britain, Sam Jonah would have been banned for life for holding any directorship in any public company or holding any public office as a result of his actions. In Ghana, however, the position is painfully different. To Sam Jonah, the change in government means he has a new pal. Instead of Rawlings who plucked him from the obscurity of the deep mines of Obuasi he now has President Kufuor who he helped to complete the roof of his political house after failing to support him to complete the foundation and the walls.

Attention must be drawn to the fact that Ghana Airways is in trouble partly created by Mr. Sam Jonah when he was Chairman of the board of Ghana Airways. He is back again like the vulture to finish off the carcass. Sam Jonah has gone around telling people that President Kufuor forced him to take over this responsibility. Further research showed that he asked to be put there for giving money to the President’s campaign during the 2000 elections, something he refused to do in the 1996 election when he was eating and drinking with Jerry Rawlings, his former pal turned political foe. The SFO Report While these dealings are going on, Sam Jonah and his cronies in AGC have been given a clean bill of health by the Special Fraud Office, (SFO). SFO has become an arm of the criminal elements of Ghana. They have a price. This is an organization which is alleged to have cleared P. V. Obeng of any impropriety in the P(NDC) and their wanton destruction and kleptomaniac actions of the past two decades. Any serious professional will discard any statements or reports from this outfit since they only produce documents of fraud. To all intents and purposes, this is a fraudulent organization which needs to be shut down and Mr. B. A. Sapati and his cronies sent packing to jail! The reports they produce are questionable and are not credible. It is a big stretch for the SFO to “exonerate the management of AGC from any act that could have led to financial loss to the state.” The so-called lack of “evidence of collusion or criminal intent to commit fraud by the company” can only deceive the minds of the ill-educated over whose eyes they intend to pull wool.

According to a former employee, “He negotiates with himself.” This means he is on both sides of agreements or contracts. He sells to himself and therefore fixes his price and takes the profits with collusion from several operatives. This is the alleged stock in trade of Sam Jonah. Sam Jonah’s activities are supported and known by Lonmin plc as well as even the external auditors, Deloitte and Touche employed by Ashanti Gold. More of that later. Overwhelming Case for Criminal and Civil Case Action There is an overwhelming and compelling case for both civil and criminal actions against Sam Jonah, the Board of Directors of Ashanti Goldfields, Lonmin plc, Goldman Sachs and Deloitte & Touche, the accountants. Additionally, there is the opportunity to recover the $570 million and place Sam Jonah and his friends in bad jails. NPP and President Kufuor came to power with zero tolerance for corruption as their mantra. If President Kufuor and his government attempt to shirk their fiduciary responsibility to pursue this case, President Kufour and his NPP will be perceived as inept, negligent, and incompetent. President Kufuor, by his election, became the number one public servant of the nation. The people have entrusted him with the responsibility to safeguard the assets and wealth of the nation.

In collusion with accountants and consultants? – The outside auditors may be liable Sam Jonah’s affair with Deloitte and Touche gained some notoriety when Kwesi Ndoum was their top consultant in Accra. One must note that Kwesi Ndoum is not an accountant. There is evidence where Kwesi Ndoum was both a board member and a consultant of Ghana Airways when Sam Jonah was Chairman of Ghana Airways under Rawlings. An SFO report has described the problems of Kwesi Ndoum. The relationship has endured to the point that even though Kwesi is ‘no more there’, the cozy relationship continues to exist.

A look at the auditor’s 2000 report shows the presence of either obvious corruption or gross incompetence and neglect. The future of Ashanti Goldfields as a going concern became questionable after the deliberate “reckless” action of Sam Jonah and Mark Keatley, his CFO in the derivatives transactions. The auditors decided to draw readers’ attention to this issue under “Uncertainty relating to banking arrangements” in their report. “In arriving at our review conclusions, we have considered the adequacy of the disclosures made in note 1 to the financial information concerning the uncertainty as to the Group meeting its commitments under the terms of its banking arrangements. In view of the significance of the uncertainty, we consider that it should be drawn to your attention, but our review conclusion does not require modification in this report.”

This is a deliberately badly worded report. There are two things wrong with this report. Though disclosure is very important in accounting, what needs to be commented upon by the accountants is the reasonableness of the assumptions underlying the cash flow projections without which the going concern principle is not applicable. Auditors are loathe to qualify accounts using the going concern principle since it is a self-fulfilling prophecy. However, in this case, it would have been appropriate to have assured shareholders, who include Ghana, that the assumptions underlying the cash flow projections are reasonable and that the company will be able to meet its cash obligations when they fall due. Commenting on this disclosure either deliberately missed the mark or was an act of incompetence or at worst corruption. Are the auditors saying their silence means they are happy with the assumptions?

Again, to the layman it is not clear what the auditors mean by “modification in this report” and what report the auditors are talking about. Are they talking about issuing a going concern qualification in their audit report or are they talking about providing the results of Ashanti on break up values if the going concern principle is not applicable? The auditors failed woefully and they should be removed since on the face of it they are compromised or incompetent.

Additionally, the auditors should have drawn the attention to the readers of the annual report of AGC to the hidden contingent liability in the event that gold prices rise over $350. As stated earlier, if gold prices rise above $350, AGC will be bankrupt. The material aspects of the financial position of AGC was either deliberately or negligently left out of the auditors’ report and discussions on Forward Looking Statements fail to discuss.

Further, the disclosure in the forward looking statements is woefully inadequate. It is a discussion of general issues affecting any mining business. The accountants and the auditors could not present forward looking statements that reflect the specific experience of Ashanti Goldfields. And yet there are several issues in the report that need to be discussed in the forward looking statement including the special effects of the hedging, the cash flow projections, the effects of a gold rally sending the price of gold above $350, etc. It is understandable that the current CFO may be as inexperienced as the former; however, it is the ultimate responsibility of the auditors to improve the presentation and the disclosure of information for the benefit of their client.

The author has argued that the auditors are liable for civil action for their part played in the derivatives scandal. This is because the notes to the financial statements of 1998 which they audited stated ““hedging instruments such as forwards, swaps and options are used to achieve those objectives and the portfolio is actively managed. Maximum use is made of contracts that preserve exposure to upward gold price movements. The hedging program is subject to strict risk management controls and is reviewed closely by the board of directors.” This statement is not correct since the derivatives were used as speculative instruments and not as insurance. Thus, the audit report is incorrect and misleading. A legal action against the outside auditors is therefore in order. They should have informed the shareholders of the consequences of the price of gold going up due to the execution of one-sided bets on the price of gold. It is correct to say that the external auditors can be faulted for faulty auditing and dubious assurance. Goldman Sachs may be liable There have been many articles about the role of Goldman Sachs in the derivatives debacle which almost sunk and may ultimately sink AGC. The Financial Times of London wrote an article about this affair under “How Goldman ruined and savaged Ashanti”. Another outfit writes “GATA believes that Ghana’s gold mines are more that country’s patrimony that prey for Goldman Sachs and its colleagues in conflict of interest, plunder, and fraud.” The efforts of Goldman Sachs to keep AGC afloat is to prevent the Ghanaian government’s exercising its right under the 1994 prospectus which allows it to take over its mine lease and thereby renationalize the mine and rebuild it without Lonmin plc.

Goldman Sachs played a role in putting AGC in the mess and then “made a bundle bailing the company out, minus a good deal of its innards”. “Goldman Sachs multiple roles as corporate adviser to Ashanti, seller of over-the-counter financial derivatives, and trader in the bullion market raises some ethical questions. Though they admit “with hindsight some of the derivatives it sold Ashanti may not have been ideal for a heavily-indebted company” they have failed to share any of the losses of the company. It is my humble opinion that Goldman Sachs role should also be investigated. Lonmin plc’s may be culpable Lonmin plc is vicariously responsible for events in Ashanti Goldfields perpetrated by Sam Jonah. This is because Sam Jonah is an employee and board member of Lonmin plc. Indeed, Sam Jonah is tied at the hip with Lonmin plc. How else will you explain Lonmin’s continuously paying performance and other bonuses to Sam Jonah for his disastrous performance? How else does one explain Lonmin plc’s action in deceiving and defrauding shareholders of Ashanti and Lonmin plc by not accurately disclosing the constituent elements of the total emoluments of Sam Jonah in accordance with British laws? How else does one explain Lonmin’s refusal to fire Sam Jonah for his deliberate reckless actions? Despite credible concerns of investors, Lonmin plc continues to have confidence in Sam Jonah. Is that the way companies are run in Britain and South Africa? Lonmin plc by its actions has become an engine or a vehicle of fraud and corruption against Ashanti Goldfields’ interest and the interest of Ghana.

Lonmin plc’s dealings in AGC lack the transparency that a shareholder accorded a good faith de facto manager of its mines by a poor government interested in harnessing its extractive resources of unique importance must possess. The lack of transparency breeds serious credibility problems for Lonmin plc. Again, Lonmin plc’s dealings appear to continue the ruthless nonchalant attitude of Tiny Rowland of yesteryears. Lonmin plc’s commitment to AGC is at best as a gold digger in an actual and literal sense and at worst as a blatant mercenary. It is highly disconcerting that a quoted company of this stature can stoop to operate in another country with impunity and little or no respect for its people, land, laws and elected officials. Lonmin’s actions provoke only one feeling or reaction from any patriotic Ghanaian – a complete and absolute lack of confidence and contempt for its machinations. All protestations about “technical and service charges” are a sham way to transfer value and resources from AGC to Lonmin plc and its prot?g? Sam Jonah. It is a calculated action by Lonmin plc to treat Ghana and its people with utter disrespect and contempt. The strategy of Sam Jonah and Lonmin plc. I have argued elsewhere that Sam Jonah and his bosses knew the implications of the one-way bet. To Sam Jonah and Lonmin plc it was a win-win affair. They could not lose. This is the grand strategy. If the price stays down, Sam Jonah wins because he can obtain great praises and adulation for being the best manager in Africa. If the price went up, which it did, he and Lonmin plc can buy AGC for a small price and then extract gold with no control out of Ghana. This grand design and strategy will only work if Ghana gets rid of the golden shares. Disclosure of total emoluments in accordance with British laws In accordance with British laws, all directors’ emoluments including salary and fees must be disclosed and itemized. In Lonmin’s annual report, “Mr. Jonah was paid no fees as a Director of the company. He is an employee of Lonmin plc, but is also Chief Executive of Ashanti Goldfields Company Limited, which company reimburses Lonmin plc all his remuneration and benefits and would reimburse any termination payments made to him.” The amounts which are reimbursable should have been itemized and disclosed. While it is possible that no fees are paid, it is obvious that a salary is paid to him and reimbursed by Ashanti. However, Lonmin plc refuses to disclose this in accordance with British disclosure provisions. In fact, Lonmin plc lied by stating that the salary and fees are zero. If that is correct then all the salary reimbursed by Ashanti must be returned.

Additionally, Lonmin has instituted a contingent liability on AGC which acts like the proverbial Damocles sword. Should Ashanti Goldfields decide to terminate Mr. Jonah, God help Ghana for the golden handshake which will make Ashanti rethink ever firing him! This is a classic golden handcuff. Lonmin plc is forcing Sam Jonah on Ashanti and this is entirely improper. If Sam Jonah is an employee of Lonmin and if Ashanti does not want his services, he should be removed with no recourse to AGC. It must be Lonmin’s responsibility to find him another job to do or compensate him if they so deem. If he is not worth anything to Lonmin plc when he leaves AGC it tells a lot of what they think of Sam Jonah.

Further, one needs to state in passing that the realization of any gains abroad and the payment arrangements between AGC and Lonmin plc may have certain tax implication for Ghana and may be of interest to the Internal Revenue. There is a high probability that Ghana’s tax laws may have been broken by Sam Jonah and Lonmin plc due to the awkward arrangement and the lack of transparency by Lonmin plc in disclosing the salary of Sam Jonah.

By this financial trickery and creative accounting Lonmin plc and Sam Jonah are able to deceive Ashanti Goldfields and Ghana about the total emoluments of Sam Jonah. Ashanti and Lonmin plc do not disclose this amount since Ashanti embed this in their disclosure of related party transactions. “The company’s principal shareholder is Lonmin (32%) which provides technical services and the services of Mr. S. E. Jonah to the group for which it received US$1.8 million (1999: US$1.8 million) for the year. Meanwhile as these shenanigans continue, Sam Jonah, who does not believe in what he preaches or who has come to believe his own lies, speaks of the current ‘...government’s commitment to transparency, support for the private sector and its determination to work with AGC, the company would reciprocate by working in partnership to ensure the maximum value from AGC.” This blows the minds of honest citizens. Who is this guy speaking? Lonmin plc’s rewards to Sam Jonah For doing the work of Lonmin plc, Sam Jonah has been paid Lonmin stock options. Apart from the AGC options, Lonmin plc also pays Sam options. As at November ending, 2000, Sam Jonah had 184,817 stock options which had not been exercised. This is after exercising his options of 7,732 shares and gaining in excess of 35,517 pounds sterling. Of course approximately, 11,993 options expired and were not exercised by Sam Jonah. These options are handsome payments for fronting the activities of Lonmin plc. It is therefore not surprising when a stock broker in Ghana said of Sam Jonah, “Who does he think he works for. Ghana?” And by the way did Sam Jonah pay taxes on these gains?

