No one erred in drillship sale – Kan Dapaah, K.T

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Kwaku 12 years ago

You NPP guys were so foolish to go to that NDC propaganda judgement debt commission ,it is just a total waste of precious time and money.

You NPP guys were so foolish to go to that NDC propaganda judgement debt commission ,it is just a total waste of precious time and money.
mawriz 12 years ago

@ Kwaku, U are a lawless person. These gentlemen did the right thing by appearing before the commission. It is not an NDC commission, it is a Ghanaian commission. If you have this thinking, then it will serve you right to sus ...
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@ Kwaku, U are a lawless person. These gentlemen did the right thing by appearing before the commission. It is not an NDC commission, it is a Ghanaian commission. If you have this thinking, then it will serve you right to suspend your citizenship as far as NDC is in power and get it when your party comes. When are we going to think Ghana and not these two political parties my brothers and sisters?.
ATSU, HO 12 years ago

SOME MINORITY MEMBER SHOULD BE FOUND CULPABLE TO BALANCE OUT ISN'T IT?

SOME MINORITY MEMBER SHOULD BE FOUND CULPABLE TO BALANCE OUT ISN'T IT?
The 12 years ago

Former Energy Minister Albert Kan Dapaah is before the Judgment Debt Commissioner explaining the sale of GNPC drill ship in 2001 to pay for a debt owed Societe Generale.

He has been called to explain the circumstances unde ...
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Former Energy Minister Albert Kan Dapaah is before the Judgment Debt Commissioner explaining the sale of GNPC drill ship in 2001 to pay for a debt owed Societe Generale.

He has been called to explain the circumstances under which a drill ship was sold.

Kan Dapaah gives a background to Ghana's oil exploration activity which began in 1878.

He says oil production at Saltpond oil field began in 1978 and was terminated at some point in 1995

It was a policy by GNPC, then headed by Tsatsu Tsikata that there had to be crude oil somewhere in Ghana and therefore used the corporation's own resources to explore for oil so that all the benefits accrued from the successful exploration will come to Ghana. The corporation then acquired a number of marine assets to explore for hydro carbon.

Societe General then became a factor in GNPC affairs. Oil exploration is expensive and to the extent that GNPC did not get budgetary support it undertook commercial activities and financial engineering programmes to raise funds for the exploration.

One of the arrangement was the hedging facility with Societe General which began from 1987- to around 1998. The hedging was entered into with the projection that by 1998 oil will be struck in the Tano Basin.

But the 1998 projected date came with no success in oil find. GNPC was then saddled in debt.

The debt hovered around 35 million dollars but the debt increased to 40 million dollars and when GNPC could not pay Societe General, the bank sought to recover its money.

In the late 90s GNPC was subjected to severe criticism from people who did not believe in the ideals and philosophy that GNPC could fund the oil exploration. Tsatsu Tsikata was subsequently removed as boss of the GNPC and appointed as Energy Advisor.

In the midst of the GNPC challenges, JA Kufuor was then elected in the 2000 elections. Part of the major decision by the Kufuor government was to streamline operations at the GNPC.

GNPC had several challenges- it had no funds to pay workers; its creditors were on the neck of the corporation to pay its debts. Structures had completely been broken down. Overwhelmed by all these challenges at GNPC, Cabinet considered to liquidate the corporation or file for bankruptcy but first had to seek expert advice. That advice was sought from JB Da Rocha and BA Mensah renowned accountants all of whom advised against filing for bankruptcy and liquidation. They advised government to restructure the corporation.

In pursuit of restructuring and refocusing of the corporation, a three member committee was constituted, headed by Prof Adae. At the time there was no board and it was the decision by Cabinet that the board should be constituted only after the Prof Adae committee was done with it's recommendation.

In August 2001, with the advice of cabinet, GIMPA was appointed as resident consultant for GNPC.

In the midst of the GNPC challenges, JA Kufuor was then elected in the 2000 elections. Part of the major decision by the Kufuor government was to streamline operations at the GNPC.

GNPC had several challenges- it had no funds to pay workers; its creditors were on the neck of the corporation to pay its debts. Structures had completely been broken down. Overwhelmed by all these challenges at GNPC, cabinet considered to liquidate the corporation or file for bankruptcy but first had to seek expert advice. That advice was sought from JB Da Rocha and BA Mensah renowned accountants all of whom advised against filing for bankruptcy and liquidation. The advised government to restructure the corporation.