Due to the reckless actions of Sam Jonah the share price of AGC is pocket change. Thus, stock options issued by the AGC to themselves are in the water. Massive stock options which dilute Ghana’s interest continue to be heaped upon board members and certain exclusive employees. In order to prevent the loss of the stock options due to the low price of the shares resulting from the board’s own actions and inactions, the board in May 2001 cancelled the stock options given to themselves and certain management and reissued approximately 470,000 stock options to replace them at the low price of about 2 dollars. Sam Jonah received 260,000 options. This means that should the share price reach say its highest of $27 Sam Jonah would receive $6.5 million and the board and management would receive approximately $12 million. Sam Jonah, the board and the management should not be allowed to reward themselves for their poor performance. The action of canceling and reissuing stock options at a lower price defeats the whole purpose of the stock options. Directorships Sam Jonah is a member of several boards. These include First Atlantic Merchant Bank, Limestone Products and Lonmin plc. He has interests in MetLife, General Leasing and Sterling. Sam Jonah, Dr. Danso of Zimbabwe and Mark Keatley own Met Lab. Jonah on the advisory board of Modern Africa, a growth and investment limited liability company, established to invest in Sub-Saharan Africa, with Dr. Chester A. Crocker, a board member of AGC, Ellen Johnson Sirleaf and C. Payne Lucas of Washington DC.

Modern Africa now owns Phyto-Riker Pharmaceuticals, previously GIHOC. Dr. Fred Boadu, mentioned in the famous Serlomey case is Executive Vice President, Global Agriculture.

Modern Africa has investments in Databank Limited, Liquid Africa Holdings Limited, NetAfrica Limited, Warsun International Communications Corporation, Flamingo Holdings Limited, Africa Broadcast Network Limited, Afsat Communications Limited and Cora de Comsar, S. A.

Also, Sam Jonah is a member of the Termite Fund which is discussed elsewhere in this article. Additionally, he is a director of Ecobank (ETI), Camborne School of Mines, (CSM), (Exeter University) Trust; New Africa investment limited (NAIL) and the Commonwealth African investment Fund (COMAFIN).

Additionally, he serves on the Governing Body of the School of Oriental and African Studies of the University of London (SOAS) and the advisory board of the Africa Regional Advisory Board of London Business School. Further, he is the Chancellor of University of Cape Coast and a member of President Thabo Mbeki’s International Investment Advisory Council of South Africa. Furthermore, he is a member of the UN Secretary General’s Global Compact Advisory Council. Again, he serves on a board created by Asantehene. Finally, Sam Jonah is the Chief Executive officer of AGC and Chairman of Ghana Airways, two of Ghana’s ailing companies.

The legitimate questions my readers must ask are simple. Does this man have the time, energy, focus, attention and let alone the genuine interest to run AGC and Ghana Airways (which interestingly does not have any substantive CEO), two companies which are virtually bankrupt? Is it in Ghana’s interest to allow a person who has admitted to being “reckless” in the management of one of Ghana’s crown jewels, AGC run any Ghanaian company let alone the two ailing crown jewels? Is it proper to allow Sam Jonah to monopolize and commandeer two very critical and important areas of the Ghanaian economy; a man who is very willing to accept that he ‘mismanaged” AGC, a man who some believe is fraudulent and has cost Ghana dearly? Can we allow a man who is so extended to look at the interests of two very critical companies; companies which to all intents and purposes are the only windows of Ghana to the corporate world?

Recently, he resigned his membership of another board because he wanted to concentrate on AGC due to its ailing status. It is therefore not clear to many why he then took over the Chairmanship of Ghana Airways, Ghana’s ailing crown jewel. Is it because he is only interested in ailing outfits or is it part of his grand design to control all the important facets of Ghana’s economy. The control freak argument is supported by anecdotal remarks by many Ghanaians that Sam Jonah now has control of many of the leading newspapers in Ghana. All his involvements may not have been covered since Sam Jonah sometimes uses fronts and we are able to verify only the publicly available information.

Again, the control freak argument gathers momentum if one considers his influence now over the King of Asante and the President of Ghana. S. E. Jonah’s proximity to both Asantehene and President Kufour should raise concerns among their advisors, given what has been discussed in this paper. To show his power and influence he ensures that board representations by Kufour have his man or woman. He ensures that even any board created by the King of Ashanti has his foot print. All this is part of his calculated action to run for President in 2008. Under which party? God only knows. Remember, there was an Ackah Blay-Miezeh who purported to have millions of pounds and started a party. There was a Gbedemah who purported to be rich and tried to carry the mantle of Nkrumah. Do you remember Nyanteh who wanted to change Ghana’s currency into pounds sterling on becoming President? All these men failed miserably despite their purported wealth. Well, Sam Jonah wants to be the first to be successful by fair or foul means. How does Sam Jonah get away with this? Sam Jonah is able to get way with his strategy of being an influence peddler and an insider of Rawlings’ and Kufour’s governments by doing little things. He will provide you the goodies you want. You want to have fun? I will provide the resource. Are you on your way to Kumasi for a funeral? Please use my private jet. This is the bribe which many people have unwittingly become accustomed to. You are returning from a celebration in Kumasi which Sam Jonah also attended. Can you join me on my jet to Accra? This man runs his private life through AGC. This includes paying for all types of services including dubious entertainment through AGC and no one checks him. It is for this reason that some said ASHANTI is an acronym or mnemonic for “Always Sam Has Appropriated Numerous Tantalizing Interests.”

It is about time Kufour and his men act by taxing him and by making the AGC board fully accountable so that AGC does not continue to be his private fiefdom. Enough is enough! For every cedi stolen from AGC to bribe anyone, Sam Jonah gets returns in excess of hundreds of cedis for himself. You should bear in mind that it is no different from what we have heard of Rawlings inviting Maya Angelo or Stevie Wonder in a Ghana government plane on a fan tour. We complained about that. It is time to act on it! It is about time Ghana and Ghanaians stop this pernicious habit of rewarding failure and corruption with praise, honor and awe. Let us rekindle the spirit of meritocracy.

Sam Jonah uses the stick and carrot approach to get his way. If you want to expose him he may offer you a job. If you refuse, he will then issue threats. Despite the fact that this author has been concerned about the activities of Sam Jonah since 1998, when he discussed his concern with an AGC official at Harvard Business School, Sam Jonah would like the author and others to believe that it is his reluctance to appoint the author to the position of CEO of Ghana Airways which is the motive for exposing Sam Jonah’s activities. Infact, the opposite is true. The author has resisted efforts by Sam Jonah silence him in exchange for an appointment. In April 2001, Sam, Jonah called the author in the United States and issued a quid pro quo demand in an attempt to silence the author’s concerns about Sam Jonah’s and Kwesi Ndoum’s activities in exchange for his appointment. The author vigorously resisted it. Others have asked him to do so and he has resisted.

True to Sam Jonah’s form he has issued veiled threats in the form of “a raft of libel cases”. Indeed, Sam Jonah writes in an email to the author on January 10, 2002, that “…many of the other individuals and organizations that you cast serious aspersions against without proof might make your life even more unpleasant than Sam Jonah ever would or could” I have been advised by people who have worked with and known Sam Jonah at various stages of his life that he is capable of vicious and violent actions, including murder, against me because of my exposing him. It was therefore no surprise to me when he did actually issue these threats on paper in cryptic form and coded language. He believes he is above the law.

The author has taken the threats seriously and has sought legal help. This is because the author now believes all that has been said about Sam Jonah with respect to his machinations and Machiavellian style of operations. In particular, they have made him to believe that he can exact bodily harm and injuries including murdering. My belief is based on the following facts. Sam Jonah operates in a mining industry which tends to attract a violent set of people. Additionally, Lonmin plc is an offshoot of Lonhro, a company that used to hire mercenaries to protect its interest. Lonmin plc is a South African company and South Africa did experience violence during the bad old days of the apartheid. Thus, it is very important for anyone dealing with such “individuals and organizations” to treat their threats with the utmost seriousness. While law enforcement is lax in Ghana, one would hope that this will be an opportunity for President Kufuor to step up to the plate. In the United States the story is different, since his influence is minimal and the law usually not always catches criminal acts.

Part II

CHARLES KWAKU AMOO-ASANTE,
202.277.9466,
P. O. Box 39280,
DC 20016, kotoko2000@hotmail.com, kotoko2000@yahoo.com

Source: Amoo-Asante, Charles Kwaku
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C.Y. ANDY-K 12 years ago

CONTINUATION

Further, one needs to state in passing that the realization of any gains abroad and the payment arrangements between AGC and Lonmin plc may have certain tax implication for Ghana and may be of interest to the ...
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CONTINUATION

Further, one needs to state in passing that the realization of any gains abroad and the payment arrangements between AGC and Lonmin plc may have certain tax implication for Ghana and may be of interest to the Internal Revenue. There is a high probability that Ghana’s tax laws may have been broken by Sam Jonah and Lonmin plc due to the awkward arrangement and the lack of transparency by Lonmin plc in disclosing the salary of Sam Jonah.

By this financial trickery and creative accounting Lonmin plc and Sam Jonah are able to deceive Ashanti Goldfields and Ghana about the total emoluments of Sam Jonah. Ashanti and Lonmin plc do not disclose this amount since Ashanti embed this in their disclosure of related party transactions. “The company’s principal shareholder is Lonmin (32%) which provides technical services and the services of Mr. S. E. Jonah to the group for which it received US$1.8 million (1999: US$1.8 million) for the year. Meanwhile as these shenanigans continue, Sam Jonah, who does not believe in what he preaches or who has come to believe his own lies, speaks of the current ‘...government’s commitment to transparency, support for the private sector and its determination to work with AGC, the company would reciprocate by working in partnership to ensure the maximum value from AGC.” This blows the minds of honest citizens. Who is this guy speaking? Lonmin plc’s rewards to Sam Jonah For doing the work of Lonmin plc, Sam Jonah has been paid Lonmin stock options. Apart from the AGC options, Lonmin plc also pays Sam options. As at November ending, 2000, Sam Jonah had 184,817 stock options which had not been exercised. This is after exercising his options of 7,732 shares and gaining in excess of 35,517 pounds sterling. Of course approximately, 11,993 options expired and were not exercised by Sam Jonah. These options are handsome payments for fronting the activities of Lonmin plc. It is therefore not surprising when a stock broker in Ghana said of Sam Jonah, “Who does he think he works for. Ghana?” And by the way did Sam Jonah pay taxes on these gains?

Due to the reckless actions of Sam Jonah the share price of AGC is pocket change. Thus, stock options issued by the AGC to themselves are in the water. Massive stock options which dilute Ghana’s interest continue to be heaped upon board members and certain exclusive employees. In order to prevent the loss of the stock options due to the low price of the shares resulting from the board’s own actions and inactions, the board in May 2001 cancelled the stock options given to themselves and certain management and reissued approximately 470,000 stock options to replace them at the low price of about 2 dollars. Sam Jonah received 260,000 options. This means that should the share price reach say its highest of $27 Sam Jonah would receive $6.5 million and the board and management would receive approximately $12 million. Sam Jonah, the board and the management should not be allowed to reward themselves for their poor performance. The action of canceling and reissuing stock options at a lower price defeats the whole purpose of the stock options. Directorships Sam Jonah is a member of several boards. These include First Atlantic Merchant Bank, Limestone Products and Lonmin plc. He has interests in MetLife, General Leasing and Sterling. Sam Jonah, Dr. Danso of Zimbabwe and Mark Keatley own Met Lab. Jonah on the advisory board of Modern Africa, a growth and investment limited liability company, established to invest in Sub-Saharan Africa, with Dr. Chester A. Crocker, a board member of AGC, Ellen Johnson Sirleaf and C. Payne Lucas of Washington DC.

Modern Africa now owns Phyto-Riker Pharmaceuticals, previously GIHOC. Dr. Fred Boadu, mentioned in the famous Serlomey case is Executive Vice President, Global Agriculture.

Modern Africa has investments in Databank Limited, Liquid Africa Holdings Limited, NetAfrica Limited, Warsun International Communications Corporation, Flamingo Holdings Limited, Africa Broadcast Network Limited, Afsat Communications Limited and Cora de Comsar, S. A.

Also, Sam Jonah is a member of the Termite Fund which is discussed elsewhere in this article. Additionally, he is a director of Ecobank (ETI), Camborne School of Mines, (CSM), (Exeter University) Trust; New Africa investment limited (NAIL) and the Commonwealth African investment Fund (COMAFIN).

Additionally, he serves on the Governing Body of the School of Oriental and African Studies of the University of London (SOAS) and the advisory board of the Africa Regional Advisory Board of London Business School. Further, he is the Chancellor of University of Cape Coast and a member of President Thabo Mbeki’s International Investment Advisory Council of South Africa. Furthermore, he is a member of the UN Secretary General’s Global Compact Advisory Council. Again, he serves on a board created by Asantehene. Finally, Sam Jonah is the Chief Executive officer of AGC and Chairman of Ghana Airways, two of Ghana’s ailing companies.

The legitimate questions my readers must ask are simple. Does this man have the time, energy, focus, attention and let alone the genuine interest to run AGC and Ghana Airways (which interestingly does not have any substantive CEO), two companies which are virtually bankrupt? Is it in Ghana’s interest to allow a person who has admitted to being “reckless” in the management of one of Ghana’s crown jewels, AGC run any Ghanaian company let alone the two ailing crown jewels? Is it proper to allow Sam Jonah to monopolize and commandeer two very critical and important areas of the Ghanaian economy; a man who is very willing to accept that he ‘mismanaged” AGC, a man who some believe is fraudulent and has cost Ghana dearly? Can we allow a man who is so extended to look at the interests of two very critical companies; companies which to all intents and purposes are the only windows of Ghana to the corporate world?

Recently, he resigned his membership of another board because he wanted to concentrate on AGC due to its ailing status. It is therefore not clear to many why he then took over the Chairmanship of Ghana Airways, Ghana’s ailing crown jewel. Is it because he is only interested in ailing outfits or is it part of his grand design to control all the important facets of Ghana’s economy. The control freak argument is supported by anecdotal remarks by many Ghanaians that Sam Jonah now has control of many of the leading newspapers in Ghana. All his involvements may not have been covered since Sam Jonah sometimes uses fronts and we are able to verify only the publicly available information.

Again, the control freak argument gathers momentum if one considers his influence now over the King of Asante and the President of Ghana. S. E. Jonah’s proximity to both Asantehene and President Kufour should raise concerns among their advisors, given what has been discussed in this paper. To show his power and influence he ensures that board representations by Kufour have his man or woman. He ensures that even any board created by the King of Ashanti has his foot print. All this is part of his calculated action to run for President in 2008. Under which party? God only knows. Remember, there was an Ackah Blay-Miezeh who purported to have millions of pounds and started a party. There was a Gbedemah who purported to be rich and tried to carry the mantle of Nkrumah. Do you remember Nyanteh who wanted to change Ghana’s currency into pounds sterling on becoming President? All these men failed miserably despite their purported wealth. Well, Sam Jonah wants to be the first to be successful by fair or foul means. How does Sam Jonah get away with this? Sam Jonah is able to get way with his strategy of being an influence peddler and an insider of Rawlings’ and Kufour’s governments by doing little things. He will provide you the goodies you want. You want to have fun? I will provide the resource. Are you on your way to Kumasi for a funeral? Please use my private jet. This is the bribe which many people have unwittingly become accustomed to. You are returning from a celebration in Kumasi which Sam Jonah also attended. Can you join me on my jet to Accra? This man runs his private life through AGC. This includes paying for all types of services including dubious entertainment through AGC and no one checks him. It is for this reason that some said ASHANTI is an acronym or mnemonic for “Always Sam Has Appropriated Numerous Tantalizing Interests.”

It is about time Kufour and his men act by taxing him and by making the AGC board fully accountable so that AGC does not continue to be his private fiefdom. Enough is enough! For every cedi stolen from AGC to bribe anyone, Sam Jonah gets returns in excess of hundreds of cedis for himself. You should bear in mind that it is no different from what we have heard of Rawlings inviting Maya Angelo or Stevie Wonder in a Ghana government plane on a fan tour. We complained about that. It is time to act on it! It is about time Ghana and Ghanaians stop this pernicious habit of rewarding failure and corruption with praise, honor and awe. Let us rekindle the spirit of meritocracy.

Sam Jonah uses the stick and carrot approach to get his way. If you want to expose him he may offer you a job. If you refuse, he will then issue threats. Despite the fact that this author has been concerned about the activities of Sam Jonah since 1998, when he discussed his concern with an AGC official at Harvard Business School, Sam Jonah would like the author and others to believe that it is his reluctance to appoint the author to the position of CEO of Ghana Airways which is the motive for exposing Sam Jonah’s activities. Infact, the opposite is true. The author has resisted efforts by Sam Jonah silence him in exchange for an appointment. In April 2001, Sam, Jonah called the author in the United States and issued a quid pro quo demand in an attempt to silence the author’s concerns about Sam Jonah’s and Kwesi Ndoum’s activities in exchange for his appointment. The author vigorously resisted it. Others have asked him to do so and he has resisted.

True to Sam Jonah’s form he has issued veiled threats in the form of “a raft of libel cases”. Indeed, Sam Jonah writes in an email to the author on January 10, 2002, that “…many of the other individuals and organizations that you cast serious aspersions against without proof might make your life even more unpleasant than Sam Jonah ever would or could” I have been advised by people who have worked with and known Sam Jonah at various stages of his life that he is capable of vicious and violent actions, including murder, against me because of my exposing him. It was therefore no surprise to me when he did actually issue these threats on paper in cryptic form and coded language. He believes he is above the law.

The author has taken the threats seriously and has sought legal help. This is because the author now believes all that has been said about Sam Jonah with respect to his machinations and Machiavellian style of operations. In particular, they have made him to believe that he can exact bodily harm and injuries including murdering. My belief is based on the following facts. Sam Jonah operates in a mining industry which tends to attract a violent set of people. Additionally, Lonmin plc is an offshoot of Lonhro, a company that used to hire mercenaries to protect its interest. Lonmin plc is a South African company and South Africa did experience violence during the bad old days of the apartheid. Thus, it is very important for anyone dealing with such “individuals and organizations” to treat their threats with the utmost seriousness. While law enforcement is lax in Ghana, one would hope that this will be an opportunity for President Kufuor to step up to the plate. In the United States the story is different, since his influence is minimal and the law usually not always catches criminal acts.

Part II

CHARLES KWAKU AMOO-ASANTE,
202.277.9466,
P. O. Box 39280,
DC 20016, kotoko2000@hotmail.com, kotoko2000@yahoo.com

Source: Amoo-Asante, Charles Kwaku
PRINCO 12 years ago

aGBELI, DONT U KNOW AKANS ARE SMARTER. cOMAPARE hO TO KUMASI, DONT U KNOW EWES ARE THE MOST SCATTERED?

iN ANY CASE HOW ARE WE GOING TO REMEMBER TSIKATA IN 20YRS TIME - fOR SO MANY YEARS HE COULDNT DISCOVER OIL IN LARGE QUA ...
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aGBELI, DONT U KNOW AKANS ARE SMARTER. cOMAPARE hO TO KUMASI, DONT U KNOW EWES ARE THE MOST SCATTERED?

iN ANY CASE HOW ARE WE GOING TO REMEMBER TSIKATA IN 20YRS TIME - fOR SO MANY YEARS HE COULDNT DISCOVER OIL IN LARGE QUANTITIES FOR GHANA, IT TOOK ONLY 8 YRS FOR KUFOUR TO DO THAT. sO LETS SEE WHO WOULD STILL BE REMEMBERED IN YEARS AHEAD
Mr. Figure-Out 12 years ago

Tsatsu is a cleaver thief . Chech this out; "This suit was brought against the US Company that had chartered the drillship". When the drill ship was suppose to be in the waters of Ghana to help find oil for us, Tsatsu the fil ...
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Tsatsu is a cleaver thief . Chech this out; "This suit was brought against the US Company that had chartered the drillship". When the drill ship was suppose to be in the waters of Ghana to help find oil for us, Tsatsu the filthy thief was busily leasing the drillship to American oil exploration companies on the blind side of the nation which would later create bad blood between him and former president jato Julor Rawlings. But for the sake of Nyebroism, Rawlings failed to reprimand Tsatsu in the open. Finding oil for Ghana became a nightmare as Tsatsu single handedly channelled funds to that cause for salt production. Tsatsu should rather explain to Ghana why the drillship purchased with the taxpayers money solely for oil finding in our territorial boundaries never sailed in our waters. Old evil dwarf.
Kofi 12 years ago

where did Tsatsu pay Money to the coffers of Ghana after leasing the ship to drill in the Waters of United states of america.

where did Tsatsu pay Money to the coffers of Ghana after leasing the ship to drill in the Waters of United states of america.
nana adukonu 12 years ago

More grease to ur elbows tsatsu. U are very smart and did not join kuffour.nana addo and their brigades. Thats why they seems to hate i but God know ur heart. Thanks so much for all revelations. Nanas turn to walk to jail him ...
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More grease to ur elbows tsatsu. U are very smart and did not join kuffour.nana addo and their brigades. Thats why they seems to hate i but God know ur heart. Thanks so much for all revelations. Nanas turn to walk to jail himself to occupy your for cell room. To sniff there midnight. Thanks tsatsu
Vuvuzela 12 years ago

Why didn't Kufuor pardon Tsikata except at the wee end of his mandate when he knew everything was done and the die was cast, that he was billed to relinquish power because the presidential elections were lost?

For one thi ...
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Why didn't Kufuor pardon Tsikata except at the wee end of his mandate when he knew everything was done and the die was cast, that he was billed to relinquish power because the presidential elections were lost?

For one thing, if you're convinced of someone's culpability in a crime, that person needs no pardon. Kufuor cannot usurp his place for God's. Crimes of any sort against the state should be vehemently and strictly reprimanded to forestall similar actions by others.

Kufuor brandished the pardon part, because of premonitions of certain retribution by the NDC administration, since all crooks who threw tantrums around as ministers of the NPP were involved in crimes against the state, and part because of situations occasioned by cases like this drill ship sale. He knew Tsikata would be talking like hell.

Finally, the pardon wasn't because Kufuor thought Tsikata merited it; it was because he knew NDC would release him. Kufuor thought he was smart, only some of us saw through his dirty mind and everlasting malice.
BEN 12 years ago

HAHAHAHAAHA THE ELEPHANT IS BEE CHASED TO THE FOREST

HAHAHAHAAHA THE ELEPHANT IS BEE CHASED TO THE FOREST
AttaKofi 12 years ago

Tsatsu is a too good. He faces international banks and businesses boot to boot. He sacrificed all to lay a solid foundation for oil and gas discovery and production in Ghana. Some of the personnel who benefitted from this tra ...
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Tsatsu is a too good. He faces international banks and businesses boot to boot. He sacrificed all to lay a solid foundation for oil and gas discovery and production in Ghana. Some of the personnel who benefitted from this training actually help some financial institutions in Ghana to do good business.
Repugnant. 12 years ago

Thank goodness, for Ewes, Fantes and Nzemas this country would have been sold forever. Ashante/akyem never originate anything, even their god forsaken kingdom, was a fiction of Okomfo Anokye's imagination, how dare they alway ...
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Thank goodness, for Ewes, Fantes and Nzemas this country would have been sold forever. Ashante/akyem never originate anything, even their god forsaken kingdom, was a fiction of Okomfo Anokye's imagination, how dare they always seek to disrupt, undermine, steal and stagnate everything Ghanaian. How good could an impersonator attorney general have been, those promoting this sorer loser should know better. Akufo Addo like his uncles and absolute lineage will always betray good Ghanaians. May Nkrumah's spirit haunt them down till Gehenna. I just fuckin said so!

ABBAS 12 years ago

thanks bro,your eye open.

thanks bro,your eye open.
aganiza-ah 12 years ago

Why bcos Kuffour and the NPP lost de elections. You are not rather beeing objective mr. Pelicles. Or you think NDC gov't would 've still kept Tsikata in prison? come on!!! we 're smarter than you npp guys. Go and check when K ...
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Why bcos Kuffour and the NPP lost de elections. You are not rather beeing objective mr. Pelicles. Or you think NDC gov't would 've still kept Tsikata in prison? come on!!! we 're smarter than you npp guys. Go and check when Kuffour pardoned Tsikata
Kojo! 12 years ago

Ghana can never succeed with them. Let's drive them into the bush and force them to start a landlocked asantestan where they can forever kiss their chiefs gold lined black ass.

Shit is shit whether from animal or humans.Fu ...
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Ghana can never succeed with them. Let's drive them into the bush and force them to start a landlocked asantestan where they can forever kiss their chiefs gold lined black ass.

Shit is shit whether from animal or humans.Fucking braaindeads!
oba nyansani baako Pe in Ghana! 12 years ago

2016 all of you fools shall runaway from Ghana. Because whether you like it or not we as Ashantes will take power from you by force. "No be say wahala". We go see well well!

2016 all of you fools shall runaway from Ghana. Because whether you like it or not we as Ashantes will take power from you by force. "No be say wahala". We go see well well!
yaaahooloo 12 years ago

KUFOUR KNEW VERY WELL THE GOOD WORKS OF TSIKATA BUT OUT OF HATRED FOR TSIKATA HE DID EVERY TO IMPRISON HIM EVEN WHEN A COURT HARD THROW THE CASE OUT,JUST TO WIN FAVOUR FROM THE POPULACE AS ONE WHOSE TERM OFFICE OIL WAS DISCOV ...
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KUFOUR KNEW VERY WELL THE GOOD WORKS OF TSIKATA BUT OUT OF HATRED FOR TSIKATA HE DID EVERY TO IMPRISON HIM EVEN WHEN A COURT HARD THROW THE CASE OUT,JUST TO WIN FAVOUR FROM THE POPULACE AS ONE WHOSE TERM OFFICE OIL WAS DISCOVER BUT EVERY ONE KNOWS FOR A FACT THAT IT WAS TSIKATA'S TIME THAT OIL WAS DISCOVER,HE PARDON TSIKATA OUT OF FEAR WHEN THOSE SUPREME COURT JUDGES THAT JAILED K.TSIKATA START RECEIVING THEIR OWN PUNISHMENT ,Suffering stroke and dying having problem here and there.kufour the wicked one is gradually receiving his
TT 12 years ago

THAT WAS JUST A FACELIFT. ON THAT MATTER, KUFFOUR WAS A HIPPOCRATE. THEY REALLY FEAR TSATSU IN SO MANY WAYS. PARDONING TSATSU WAS A USELESS ACT. HE WAS GOING TO COME OUT ANYWAY.