In pursuit of restructuring and refocusing of the corporation, a three member committee was constituted, headed by Prof Adae. At the time there was no board and it was the decision by Cabinet that the board should be constituted only after the Prof Adae committee was done with it's recommendation.

In August 2001, with the advice of cabinet, GIMPA was appointed as resident consultant for GNPC.

The Kufuor government then decided that the search for oil was to done by the private sector instead of the GNPC and it was decided at cabinet level to do away with some of the marine assets.

Nic Mends, then Vice president of Societe General came to see him [Kan Dapaah] in connection with the hedging losses and came to discuss a negotiated settlement.

It was agreed at some point that the settlement debt was to be a little over 14 million. But Societe General had gone to court to recover its money. On 6 June 2001, Societe General procured a judgement from an English court in which GNPC were to pay an amount of 40 million dollars in debt with over 7million interest.

The Drill Ship was used as a mortgage for some of the debt. Societe General then ordered for the arrest of the drill ship in Oman.

KT Hammond was then discharged by Cabinet to France to meet with Societe General and to see how best to protect the interest of Ghana.

At his first meeting with Societe the basis of judgement had changed and the original figure of 14 million was no longer on the table

KT realised that the ship had been mortgaged for about 30 million dollars and procured the court order for the selling of the ship in Oman. At that point Societe Gen needed no government permission to sell the ship. It was effectively theirs.

It was agreed that the ship was to be sold for 24 million dollars. Included in the package is the copy of the sales agreement

GNPC was indebted to Societe General to the sum of 47 million according to the UK Court and with some interest charges the debt soared to over 50 million dollars. KT managed to beat the figure down from the over 50 m to 19 million dollars.

Cabinet then approved of the settlement agreement and gave KT Hammond the power to enter into the negotiated settlement.

It was resolved by Societe General and the government to sell off the drill ship at a cost of 24 million dollars. Per the sales agreement, the buyer was to pay directly to Societe General an amount of 19 million dollars

A note from the bankers of the buyers, a payment order which shows that 19 million dollars was paid directly have all been included.

The money never came to the Ghana government.

A further 4.5 million dollars was paid on 16 July 2001 to constance and constance acting on behalf of the government of Ghana. Out of the 4.5 million it was agreed that an amount of 100,000 dollars be paid from one million dollars to people who were owed some money for services rendered to the ship.

GNPC gave a memo listing the number of people who were owed and who deserved to be paid. An amount of 50,000 pounds was also paid to lawyers.

The remaining amount of 900,000 dollars from the one million was paid into an escrow-account and was paid to suppliers of GNPC.

Where did the 3.5 million go?

The balance of 3.5 was paid on July 18, 2001 by a Barclays bankers draft into the government of Ghana UK account.

This payment is easily verifiable. But as to what the money was used for subsequently, i cannot say. The Accountant General should be able to explain that to the commission.

KT Hammond appears before the Commission

KT Hammond, who was then a Deputy Energy Minister during the controversial sale of the drill ship and who played a key role in the negotiated settlement with Societe General takes his turn.

He presents copies of newspaper reports he claims made prejudicial statement about the case and applauds Kweku Baako Jnr for putting out the truth at all times.

KT Hammond continues from where his boss left off, discussing the details of the losses GNPC incurred in respect of the hedging policy.

Sokpor, lawyer for the Commission demands why Hammond was not accompanied by officials of the GNPC or the Attorney General's Office when he went to negotiate the settlement with Societe General in London.

KT Hammond says GNPC was in such a mess, nobody needed their advise on anything. He would not comment on why no official from the Attorney General went with him. He says he had practiced law in London for 10 years and cabinet thought he was.

Sole Commissioner Justice Yaw Apau is unhappy the Attorney General then did not follow up the court case which the GNPC had begun against Societe General and sat down until a default judgement was given by the UK court before it then sent KT Hammond to go negotiate.

After negotiation; it was ready for sale of drill ship

By April, 2001 GNPC was in the process of selling the ship. A document signed by Opoku Mensah and dated June 12, 2001 sale of GNPC drill ship discoverer 511.