THAT WAS JUST A FACELIFT. ON THAT MATTER, KUFFOUR WAS A HIPPOCRATE. THEY REALLY FEAR TSATSU IN SO MANY WAYS. PARDONING TSATSU WAS A USELESS ACT. HE WAS GOING TO COME OUT ANYWAY.
Bfire 12 years ago

If Kufour did not pardon Tsikata, don't for get that Npp lost the elections. Mills would have pardon him.

If Kufour did not pardon Tsikata, don't for get that Npp lost the elections. Mills would have pardon him.
KK 12 years ago

When you pardon somebody when you have just two days to leave office and hand-over power to your opposition - who is likely to pardon your prisoner - that is vicious wicked person, trying to look like a kind man- Ghanaians ar ...
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When you pardon somebody when you have just two days to leave office and hand-over power to your opposition - who is likely to pardon your prisoner - that is vicious wicked person, trying to look like a kind man- Ghanaians are no fools and can see through such dirty tricks from such people full of hatred for others.
Korsi Vivor 12 years ago

KUFUOR DID NOT PARDON TSATU BECAUSE HE (KUFUOR) IS A GOOD MAN, THE ISSUE WAS THAT TSATU WAS ALMOST DIEYING IN PRISON BECAUSE OF ILL-HEALTH AND THAT WILL CAST A SLUR ON THE HUMANRIGHT RECORD OF NPP SHOUL TSATSU DIE IN PRISON. ...
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KUFUOR DID NOT PARDON TSATU BECAUSE HE (KUFUOR) IS A GOOD MAN, THE ISSUE WAS THAT TSATU WAS ALMOST DIEYING IN PRISON BECAUSE OF ILL-HEALTH AND THAT WILL CAST A SLUR ON THE HUMANRIGHT RECORD OF NPP SHOUL TSATSU DIE IN PRISON. SO HE HAS TO BE LET GO. IT WAS THE SAMETHING THAT HAPPENED TO VICTOR SALOMEY WHEN HE WAS REFUSED MEDICAL TREATMENT IN THE KUFUOR-NSAWAM PRISON UNTILL A WEEK TO HIS DEATH WHEN HE WAS REALISED. LOOK, RAWLINGS WILL NEVER FORGET ALL THAT NPP DID TO HIS GUYS INCLUDING HIMSELF. THAT WHY HE WAS HOT ON MILLS TO PUNISH NPP GUYS TO BUT MILLS FAILED HIM. ONE DAY, ONE DAY, RAWLINGS NUMBER 2 WILL CROP UP AND DEAL WITH THESE NPP CRIMINAL AND NATION LOOTERS EVEN IF RAWLINGS IS NO MORE ALIFE.
Logic Guy 12 years ago

Pls check again n again when K4 pardoned Tsatsu? It was in the very last hours of his exit from office after the NPP had lost and it was imminent the new NDC Administration will free him.

Pls check again n again when K4 pardoned Tsatsu? It was in the very last hours of his exit from office after the NPP had lost and it was imminent the new NDC Administration will free him.
Adama 12 years ago

Vuvuzela,

What are shady deals? Transactions concerning this oil drill were not conducted secretly under the Kufuor administration, so I am shocked that people didn't question those transactions that time. Tsikata's rather ...
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Vuvuzela,

What are shady deals? Transactions concerning this oil drill were not conducted secretly under the Kufuor administration, so I am shocked that people didn't question those transactions that time. Tsikata's rather were done under the carpet until it blew out in the face. Stop blaming Kufuor's administration for Tsikata's nefarious activities. Some of us at the GNPC at that time, found ourselves in hell, when we raised questions. The whole truth will be known soon.
Ajax 12 years ago

"Aaaaaba Nenso Eben" What will you expect if you put such a mere law lecturer into such a key area which needs high technical brain. This job-for-the-boys syndrome will definately kill our dear nation Ghana.

"Aaaaaba Nenso Eben" What will you expect if you put such a mere law lecturer into such a key area which needs high technical brain. This job-for-the-boys syndrome will definately kill our dear nation Ghana.
sam 12 years ago

shame

shame
ASHANTIS ARE GHANAS CANCER 12 years ago

NOT A SINGLE THING IS GENUINE ABOUT THIS UGLY PEOPLE

NOT A SINGLE THING IS GENUINE ABOUT THIS UGLY PEOPLE
Kwaku 12 years ago

Tsatsu has every right in teasing NPP bcos Kufour made a big mistake,he should have been allowed to die in Nsawam.Look at the mess he caused at GNPC,even Kwasi Botchway at a time had to live NDC bcos of him.

Tsatsu has every right in teasing NPP bcos Kufour made a big mistake,he should have been allowed to die in Nsawam.Look at the mess he caused at GNPC,even Kwasi Botchway at a time had to live NDC bcos of him.
Mame Amma 12 years ago

I think you mean leave not live

Leave - is to vacate or let go

Live - is to reside

I think you mean leave not live

Leave - is to vacate or let go

Live - is to reside
SGT ANANI FIADZOE 12 years ago

Nana was behind the sale of this ship. After stealing state resources then they pretend they are rich! Lies!!!!!

Where did Nana get the riches? His father stole every state resource he could lay hands on as ceremonial pres ...
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Nana was behind the sale of this ship. After stealing state resources then they pretend they are rich! Lies!!!!!

Where did Nana get the riches? His father stole every state resource he could lay hands on as ceremonial president under the weak and ineffective Busia.

The Akufo Addo family have only looted government resources. A thief cannot be rich because those resources belong to Ghanaians!
Dan Forson 12 years ago

THIS MAN IS SUCH A CRIMINAL. HOW MUCH MONEY DOES ONE MAN NEED?

THIS MAN IS SUCH A CRIMINAL. HOW MUCH MONEY DOES ONE MAN NEED?
Honestman 12 years ago

This information is too much for you to understand, you are a fool, Mother Ghana first. let the truth come out.

This information is too much for you to understand, you are a fool, Mother Ghana first. let the truth come out.
Akosua 12 years ago

There is no such legal genius like Tsatsu.Is he going to send Akuffo addo to Prison after blooding his nose twice. Please spare Akuffo Addo.He is already an oldman with health issues. Please Tsatsu!!!!

There is no such legal genius like Tsatsu.Is he going to send Akuffo addo to Prison after blooding his nose twice. Please spare Akuffo Addo.He is already an oldman with health issues. Please Tsatsu!!!!
ME SMART 12 years ago

YOU REAP WHAT YOU SOW,ALL THOSE WHO PLANNED KILLING TSATSU IN JAIL WILL BE PAID BACK WITH THIS REVELATION.KUFFUOR AND HIS PEOPLE WANTS TO KILL TSATSU SO THAT THEY COULD HAVE COVER UP.HOW LAWYERS WHO HAVE BEEN WINNING CASES FO ...
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YOU REAP WHAT YOU SOW,ALL THOSE WHO PLANNED KILLING TSATSU IN JAIL WILL BE PAID BACK WITH THIS REVELATION.KUFFUOR AND HIS PEOPLE WANTS TO KILL TSATSU SO THAT THEY COULD HAVE COVER UP.HOW LAWYERS WHO HAVE BEEN WINNING CASES FOR GHANA WILL BE WITHDRAWN FOR SOMEBODY'S SELFISH INTEREST.THAT IS WHY AKUFFO ADDO WANTS TO BE PRESIDENT AT ALL COST,GOD FORBID.THE WHOLE WORLD WILL SEE THE REAL CHARACTER OF AKUFFO ADDO,WHILE GOD IS DENYING HIM TO BECOME THE PRESIDENT.LONG ADJAHO,LONG LIVE GHANA.
Yes Sir 12 years ago

Can Tsatsu explain what led Societe General to sue GNPC in court?

Can Tsatsu explain what led Societe General to sue GNPC in court?
Kofi Virginia 12 years ago

All this shows how the privatization of some of these enterprises will help the country if locally owned. The politics of decision making will be reduced as the private sector will be interested in maximum profit

All this shows how the privatization of some of these enterprises will help the country if locally owned. The politics of decision making will be reduced as the private sector will be interested in maximum profit
PRINCO 12 years ago

tHERE IS NO EVIDENCE THAT SALE OF STATE OWNED ENTERPRISES TO LOCALS WOULD YIELD BETTER RESULTS THAN SALE TO FOREIGN INTERESTS. See how much Vodafone chip cost -- 1 cedi. Please get your facts right.

tHERE IS NO EVIDENCE THAT SALE OF STATE OWNED ENTERPRISES TO LOCALS WOULD YIELD BETTER RESULTS THAN SALE TO FOREIGN INTERESTS. See how much Vodafone chip cost -- 1 cedi. Please get your facts right.
afua 12 years ago

Derivatives inventors can't even explain how the system works because there is none. They just take ignorant people to the cleaners.Tsatsu cud be telling the truth, but the French plan was to loot this ignorant pompous Afric ...
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Derivatives inventors can't even explain how the system works because there is none. They just take ignorant people to the cleaners.Tsatsu cud be telling the truth, but the French plan was to loot this ignorant pompous African. Mr.my job on wall st was to figure out how much earnings people had made with derivatives and there was none.These notes had nothing backing them they were conjured out of thin air . Sorry for the loss.
Akuffo Addo jnr. 12 years ago

It is unbelievable how much your knowledge transcends. Know matter how you try these belly fool politicians are not satisfied.
God be with you.

It is unbelievable how much your knowledge transcends. Know matter how you try these belly fool politicians are not satisfied.
God be with you.
C.Y. ANDY-K 12 years ago

Of course, with you hand. You'd get tired and lift your hand and the cork will pop up. So it is with the truth. When it is the bold lies like being told by the NPP operatives who incurred the financial loss to the state and s ...
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Of course, with you hand. You'd get tired and lift your hand and the cork will pop up. So it is with the truth. When it is the bold lies like being told by the NPP operatives who incurred the financial loss to the state and sold the drill ship to pay it, those lies will blow up like a balloon and the truth will come out. So it is happening.

Many of us heard all these accounts way back in 2001 and debated that on Okyeame. SG was going to lose the case and was trying to negotiate some part payment when the NPP took over and Nana Akufo messed up big time by sacking the lawyers and sitting down doing nothing to represent Ghana.

Andy-K
Kojo! 12 years ago

Jail he should go including that dracula called kufour

Jail he should go including that dracula called kufour
oba nyansani baako Pe in Ghana! 12 years ago

Who knows your incompetent parents either? A fool like you!

Who knows your incompetent parents either? A fool like you!
Bonso 12 years ago

To Tsatsu Tsikata, every matter is a legal suit and need to be interpreted in legal terms as he does here for the umpteenth time: Even in this statement, an ordinary man is at a loss as to why GNPC took a loan to exploit Oil ...
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To Tsatsu Tsikata, every matter is a legal suit and need to be interpreted in legal terms as he does here for the umpteenth time: Even in this statement, an ordinary man is at a loss as to why GNPC took a loan to exploit Oil in such an unlikely area of Ghana. The statement published here today is an old one he made in 2001, and yet is as unclear as a cloudy mist today.

My question is: what did he take the money for? Why should he not pay Societe General and taking them to court? He claims the case has been won in America but there was another one in England which needed new lawyers to be hired and so on and so on.

Why does the publishers of this story not ask Tsatsu Tsikata to go to the Apau Commission to make these testimonies?

All the verbosity, jargon and more tales clouded in literary phrases and legal chicanery will only bamboozle kids. For some of us its all to hide the truth! That Tstasu led GNPC took monies from a Foreign Company and failed to repay them and therefore led them to sell our Ship:

He is a liability. The whole GNPC apparatus should be probed. No one in NPP has done anything wrong and if they want to find out about the sale of a State Asset, then we must turn to the sale of Obuasi Gold Mines and many others. It is all so sad, indeed, to get so many educated people seeking political power for their own economic gains as Tsatsu Tsikata and all these NDC divestiture politicians...Poor Ghana
NANA 12 years ago

Thank you Bonso you are an intelligent guy,by the time those supporting him realize that he is a liability it will be too late.Even within the NDC Kwasi Botchway,Spio etc are aware of how handicap he is in management.

Thank you Bonso you are an intelligent guy,by the time those supporting him realize that he is a liability it will be too late.Even within the NDC Kwasi Botchway,Spio etc are aware of how handicap he is in management.
Vuvuzela 12 years ago

And Kwesi Botchway and Spio couldn't redress an exceedingly corrupt and super-deficient NDC if they were so smart?

In the exception of the actors involved, no one else knows diddly squat about what really transpired during ...
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And Kwesi Botchway and Spio couldn't redress an exceedingly corrupt and super-deficient NDC if they were so smart?

In the exception of the actors involved, no one else knows diddly squat about what really transpired during the sale of the drill ship so investigations are required to completely unearth the cunning underhand subterfuges engaged in manipulating court process in order to have the sale drove home.

But we do know Hammond acted as if the money was a 10 cedis note from his pocket and that, my friend, arouses curiosity.
Vuvuzela 12 years ago

*in order to have the sale driven home*

*in order to have the sale driven home*
C.Y. ANDY-K 12 years ago

It doesn't appear you can even read properly and thus understand what was in the news.

BTW, if you knew all that from 2001, where were u when NPP pple here were accusing Tsatsu and the NDC for selling the drill ship?

Y ...
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It doesn't appear you can even read properly and thus understand what was in the news.

BTW, if you knew all that from 2001, where were u when NPP pple here were accusing Tsatsu and the NDC for selling the drill ship?

Yours is verbiage which tried unsuccessfully to deny the stark realities spelt out in this report. There are court records to support everything Tsatsu said. And unlike Ghanaians, The Americans and British keep records, so the truth CAN NEVER BE HIDDEN! Let this matter be investigated to the hilt to find out who was telling lies, if some of you don't believe Tsatsu! It is very much in the interest of the NDC to expose the liars if indeed they are not the ones lying!

BTW, the derivative losses by Sam Jonah was in the region of $300m! What does you NPP pple think about his financial and managerial acumen?

Andy-K
frank 12 years ago

Tsatsu will teach this ignorant blokes again and again.

Expose them again in their hollwo thinking and analysis.

Brave Tsatsu

Tsatsu will teach this ignorant blokes again and again.

Expose them again in their hollwo thinking and analysis.

Brave Tsatsu
JOE 12 years ago

You see Nana Addo as attoney general didi alot of connectios for people to claim judgement debt so as to benefit from it. Iy is the same system he used to stop the lawyers so that he can gain from it. It is clear that they di ...
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You see Nana Addo as attoney general didi alot of connectios for people to claim judgement debt so as to benefit from it. Iy is the same system he used to stop the lawyers so that he can gain from it. It is clear that they did "monkye nni" deal. Kofi Koomson well said.
Pelicles 12 years ago

Those who see this man as the "doyen of Ghana lawyers" should bear in mind that he has a "blemish on his record" and that is he is a convicted felon. A person of his caliber, should not or never go to jail for no reason what ...
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Those who see this man as the "doyen of Ghana lawyers" should bear in mind that he has a "blemish on his record" and that is he is a convicted felon. A person of his caliber, should not or never go to jail for no reason whatsoever.
Nicholas J Bedzo 12 years ago

Tsatsu course a mess but some people
now enjoying it,like Kufour,T K Hammond Nana Akufo etc sharing the
money. We shall soon be there.

Tsatsu course a mess but some people
now enjoying it,like Kufour,T K Hammond Nana Akufo etc sharing the
money. We shall soon be there.
K Amelemah 12 years ago

I find this intriguing how come you were still jailed for causing financial loss.This case dragged on for a very long time there was the opportunity to defend yourself,yet the court found you guilty?This was no kangaroo court ...
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I find this intriguing how come you were still jailed for causing financial loss.This case dragged on for a very long time there was the opportunity to defend yourself,yet the court found you guilty?This was no kangaroo court either.Tsatsu spare us the crap!!Some folks think the supreme court made a bad call not me,bask in your glory for winning the land mark case.Causing financial loss case you lost what's all the fuss?are you God?you are not going to win all the time.
TECHIMAN 12 years ago

tsatsu is a very corrupt politician who always have a penchant for blaming others for his criminal activities. those who doubt this should ask President Rawlings. NDC we should learn to expose the criminals in our midst and n ...
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tsatsu is a very corrupt politician who always have a penchant for blaming others for his criminal activities. those who doubt this should ask President Rawlings. NDC we should learn to expose the criminals in our midst and not to be indulging in equalisation.
GENERAL DeGAULE 12 years ago

If you are going to accuse someone of causing financial loss to the State then at least be judicious in your own stewardship of the State finances yourself. Proceeds of the sale of State Assets are paid into Bank of Ghana Acc ...
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If you are going to accuse someone of causing financial loss to the State then at least be judicious in your own stewardship of the State finances yourself. Proceeds of the sale of State Assets are paid into Bank of Ghana Accounts and not as windfall gain made payable to the Minister to disburse as he pleases.

The national accounts must reflect every trail of the transaction. The ex Minister says he paid an amount to GS and another to the Ministry of Finance and yet another to advisors whose roles cannot be identified but all these transactions cannot be traced.

The Supreme Court was packed to ensure a guilty verdict.
Vuvuzela 12 years ago

Absolutely, bro! I can't have put it better!

Absolutely, bro! I can't have put it better!
GENERAL DeGAULE 12 years ago

The shady side of the deal is that SG who are said to have been the beneficiary of the deal are the same people who bought Mr Akuffo Addo's hotel. If they have not been paid the judgement debt, how come they are not still pur ...
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The shady side of the deal is that SG who are said to have been the beneficiary of the deal are the same people who bought Mr Akuffo Addo's hotel. If they have not been paid the judgement debt, how come they are not still pursuing the Government of Ghana? If they have been paid, is it reflected in their consolidated corporate accounts for the year in question? This all stinks of a messy wonche dzi 419 scheme.
Kojo! 12 years ago

Enough should be enough!

Enough should be enough!
DusTY-FooT-pHiloSophER 12 years ago

Now, all will know why they were rushing to come back to power at all cause. Simply to come and 'patch-patch' their arses before 'alarm blow.'

Now, all will know why they were rushing to come back to power at all cause. Simply to come and 'patch-patch' their arses before 'alarm blow.'
ghanaba kwame 12 years ago

so akuffo addo paid the judgement debt??wonders they say shall never end

so akuffo addo paid the judgement debt??wonders they say shall never end
KKO 12 years ago

You ran GNPC to ground. Where exactly was that money coming from to pay those legal fees? You are lucky that the AG's Department bungled everything. You should have been prosecuted for the useless rigs you scattered all over ...
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You ran GNPC to ground. Where exactly was that money coming from to pay those legal fees? You are lucky that the AG's Department bungled everything. You should have been prosecuted for the useless rigs you scattered all over the world.
haaaaaaaba!!! 12 years ago

Idiotic comments. How do you understand the whole bush to come out to case Mr. Tsatsu, just because you NPPian, am sorry for you innocent bush NPPian die hoardings.

Idiotic comments. How do you understand the whole bush to come out to case Mr. Tsatsu, just because you NPPian, am sorry for you innocent bush NPPian die hoardings.
Kwame 12 years ago

Someone is lying to Ghanaians. How can you sell a ship in anticipation of losing a case (....UK High Court when the Kufuor government, hurriedly sold the drillship to settle the debt) Pls put the facts well together. This is ...
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Someone is lying to Ghanaians. How can you sell a ship in anticipation of losing a case (....UK High Court when the Kufuor government, hurriedly sold the drillship to settle the debt) Pls put the facts well together. This is not the supreme court where you mumbled and fumbled with big words with no meanings.
kwaa 12 years ago

How can you ask for capacity building from somebody you want to do oil buwiness ith? This is unaccptable and big time naivity! Tsatsu come again.

How can you ask for capacity building from somebody you want to do oil buwiness ith? This is unaccptable and big time naivity! Tsatsu come again.
ABBAS 12 years ago

my friend ur head die papa!!!!, who educated you,oh gosh

my friend ur head die papa!!!!, who educated you,oh gosh
Kojo! 12 years ago

That's they are that brainless

That's they are that brainless
Agya koo 12 years ago

The flood gate are now open ,let the show begin and we see who is lying this time around, I like the work of the sole commissioner,it's sounds like the A TEAM saying I enjoy it when everything is about free education folks.

The flood gate are now open ,let the show begin and we see who is lying this time around, I like the work of the sole commissioner,it's sounds like the A TEAM saying I enjoy it when everything is about free education folks.
Woman's wisdom 12 years ago

Tsikata has never ever told one single truth in his lifetime. He is a big liar and that is why he cannot show a single record to support his claim. Tsikata is a big old fool, a thief who stole Ghana's money to the tune of $85 ...
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Tsikata has never ever told one single truth in his lifetime. He is a big liar and that is why he cannot show a single record to support his claim. Tsikata is a big old fool, a thief who stole Ghana's money to the tune of $85 million. Tsikata must be stoned to death because he is a thief.
Repugnant. 12 years ago

How often have you been exchanging your tyres by the roadside? without your husband knowing. Shut up you fuckin cheap whore. What do you call a polyandrous woman, an angel? Bitch.

How often have you been exchanging your tyres by the roadside? without your husband knowing. Shut up you fuckin cheap whore. What do you call a polyandrous woman, an angel? Bitch.
KO 12 years ago

I worked on that rig all the crew on board the ship know the bad things he was doing. Tsatsu where is the other rig which nearly kill all the crew on board(production pineer)and thier compensations

I worked on that rig all the crew on board the ship know the bad things he was doing. Tsatsu where is the other rig which nearly kill all the crew on board(production pineer)and thier compensations
haaaaaaaba!!! 12 years ago

You worked in that rig so we have to believe your idiot comments. How detail can you give if you are call to court? Sometime it's ridiculous to read some of these crazy comments on this website.

You worked in that rig so we have to believe your idiot comments. How detail can you give if you are call to court? Sometime it's ridiculous to read some of these crazy comments on this website.
God is great 12 years ago

Rawlings never had any problem with Tsatsu. Rawlings gave him the mandate to find oil. After going through difficult finances, the corp. was asked to diversify so as to finance its operations. Oil drilling is capital intensiv ...
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Rawlings never had any problem with Tsatsu. Rawlings gave him the mandate to find oil. After going through difficult finances, the corp. was asked to diversify so as to finance its operations. Oil drilling is capital intensive. The young men of today should read the history of this country.
ADWOA 12 years ago

What is MR DERIVATIVES SAYING?

What is MR DERIVATIVES SAYING?
Sulamana 12 years ago

TSATSU BULLSHITTING AGAIN!!!

TSATSU BULLSHITTING AGAIN!!!
MANU 12 years ago

AH AS FOR THIS TSATSU, THE MAN KNOWS THE STUFF EXCEPT HE IS IN THE WRONG PARTY. COME AND JOIN NPP AND WE SHALL TEACH THE NDC A BIG LESSON. WE WOULD TAKE GOOD CARE OF YOU. BUT WE ARE ONE PEOPLE SO PLEASE DROP THIS ISSUE AS NAN ...
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AH AS FOR THIS TSATSU, THE MAN KNOWS THE STUFF EXCEPT HE IS IN THE WRONG PARTY. COME AND JOIN NPP AND WE SHALL TEACH THE NDC A BIG LESSON. WE WOULD TAKE GOOD CARE OF YOU. BUT WE ARE ONE PEOPLE SO PLEASE DROP THIS ISSUE AS NANA AKUFO ADDO SIAD AND LET US BUILD GHANA TOGETHER
AKU JASIKAN 12 years ago

WE SHALL SEE,TSATSU HAS BEEN QUITE ALL THIS TIME AND NOW THAT HE HAS SPOKEN YOU ARE INSULTING HIM, WAYOME OR AKUFO ADDO WHO IS A THIEF? WE WANT KT HAMMOND ,KOFFOUR,KEN DAPAAH,AKUFO WAYOME TO COME OUT AND SPEAK?

WE SHALL SEE,TSATSU HAS BEEN QUITE ALL THIS TIME AND NOW THAT HE HAS SPOKEN YOU ARE INSULTING HIM, WAYOME OR AKUFO ADDO WHO IS A THIEF? WE WANT KT HAMMOND ,KOFFOUR,KEN DAPAAH,AKUFO WAYOME TO COME OUT AND SPEAK?
Dzato 12 years ago

TSATSU HAS NOT SPOKEN. THIS IS AN OLD STATEMENT HE MADE BACK IN 2001. YOU KNOW TSATSU NEVER LIKE TO SPEAK BY-HEART LIKE THESE NPP GANG.

TSATSU HAS NOT SPOKEN. THIS IS AN OLD STATEMENT HE MADE BACK IN 2001. YOU KNOW TSATSU NEVER LIKE TO SPEAK BY-HEART LIKE THESE NPP GANG.
Truthiness 12 years ago

If Tsatsu is telling the truth here, why was he telling the same banks in 1998 that he was going to sell the drillship within 48 hours to settle GNPC's debts to them?
See here copies of exchanges between Tsatsu and the banks ...
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If Tsatsu is telling the truth here, why was he telling the same banks in 1998 that he was going to sell the drillship within 48 hours to settle GNPC's debts to them?
See here copies of exchanges between Tsatsu and the banks.
......................................

From Societe Generale
Mr .T. Tsikata Ghana National Petroleum Corporation Petroleum House Private mail bag Tema Ghana 19 Junuary 1998
"Dear Tsatsu, We refer to your letter dated 14th January, in which you provided us with your proposed Payment Schedule in respect of the Margin Call Position. The proposal that you have made cannot be considered to be acceptable by the Bank in view of the term and amounts. The following table (deleted) describes how we require the outstanding to be met, which incorporate the necessity to meet the premium and cash settlement amounts due. In evidence of your acceptance of the foregoing, we request that you sign and return the attached copy of this letter, by fascimille in 00 44 1771 551 4037 providing the original by courier. At the time of writing, we wish to advise you that as you have stated that the proposed sale of the DS11 rig will be concluded within 48 hours from today's date and that GNPC will be in a position to confirm such matters by no later than 23rd January 1998. Under the circumstances, in the event that your confirmation of the foregoing is not forthcoming by this date, Societe Generale will require the provision of a formal mandate as previously discussed with Messrs Nagle, Walker and Bicknell. This document should be made available by no later than our close business on Monday 26th January. Yours sincerely Urgent and Confidential

From CSFP March 16 1998 Mr Tsatsu Tsikata Chief Executive Ghana National Petroleum Corporation Tema Ghana By fax: 00233 222 028554/24/772 484
"Dear Mr Tsikata We write inference to monies owed to Credit Suisse Financial Products ("CSFP") since January 26 1998 totalling USD 18,470,827 plus accrued interest thereon. Both Mr Simonte and Mr Rodrigues have been trying to contact you by fax and by telephone on a number of occasions over the past two weeks. Your office in Ghana has been taking telephone messages and advised us that they have been in contact with you, however they have been unable, when requested, to advise us of your travel plans overseas to so that we could try to contact you directly. We understand that the fax sent to you by Mr Rodrigues, dated March 9 1998, was received by your office in Ghana, and that the information therein had been communicated to you. As you should therefore be aware, the letter day to provide us with an update on your position. Despite telephone messages left both before and after this fax, by both Mr Rodrigues and Mr Simonte, we have still not been contacted. As you understand, the above monies owed by Ghana National Petroleum corporation (GNPC to CSFP, is considered to be a significant sum and delay in its repayment a serious matter. As Mr Rodrigues has stressed in previous discussions with you, we have requested that you keep us regularly informed on a weekly basis as to the progress of the sale of the Discover 611 ("D511"), since this was intended to be the means of repayment for monies owed to CSTP. Unfortunately we have failed to receive any responses from either yourself or any of your staff in Ghana in response to Mr Rodrigues' fax and any telephone messages that have been left. We have still not been contacted by you since your fax of February 25 1998 (although you are aware of Mr Rodrigues' office, mobile and home telephone numbers.) In good faith CSFP has allowed GNPC a significant amount of time to repay the monies owed, not withstanding that we are fully entitled to resort to formal legal proceedings to recover this amount. We trust you will understand our concern therefore not only on the lack of communication by yourself and your staff to CSFP, (but also about the delay in paying us a significant amount of outstanding repayment of any monies owed by GNPC in the month of March, in accordance with your advice to us in early February. In light of the above, the bank kindly requests that you (or your representative) contact Mr Steve Simonte (office telephone number: 144 170 888 1586) by 4pm (London Time) on Tuesday 17th March to fully update us on the current situation. Should you be unable to contact Mr Simonte on Tuesday, then please contact Ms Richmond (Tel No: 888 2033), or failing that Mr Rodrigues (Tel No. 888 2959). At that time, apart from a general update, we request that you provide us with the necessary information demonstrating: The date by which, in the month of March 1998, that CSFP will be fully repaid; Confirmation that GNPC still intends to repay CSFP directly from the proceeds of the sale of Discover 511 ("D511") or should this still not be the case, what alternative sources of repayment will be used by GNPC. Confirmation that CSFP's position as a creditor, with monies outstanding, has not been prejudiced (?) since January 1998 by GNPC making any payments of either collateral or settlement of any derivative positions to any other financial institutions or banks. That it does not expect to make any such payments as described in 3 above, before CSFP is paid in full; and The current mark-to-market unwind value of its derivatives position with other institutions. Even if you do not have answers to all the above at this point, please could you still contact Mr Simonte as requested to discuss the current situation.
Vuvuzela 12 years ago

Thanks for this post.

It doesn't however, state other than financial and risk issues prevalent at the time. That is, we all understand problems existed at the GNPC and that Tsatsu's engagement regarding the Ship entailed ...
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Thanks for this post.

It doesn't however, state other than financial and risk issues prevalent at the time. That is, we all understand problems existed at the GNPC and that Tsatsu's engagement regarding the Ship entailed risks, but the notes you provided are a prequel to issues developing later since Tsatsu wasn't who sold the ship. What happened between this time and the time NPP sold the ship?

What we want is thorough investigations involving Tsatsu's deals to circumstances surrounding the sale of the ship by NPP and how money transactions were undertaken.
afua 12 years ago

Did I hear somebody say that Ghana needs thinking men. We sent you to sell petrol.Why gamble with our money

Did I hear somebody say that Ghana needs thinking men. We sent you to sell petrol.Why gamble with our money
sgt ahmed 12 years ago

kt Hammond in this controversy, was seen at the KIA in a hurry to leave the shores of Ghana to uk. why the haste? it is rumored that he was rushing to uk to have a meeting with the Lilliputian and other accomplices and come o ...
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kt Hammond in this controversy, was seen at the KIA in a hurry to leave the shores of Ghana to uk. why the haste? it is rumored that he was rushing to uk to have a meeting with the Lilliputian and other accomplices and come out with a strategy to outwit Ghanaians so far as this mystery surrounding the sale of the GNPC Drill ship is concerned. you see, when they were in power, they used all illegal means to throw some big shots in the NDC into prisons just to satisfy themselves and forgetting that in this world, no condition is permanent. they are now very very HOT. How could such characters conspired to do what they did in connection with the ship, without thinking that one day, the lid will blow out. we are keenly watching to see how the mountains will fall!
sgt ahmed 12 years ago

correction " did Ghana commit any crime to deserve the npp"

correction " did Ghana commit any crime to deserve the npp"
mohammed 12 years ago

I have no doubt, that this committee will get the truth and ask someone to recoup the money for mother ghana. It is unfortunate that our country officials who were entrusted to protect ghana assets failed to show up for ghana ...
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I have no doubt, that this committee will get the truth and ask someone to recoup the money for mother ghana. It is unfortunate that our country officials who were entrusted to protect ghana assets failed to show up for ghana giving free pass to society general. very pathetic. Then, let us find out who benefited from the sale?
Togbe lemle 12 years ago

This long story tells it all, at the end of the day there was money owed SSG, and the government made the payment hurriedly. Which means both Tsatsu and the government made mistakes, so this long story means nothing

This long story tells it all, at the end of the day there was money owed SSG, and the government made the payment hurriedly. Which means both Tsatsu and the government made mistakes, so this long story means nothing
@Repugnant 12 years ago

No matter what you EWE (ANGLO) do or say Fantes and for that matter will never go with you. Your hatred will kill you

No matter what you EWE (ANGLO) do or say Fantes and for that matter will never go with you. Your hatred will kill you
Repugnant. 12 years ago

May God always help us to mingle our voices with the brighter ones, as for the thieves, their day of reckoning is fast approaching.

May God always help us to mingle our voices with the brighter ones, as for the thieves, their day of reckoning is fast approaching.
mohammed 12 years ago

Please let us contribute positively to better our mother ghana. it should not be based on tribal or religious affiliations nor regional biases. Let us poke holes into the statements that they are making so that this website w ...
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Please let us contribute positively to better our mother ghana. it should not be based on tribal or religious affiliations nor regional biases. Let us poke holes into the statements that they are making so that this website will be taken serious to benefit the committee and ghana. Comment on the issue and if possible assist the investigation if you have a shred of evidence or fact. God bless Ghana and the hardworking ones.
princewilly@ymail.com 12 years ago

Pat and Mike were walking down the street, when they came to the church, Pat says, 'Mike, you wait here, I'm going to run in for confession, it's been a long time'.

Pat enters the confessional and says,' Fath ...
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Pat and Mike were walking down the street, when they came to the church, Pat says, 'Mike, you wait here, I'm going to run in for confession, it's been a long time'.

Pat enters the confessional and says,' Father forgive me, I have sinned with a married woman'.

The priest asks, 'was it Mrs Murphy'? 'no, Father', was the reply.

'Was it Mrs O'Boyle'? Again the reply was 'No, Father'.

'Was it Mrs. O'Grady'? Pat said, Father, I'll not be teling you the lady's name!

So the priest told him to say two Hail Mary's for each time he had sinned with the woman.

Back on the street, Mike said, 'Well, how did you do'? Pat said, 'Just fine, I kept me mouth shut and got three new prospects'!

THE SALE OF THESE SHIP AND WITHOUT ACCOUNTING FOR THE MONEY IS ALSO CAUSING FINANCIAL LOSS TO THE STATE.
MAN 12 years ago

This is why we cannot develop. You give your trust to your leaders and they betray you. So when light-skinned individuals come to our country they have the effrontery to disrespect us.

This is why we cannot develop. You give your trust to your leaders and they betray you. So when light-skinned individuals come to our country they have the effrontery to disrespect us.
James 12 years ago

NPP go runaway,

NPP go runaway,
Tsatsu ohh Tsatsu 12 years ago

Ei, asem be ba de bie.

Ei, asem be ba de bie.
Xavi 12 years ago

Good God saved Ghana from the clutches of this Tsikata and Rawlings regime. An ordinary CE carrying transactions beyond the authority of the Financial Minister who lost his job because of you.

Good God saved Ghana from the clutches of this Tsikata and Rawlings regime. An ordinary CE carrying transactions beyond the authority of the Financial Minister who lost his job because of you.
Nutifafa Gidiglo 12 years ago

Please folks,take your time to understand Tsatsu's statements before writing stupid comments here.Do correct analysis and put political affiliations aside.The problem with Ghana is that we allow Politics to prevent us from re ...
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Please folks,take your time to understand Tsatsu's statements before writing stupid comments here.Do correct analysis and put political affiliations aside.The problem with Ghana is that we allow Politics to prevent us from reasoning.
Papa Yaw 12 years ago

How

How
PAT 12 years ago

so the ndc and npp are so unpatriotic that they are ever willing to ever make us lose so much money just to enrich their pockets.....the only difference was that the ndc was more SATANIC AND EVIL BCOS THEIR THIEVING WAS SO GA ...
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so the ndc and npp are so unpatriotic that they are ever willing to ever make us lose so much money just to enrich their pockets.....the only difference was that the ndc was more SATANIC AND EVIL BCOS THEIR THIEVING WAS SO GARGANTUAN.....THIEVES THIEVES THIEVES....THESE TWO PARTIES ARE NOT WORTH DYING FOR.
Abendogo 12 years ago

Please, can someone help me name any person who is from the three regions (Upper West and East, and Northern)involved in these their STATE LOOTING, CURRUPTION, and POOR LEADERSHIP? They respect Ghana so much so that they will ...
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Please, can someone help me name any person who is from the three regions (Upper West and East, and Northern)involved in these their STATE LOOTING, CURRUPTION, and POOR LEADERSHIP? They respect Ghana so much so that they will not harm it. Akufo-Addo na so u dey?
iStatesman 12 years ago

Abendogo,
That is why they hate your folks. You are too clean!!

Abendogo,
That is why they hate your folks. You are too clean!!
Kofi Abrantie 12 years ago

Sorry NPP, your time is up!That's the reason why you monkeys and k4 sent Mr. Tsikata to prison. The guy was too smart for your dumb-asses to handle. Fuckers!!

Sorry NPP, your time is up!That's the reason why you monkeys and k4 sent Mr. Tsikata to prison. The guy was too smart for your dumb-asses to handle. Fuckers!!
Bohyeba Kojo 12 years ago

This man has no shame. I pity Esther Cobbah, a woman from a respectable family, agreeing to marry this criminal who uses technicalities of law to create, loot and share Ghana's money. Why did JAK pardon him? He joined Rawling ...
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This man has no shame. I pity Esther Cobbah, a woman from a respectable family, agreeing to marry this criminal who uses technicalities of law to create, loot and share Ghana's money. Why did JAK pardon him? He joined Rawlings to kills judges. Now because of corrupt Atuguba, he has the ball to misbehave.
yaw boakye 12 years ago

Kufuor jailed innocent Tsatsu for hatred and also to pay Rawlings back for killing his campatriots during 1979 Revolution. Period! Don't Kufuor is a democratic.

Kufuor jailed innocent Tsatsu for hatred and also to pay Rawlings back for killing his campatriots during 1979 Revolution. Period! Don't Kufuor is a democratic.
Kweku 12 years ago

First was Ghana owing SGS? If yes, who caused the debt? 2nd, how was the debt to be paid? Ready cash or sale of assets? Drill ship sold to defray debts. Was the sale transparent? If not steps ought to be put in place so that ...
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First was Ghana owing SGS? If yes, who caused the debt? 2nd, how was the debt to be paid? Ready cash or sale of assets? Drill ship sold to defray debts. Was the sale transparent? If not steps ought to be put in place so that both 1 and 2 don't happen again. The blame-game will solve nothing.
Castro 12 years ago

Tsatsu have have done more harm to the Nation than aall Politcians which
have come and gone.People this have not to do where one comes from a thief
is a thief.People woke up and do not ssuch people like Tsatsu fool you.Wake ...
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Tsatsu have have done more harm to the Nation than aall Politcians which
have come and gone.People this have not to do where one comes from a thief
is a thief.People woke up and do not ssuch people like Tsatsu fool you.Wake
up up Ghanians and do not such thiefs
blends you.
seeMe 12 years ago

Any Ghanaian who is not even a lawyer, but can simply read English at Sixth-Form level will understand what Tsatsu is saying here. Because of "kick-backs", "contract percentages", and what have you, the Drillship was hurriedl ...
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Any Ghanaian who is not even a lawyer, but can simply read English at Sixth-Form level will understand what Tsatsu is saying here. Because of "kick-backs", "contract percentages", and what have you, the Drillship was hurriedly sold. Now Societe says they did not even receive any $19million. Just two terms of NPP government Ghana's economy is in shambles!
Kojo! 12 years ago

Ghana with asantes can never succeed and I wonder why these crooked bush people didn't want to secceed.

Mark it here until asante secceeds, Ghana'll be going in endless circles

Ghana with asantes can never succeed and I wonder why these crooked bush people didn't want to secceed.

Mark it here until asante secceeds, Ghana'll be going in endless circles
K.K 12 years ago

KUFFOUR SHOULDN'T HAVE PARDONED THIS CRIMINAL CALLED TSATSU TO BE RELEASED FROM HIS PRISON CELL. A CRIMINAL IS ALWAYS A CRIMINAL.

KUFFOUR SHOULDN'T HAVE PARDONED THIS CRIMINAL CALLED TSATSU TO BE RELEASED FROM HIS PRISON CELL. A CRIMINAL IS ALWAYS A CRIMINAL.
ME SMART 12 years ago

KUFFUOR WAS GIVEN THE NAME GENTLE GENT BECAUSE HE WAS A CRIMINAL,HAVEN USED STATE FUN TO RENOVATE HIS PRIVATE APARTMENT,BUYING THE HOTEL DUBED,'HOTEL DE WAWAA',ACQUIRING GRATER SHARES OF ACCRA SHOPPING MORE AFTER SELLING THIS ...
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KUFFUOR WAS GIVEN THE NAME GENTLE GENT BECAUSE HE WAS A CRIMINAL,HAVEN USED STATE FUN TO RENOVATE HIS PRIVATE APARTMENT,BUYING THE HOTEL DUBED,'HOTEL DE WAWAA',ACQUIRING GRATER SHARES OF ACCRA SHOPPING MORE AFTER SELLING THIS SHIP.GOD WILL REVEAL WHAT THEY DID IN SECRET FOR PEOPLE TO KNOW THE LEADERS OF THE NPP.
yaw boakye 12 years ago

KK if you care to know Kufuor is always hunted by jailing an innocent person. Who is more criminal by Kufuor. Kufuor is a thief who used the presidency to amass wealth. Go and ask Haruna Esseku your former NPP national chairm ...
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KK if you care to know Kufuor is always hunted by jailing an innocent person. Who is more criminal by Kufuor. Kufuor is a thief who used the presidency to amass wealth. Go and ask Haruna Esseku your former NPP national chairman.
Baby 12 years ago

CRIMINAL TSATSU

CRIMINAL TSATSU
Ama Boakyewaa-Agyemang 12 years ago

This is a real shame! The poor are dying from lack of basic human neccessities while others are surviving on the brink and a whole nation cannot account for how and why a national asset was disposed off and what was done with ...
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This is a real shame! The poor are dying from lack of basic human neccessities while others are surviving on the brink and a whole nation cannot account for how and why a national asset was disposed off and what was done with the money? How should anybody bother to pay tax?
KNYC (USMC) 12 years ago

Ama, you said the right thing. Why should the poor pay taxes, why the so call educated backward are always selling national asset into their pocket. Like I said, very soon the whole Ghana will be sold, and all of us (the poor ...
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Ama, you said the right thing. Why should the poor pay taxes, why the so call educated backward are always selling national asset into their pocket. Like I said, very soon the whole Ghana will be sold, and all of us (the poor) will be paying taxes to the Chinese. Mark it on the well.
Mmoatia_Komfour 12 years ago

Own opinions about all the holier-than-thou individuals who,without question, have also taken this country to the cleaners! Only a couple of days ago,KT Hammond was all over the airwaves bragging about how much he saved the G ...
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Own opinions about all the holier-than-thou individuals who,without question, have also taken this country to the cleaners! Only a couple of days ago,KT Hammond was all over the airwaves bragging about how much he saved the Ghanaian taxpayer($27.5 million) when, in fact,he was part of the cabal that 'screwed' this country royally! And already party communicators are hurling all sorts of unpritable accusations at the Sole Judgement Debt Commissioner,Justice Yaw Appau for trying to unravel the mysteries surrounding many of the dubious payments that have been passed off as Judgement Debts!
KNYC (USMC) 12 years ago

Yes you can accused the NPP and leave NDC out. But open your eyes Mmoatia Komfour what ever you fucking name is, and deep down in your heart the country is going down. Weather is NPP or P/NDC and all what you people are doin ...
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Yes you can accused the NPP and leave NDC out. But open your eyes Mmoatia Komfour what ever you fucking name is, and deep down in your heart the country is going down. Weather is NPP or P/NDC and all what you people are doing is playing party politics. Very soon we all lose. Civil war is in the air.
Mmoatia_Komfour 12 years ago

I file a formal complaint with your camp commandant about your despicable behavoiur. Don`t think you can hide behind the USMC and hurl insults at anybody and make treasonable statements. And what make you believe that you car ...
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I file a formal complaint with your camp commandant about your despicable behavoiur. Don`t think you can hide behind the USMC and hurl insults at anybody and make treasonable statements. And what make you believe that you care more about Ghana than others who gave up lucrative overseas professional careers to serve in Ghana? Btw,who is going to lead this "civil war" you are predicting?
I`ll let this go this time around,but bide your time and hope for an honourable discharge before you get yourself in deep you know what!
G. K. Berko 12 years ago

There could have been the possibility of capitalizing on Tsikata's prior conviction to use him as a scapegoat to benefit from this Judgment Debt case that led to the sale of the Ship. All indications show his close attachmen ...
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There could have been the possibility of capitalizing on Tsikata's prior conviction to use him as a scapegoat to benefit from this Judgment Debt case that led to the sale of the Ship. All indications show his close attachment to J.J. made him a prime target for destruction by those unabashed nemesis of the former Coup leader who made Tsikata his Legal fortress.

These fervent antagonists of J.J. Could not bear Tsikata's proximity to the fat morsels falling off the potential Oil find on his lap. This explains the rush with which they sought for Kosmos et al to grab the scoop to haul out the Oil booty.

Wow! What a theatrical machination to deal a revenge and feast on the booty! It is like killing two birds with one stone. You get the very person that knows most about a targeted treasure exactly where you want him or her, impaled, to satiate your enormous hunger for avenging the misery he might have caused you in the past, and strut off with the treasure, simultaneous.

Clever! Very Clever!! Except that the treasure did not belong to that enemy and the real owner is now aggressively trying to recover it.

May The Lord help us recover all our stolen assets! Amen!!!

Long Live Ghana!!!
vikus vikas 12 years ago

i can't stop laughing; this is real fast and furious......

i can't stop laughing; this is real fast and furious......
Analyst 12 years ago

Ghana's greatest weakness lies in the extreme passion with which we hate one another. We hate one another so much that, we do not care if the country loses in the long run to the benefit of even foreigners just to prove the p ...
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Ghana's greatest weakness lies in the extreme passion with which we hate one another. We hate one another so much that, we do not care if the country loses in the long run to the benefit of even foreigners just to prove the point that someone is so so bad.
The Kufuor government would have reacted to the SSG claim differently had they not hated Tsatsu Tsikata so much. This is why they moved heaven and earth to jail him by all means. Even after being defeated by Tsatsu Tsikata in the Supreme Court, they succeeded in reversing the verdict in a review where they added malleable judges to the Supreme Court.
GNPC was deep in litigation fighting with SSG at the time Kufuor became president in 2001. One would have thought the Kufuor government would encourage the GNPC stand to resist SSG in court. What was rather appealing to them was to use the court case to demonstrate how bad Tsikata was so they accepted liability to pay SSG. Of course they went on to find another issue to jail him on.
Until we come out of our age-old prejudices and hatred, the country is in trouble.
Amos Djoleto 12 years ago

Tsatsu, why not keep your mouth shut but rather making these useless statements. We all know because you have been jailed. Dont be ungrateful to Kufuor and NPP. It was Kufuor who pardoned yu. Ayigbeni Kwasea

Tsatsu, why not keep your mouth shut but rather making these useless statements. We all know because you have been jailed. Dont be ungrateful to Kufuor and NPP. It was Kufuor who pardoned yu. Ayigbeni Kwasea
HAJJ YARO 12 years ago

ASANTENE KWASHEA

ASANTENE KWASHEA
Queen 12 years ago

How did this Thief Tsatsu incur the debt by GNPC. He stole the money and gave some to his cronies in the USA and other Countries to purchase big houses and live like kings.

How did this Thief Tsatsu incur the debt by GNPC. He stole the money and gave some to his cronies in the USA and other Countries to purchase big houses and live like kings.
vikus vikas 12 years ago

why do you choose to malign people without any evidence whatsoever?
stop this shameful act.

why do you choose to malign people without any evidence whatsoever?
stop this shameful act.
CHINOOK 12 years ago

Why should he shout his mouth while telling the truth. Who thought NPP did worst thing in judgment debt settlement??

Why should he shout his mouth while telling the truth. Who thought NPP did worst thing in judgment debt settlement??
Kwame Wiredu 12 years ago

so did we own them or not? That sthe big question.
From what Tjatsu is saying it looks like we entered into a b'ness that went bad.And that was it, all b'ness deals involves risk. We bet and we lost and it came with conseque ...
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so did we own them or not? That sthe big question.
From what Tjatsu is saying it looks like we entered into a b'ness that went bad.And that was it, all b'ness deals involves risk. We bet and we lost and it came with consequences.Too bad we lost a national assets in the process.
The next question, were the proceeds from sale properly accounted for.
Thats where the investigation needs to focus
yaw boakye 12 years ago

Those NPP guys rooting for the so-called politician Nana Addo do not know the man very well.Nana Addo is a talkative and he does not have the necessary expertise to lead the country and this was manifested during the IEA deba ...
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Those NPP guys rooting for the so-called politician Nana Addo do not know the man very well.Nana Addo is a talkative and he does not have the necessary expertise to lead the country and this was manifested during the IEA debate. NPP can bring him thousand times, he would lose thousand times. He does things without consiering its negative effect on the country and himself.
He swims in being in politics for over 30 years as his glory.
Do Npp think Ghanaians are not intelligent? We are more than that.
VICTOR MICHAEL - UK 12 years ago

SIR JOHN IS WASTE OF SPACE AND MUST NOT BE ALLOWED TO HOLD ANY POSITION AGAIN IN PARTY.

SIR JOHN IS WASTE OF SPACE AND MUST NOT BE ALLOWED TO HOLD ANY POSITION AGAIN IN PARTY.
USIF 12 years ago

say it all! TSATSU.

say it all! TSATSU.
Mmoatia_Komfour 12 years ago

Not too keen to play ball with the Judgement debt commission! And back at home, our home-grown 'city-slicksters' have left very little paper trail so we can unravel the mystery surrounding the sale, and how the proceeds were ...
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Not too keen to play ball with the Judgement debt commission! And back at home, our home-grown 'city-slicksters' have left very little paper trail so we can unravel the mystery surrounding the sale, and how the proceeds were disbursed. Pretty soon, the 'Emperor' and some of his trusted courtiers will have to face the music!
GM 12 years ago

Now who can challenge the real Oxford Lawyer? ...anyone from the Narcotics Paddlers people can come out to challenge him.

Now who can challenge the real Oxford Lawyer? ...anyone from the Narcotics Paddlers people can come out to challenge him.
Lt. Cpt Obiri Yeboah(rtd) 12 years ago

Any able minded could easily smell corruption in this case. I hope and pray justice Appeau would have the strengthen to clearly uncover everything for Ghanians to see. All the clean politics will end up being dirty if this ca ...
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Any able minded could easily smell corruption in this case. I hope and pray justice Appeau would have the strengthen to clearly uncover everything for Ghanians to see. All the clean politics will end up being dirty if this case is conclusively explored
EFO KOKU, GERMANY 12 years ago

HOW COME A SHIP BOUGHT WITH GHANA MONEY REGISTERED IN PANAMA AND WORKING IN MEXICO ? AND WHERE IS THE PROCEEDS FROM THE WORK DONE IN MEXICO ? TSATSU YOU ARE A DISGRACE TO THE ATETENKRONA AWONA PEOPLE !!!

HOW COME A SHIP BOUGHT WITH GHANA MONEY REGISTERED IN PANAMA AND WORKING IN MEXICO ? AND WHERE IS THE PROCEEDS FROM THE WORK DONE IN MEXICO ? TSATSU YOU ARE A DISGRACE TO THE ATETENKRONA AWONA PEOPLE !!!
KOOBI 12 years ago

THIS UGLY EWE MAN HAS CAUSED UNTOLD HARDSHIPS TO GHANA FINANCIALLY.

THIS UGLY EWE MAN HAS CAUSED UNTOLD HARDSHIPS TO GHANA FINANCIALLY.
OWUSU 12 years ago

ARTHUR K. SAID IT NPP IS NOT A SERIOUS PARTY.TO ME THEY ARE BECOMING AN ANIMALS.ASANTEFOAOOO THINK BEFORE YOU TALK.

ARTHUR K. SAID IT NPP IS NOT A SERIOUS PARTY.TO ME THEY ARE BECOMING AN ANIMALS.ASANTEFOAOOO THINK BEFORE YOU TALK.
Anti looting Crusade 12 years ago

Shame on Tsatsu Tsikata. A convicted felon. He has always been costing Ghana money. Jail him and this time throw the key away.

Shame on Tsatsu Tsikata. A convicted felon. He has always been costing Ghana money. Jail him and this time throw the key away.
Yaw Adu-Asare 12 years ago

What did Akufo-Addo do in this matter, as attorney general?
It seems the Kufuor guys attempted to shift blame while pocketing non-existing judgment payment.

It will be interesting what Judge Apau will say in this judgment ...
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What did Akufo-Addo do in this matter, as attorney general?
It seems the Kufuor guys attempted to shift blame while pocketing non-existing judgment payment.

It will be interesting what Judge Apau will say in this judgment debt case.
Abba 12 years ago

THE SPIRIT OF JUNE 4TH 1979 REVOLUTION IS TOTALLY DEAD BECAUSE MAHAMA LED NDC HAS LOOTED RHE COFFERS OF THE NATION. NOW IT IS OBVIOUS THAT THE BLOOD OF THOSE WHO WERE EXECUTED ARE INNOCENT.

THE SPIRIT OF JUNE 4TH 1979 REVOLUTION IS TOTALLY DEAD BECAUSE MAHAMA LED NDC HAS LOOTED RHE COFFERS OF THE NATION. NOW IT IS OBVIOUS THAT THE BLOOD OF THOSE WHO WERE EXECUTED ARE INNOCENT.
Abba 12 years ago

EVEN THE OIL DESCOVERY HAS BEEN THE PERSONAL PROPERTY OF NDC CRIMINALS.

EVEN THE OIL DESCOVERY HAS BEEN THE PERSONAL PROPERTY OF NDC CRIMINALS.
Fernando S 12 years ago

Npp,you are only good at stealing or selling state property.And you want to govern again?

Npp,you are only good at stealing or selling state property.And you want to govern again?
TROUBLE-MAKER 12 years ago

Simply to silence him from revealing their incompetency in dealing with the case in court,but chose to blame it on an innocent man.

Simply to silence him from revealing their incompetency in dealing with the case in court,but chose to blame it on an innocent man.
Mr. Mensah 12 years ago

LET US CALL TSATSU AND KAN DAPAH ON THE SAME PLATFORM TO DISCUSS THIS MATTER.KWESI PRAT OVER TO U .ON HOT ISSUES.

LET US CALL TSATSU AND KAN DAPAH ON THE SAME PLATFORM TO DISCUSS THIS MATTER.KWESI PRAT OVER TO U .ON HOT ISSUES.
Boamah Gyamerah. 12 years ago

It is really shocking to read this from Mr Tsatsu Tsikata, somebody we have been made to believe is one of the most intelligent and Smarter Ghanaian leaders. Quoted:
““From the onset, I emphasised to them the need for t ...
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It is really shocking to read this from Mr Tsatsu Tsikata, somebody we have been made to believe is one of the most intelligent and Smarter Ghanaian leaders. Quoted:
““From the onset, I emphasised to them the need for their technical assistance in enabling GNPC achieve the objective of managing the risks involved. I specifically made requests for the training of GNPC personnel involved in these transactions and asked Societe Generale to make relevant software tools for assessing and managing the positions GNPC held”.

Societe Generale, he said “agreed to provide this help and actually trained some GNPC personnel and assisted with software and other material. Ladies and gentlemen, how then can a person who made such requests that were acceded to by Societe Generale be accused of presenting himself to Societe General as being sophisticated in terms of understanding of derivatives trading and the theory behind how derivatives work?” Unquote: Whose interest did Mr Tsatsu Tsikata think Societe General seeking? GNPC (Ghana) or its own (that of Societe General)? After delivering GNPC (Ghana) to them was there any wonder that the company pumped in Credit to GNPC to milk GNPC and mother Ghana dry. All that Societe General needed to do was to make sure that GNPC`s access value is more than the money GNPC owes it or is Mr. Tsatsu Tsikata as a law expert telling us ( Ghanaians) that Societe General guaranteed in written, the achievement of the objective of managing the risks involved through their technical assistance? Knowing very well that he was himself incompetent in the field and GNPC did not have the needed manpower, he should have employed the services of a company with the required manpower to manage the risk. If Ghana were any serious country Mr. Tsatsu Tsikata would have been held responsible for the debts because of mismanagement. As a lawyer he should have known better. May God help Ghana with our peculiar leaders.
JANGO 12 years ago

GHANA'S LAZY USELESS CLUELESS "LEADERS" NEVER CEASE TO AMAZE ME.

GHANA'S "LEADERS" ALWAYS GO CAP-IN-HAND BEGGING FOR FOREIGN AND DOMESTIC LOANS AND AID OF EVERY DESCRIPTION, YET THEY CREATE JUDGMENT DEBTS, AND HAVE FUNDS T ...
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GHANA'S LAZY USELESS CLUELESS "LEADERS" NEVER CEASE TO AMAZE ME.

GHANA'S "LEADERS" ALWAYS GO CAP-IN-HAND BEGGING FOR FOREIGN AND DOMESTIC LOANS AND AID OF EVERY DESCRIPTION, YET THEY CREATE JUDGMENT DEBTS, AND HAVE FUNDS TO PAY FRAUDULENT AND AVOIDABLE JUDGMENT DEBTS.

EVEN WOYOME IS A PROUD BENEFICIARY JUDGMENT DEBTS PAYOUTS BY GHANA'S USELESS LEADERS.
Pancho 12 years ago

Bring it on Tsatsu you have messed so many things in the country including assisting in the killing of innocent people and lying to the people of Ghana in the past election petition court case. Ghanaians on the other hand are ...
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Bring it on Tsatsu you have messed so many things in the country including assisting in the killing of innocent people and lying to the people of Ghana in the past election petition court case. Ghanaians on the other hand are all fools
Apamneba@aol.com 12 years ago

This is about business Law in the interest of Ghana. pleaase take your hate and politics somewhere else.

This is about business Law in the interest of Ghana. pleaase take your hate and politics somewhere else.
BOOGIE 12 years ago

I THOUGHT MR. TSATSU IS DENYING ANY TRANSACTIONS OR RELATIONSHIP WITH SOCIETE GENERALE (2) AT LEAST HE TSATSU HAD ACCEPTED THERE WAS A COURT CASE,AND ALONG THE LINE SOCIETE GENERALE SECURED FAVORABLE JUDGEMENT AGAINST THE GOV ...
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I THOUGHT MR. TSATSU IS DENYING ANY TRANSACTIONS OR RELATIONSHIP WITH SOCIETE GENERALE (2) AT LEAST HE TSATSU HAD ACCEPTED THERE WAS A COURT CASE,AND ALONG THE LINE SOCIETE GENERALE SECURED FAVORABLE JUDGEMENT AGAINST THE GOVT. OF GHANA
mohammed 12 years ago

The judgement against ghana was as a result of NPP care takers neglect in taking reasonable steps and attention and allowing society General to win and they benefited from the sale of the ship Tsatsu work hard to keep for gha ...
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The judgement against ghana was as a result of NPP care takers neglect in taking reasonable steps and attention and allowing society General to win and they benefited from the sale of the ship Tsatsu work hard to keep for ghana and won two earlier Judgements on the same case for ghana under his care.
jagadu 12 years ago

CAN SOMEBODY BE PROSECUTED AND SEND TO JAIL FOR THIS CRIME. GHANA NEEDS TO REVOLT. WE CANNOT SIT DOWN FOR SUCH A THIEVERY TO BE COMMITTED.

CAN SOMEBODY BE PROSECUTED AND SEND TO JAIL FOR THIS CRIME. GHANA NEEDS TO REVOLT. WE CANNOT SIT DOWN FOR SUCH A THIEVERY TO BE COMMITTED.
Seko 12 years ago

Ghanaians praises mediocrity, bribery and corruption. We are not ethical and honesty is thrown to the dogs. Yet the streets get empty on sundays and fridays. Useless country, utility tarrif increases will soon be announced. I ...
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Ghanaians praises mediocrity, bribery and corruption. We are not ethical and honesty is thrown to the dogs. Yet the streets get empty on sundays and fridays. Useless country, utility tarrif increases will soon be announced. It is welcome news. Lets pay for those who have access to make use of it.
ohenenana 12 years ago

How soon do we for get?
Were yoiu not the same Tsikata, that couslled Rawlings to sell Ghana assets, and also the same perosn who was jailed for causing financial loss to the state? Now he has the nerve to call names for r ...
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How soon do we for get?
Were yoiu not the same Tsikata, that couslled Rawlings to sell Ghana assets, and also the same perosn who was jailed for causing financial loss to the state? Now he has the nerve to call names for rashing what? The world knows that you have axe to grind. And your beef is influenced by political allegiance. Stop this man hunt and get off the scene and never come close to any microphone.
dunaa 12 years ago

Tsatsu is not credible!

Tsatsu is not credible!
KK 12 years ago

This is the beginning of more compelling evidence again Kuffour and his looting team that ran Ghana like a Banana Republic with arrogance, nepotism and witch hunting of opponent - remember even killing Selormey in jail while ...
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This is the beginning of more compelling evidence again Kuffour and his looting team that ran Ghana like a Banana Republic with arrogance, nepotism and witch hunting of opponent - remember even killing Selormey in jail while Kuffour and his people went looting the state, left and right. These thieves should be in jail and assets confiscated.
OPK 12 years ago

TSSTSU THE THIEFMAN YOU GHANA STOLE GHANA GOVERMENT MONEY ALMOST THREE MILLION DOLLARS THATS WHY YOU WENT INTO JAIL NOW YOU WANT IMPLICATE AN INNOCENT FELLOW ASEM BEBA DABI!!!!!!!!!

TSSTSU THE THIEFMAN YOU GHANA STOLE GHANA GOVERMENT MONEY ALMOST THREE MILLION DOLLARS THATS WHY YOU WENT INTO JAIL NOW YOU WANT IMPLICATE AN INNOCENT FELLOW ASEM BEBA DABI!!!!!!!!!
FATAW 12 years ago

OH,IS THIS PRISSONA STILL MAKETING HIM SELF?

OH,IS THIS PRISSONA STILL MAKETING HIM SELF?
KOJOVI 12 years ago

THAT EWE MONKEY FACE TSATSU IS CORRUPT AND CRIMINAL.

THAT EWE MONKEY FACE TSATSU IS CORRUPT AND CRIMINAL.
kobby 12 years ago

I hate it when this kokoase krusini guys open their stinky black short mouth and insult ewes! are u clever than tsatsu or what...wu mame tweasi ...avu, yaka-gbormor

I hate it when this kokoase krusini guys open their stinky black short mouth and insult ewes! are u clever than tsatsu or what...wu mame tweasi ...avu, yaka-gbormor
mohammed 12 years ago

Do not worry about empty insults. Tsatsu has the Country at heart and you can see how far he will fight to install justice for us. Ewes are honest hard working and good. Let us see how far the loot went on. Chairman Rawlings ...
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Do not worry about empty insults. Tsatsu has the Country at heart and you can see how far he will fight to install justice for us. Ewes are honest hard working and good. Let us see how far the loot went on. Chairman Rawlings asked Late mills to investigate all these rot and Mills stabbed him and said he does not want witch hunt. when the great leader used his political capital to put he mills in power. Little did we know that he also had Woyome taken $47 Million dollars. More rots will smell.
ERIK 12 years ago

Nobody kicks a dead dog. TSATSU is a GENIUS. LET HIM CLEAR HIMSELF I BELIEVE WITH TIME WE SHALL SEE AND KNOW THE FACTS.

Nobody kicks a dead dog. TSATSU is a GENIUS. LET HIM CLEAR HIMSELF I BELIEVE WITH TIME WE SHALL SEE AND KNOW THE FACTS.
Dagobert 12 years ago

Ghana is in the hands of FOOLS

Ghana is in the hands of FOOLS
DOUBLE STANDARDS 12 years ago

IDIOT!!! ROT IN YOUR SKIN PAIN AND HATE!!!

IDIOT!!! ROT IN YOUR SKIN PAIN AND HATE!!!
NANA AMANKWA-PAM 12 years ago

GHANAIANS ARE SICK AND TIRED WITH NDC NONSENSE...GHANAIANS NEED JOBS,JOBS JOBS NOT ALL THIS CRAP ...TSATSU STOP YOUR NONSENSE ,WE NEED PEACE IN OUR COUNTRY FOOLS , ALL OF YOU ARE IN THE SAME PAGE NDC, NPP ,ENOUGH YOUR NONSENS ...
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GHANAIANS ARE SICK AND TIRED WITH NDC NONSENSE...GHANAIANS NEED JOBS,JOBS JOBS NOT ALL THIS CRAP ...TSATSU STOP YOUR NONSENSE ,WE NEED PEACE IN OUR COUNTRY FOOLS , ALL OF YOU ARE IN THE SAME PAGE NDC, NPP ,ENOUGH YOUR NONSENSE,TSATSU U BETTER FIND YOURSELF A JOB, YOU HAVE IN POILITICE FOR TOO LONG,,,,,SINCE PNDC ERA ,,,,DIERTY AYIBGWENII
OKOE 12 years ago

CALL KEN DAPAAH, KUFOUR, AKUFO ADDO AND TSIKATA ON THE SAME PLATFORM BEFORE THE COMMISSION
TO TRASH OUT THE SALE OF THE DRILL SHIP.

CALL KEN DAPAAH, KUFOUR, AKUFO ADDO AND TSIKATA ON THE SAME PLATFORM BEFORE THE COMMISSION
TO TRASH OUT THE SALE OF THE DRILL SHIP.
OKESS 12 years ago

THESE PEOPLE ARE CROOKS AND THEY ARE STILL IN GOVERNMENT OR WANT TO BE IN GOVERNMENT.

THESE PEOPLE ARE CROOKS AND THEY ARE STILL IN GOVERNMENT OR WANT TO BE IN GOVERNMENT.

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Tsatsu indicts Akufo-Addo, others in drillship sale

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