Another document dated June 6, 2001 addressed to Dr Ofori Kwao boss of GNPC with an offer to purchase discoverer 511.

It is at this stage that he was informed there is a solicitor called Constance and Constance to help with respect to the sale of the ship.

Sorkpor asks was it fair that the government relied on the valuation report by the buyers of the ship without any other independent valuation?

Hammond responds and says to the extent that the company was already advisors of GNPC it was not a difficult decision to rely on the valuation report by the said company who were themselves buyers.

After the ship was sold a press conference was held by the then minister to inform Ghanaians on the circumstances surrounding the sale.

Tsatsu Tsikata then held a counter press conference and at no point did he make any comment about the amount derived from the sale of the ship. If it was the case that Tsikata thought the government of Ghana had been shortchanged in the sale, he would have raised it in his press conference.

Justice Yaw Apau asks who gave the instruction for the remaining 3.5 million dollars to be paid into the government of Ghana account in the UK.

KT Hammond says it's been 12 years and he may have forgotten who exactly gave the order but he can say for a fact that the government of Ghana advised that the cheque of 3.5 million dollars be given to the acting UK High Commissioner, Ambassador Kpodo who then paid the amount into the government of Ghana account in the UK.

Justice Yaw Apau reminds him about comments he, Hammond, made on radio which suggested that he had brought a cheque of 3.5 million dollars and handed it over to President Kufuor.

Hammond says that may be a slip. It was a coloured photocopy of the cheque of 3.5 million he brought to Ghana as evidence and not the original cheque. The actual cheque was handed over to the acting UK High Commissioner who then paid into the Bank of Ghana account.

Mysterious document

Almost in tears, KT Hammond presents to the commission a 65 paged document which spells out how the 3.5 million dollars was disbursed. He says he and his boss Kan Dapaah were chastised unnecessarily for embezzling the amount.

He says he found in his pPigeon hole in Parliament the document detailing how the money was disbursed in 2003-04 and hands over the document to the Commission.

He does not know who dropped the document into his pigeon hole but says it was all part of God's intervention to exonerate him.
Koffi parker 12 years ago

KT Hammond alone represented Ghana's interst in this deal?my bruda with all these fine prints KT has no Paper trail to prove any wrongdoing.

KT Hammond alone represented Ghana's interst in this deal?my bruda with all these fine prints KT has no Paper trail to prove any wrongdoing.
GIRLZ 12 years ago

from the explanation given, KT Hammond knows very well the person who gave order for the disbusement of the funds. he is only refusing to tell the truth.

How come someone put documents in his pigeon hole in parliament wit ...
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from the explanation given, KT Hammond knows very well the person who gave order for the disbusement of the funds. he is only refusing to tell the truth.

How come someone put documents in his pigeon hole in parliament without knowing the source of the said documents?
clarence 12 years ago

I think that our politicians are taking Ghanaians for a dirty ride, a ride that one day people will have to pay dearly for. how can this happen in any civilised country, where are the Laws of our country, politicians are toil ...
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I think that our politicians are taking Ghanaians for a dirty ride, a ride that one day people will have to pay dearly for. how can this happen in any civilised country, where are the Laws of our country, politicians are toiling with our lives. some one needs to act and it must be swift. we have had enough of this nonsense haven't we?
GIRLZ 12 years ago

from the explanation given, KT Hammond knows very well the person who gave order for the disbusement of the funds. he is only refusing to tell the truth.

How come someone put documents in his pigeon hole in parliament wit ...
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from the explanation given, KT Hammond knows very well the person who gave order for the disbusement of the funds. he is only refusing to tell the truth.

How come someone put documents in his pigeon hole in parliament without knowing the source of the said documents?
Sulamana 12 years ago

THE HEDGING HAD NOTHING TO DO WITH OIL EXPLORATION AND PRODUCTION. IT IS JUST A GLORIFIED NAME FOR GAMBLING ON OIL FUTURES. ONE CAN GAMBLE ON ANYTHING IF IT IS YOUR OWN MONEY. YOU CANNOT TAKE THE TAXPAYERS' MONEY AND GO TO A ...
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THE HEDGING HAD NOTHING TO DO WITH OIL EXPLORATION AND PRODUCTION. IT IS JUST A GLORIFIED NAME FOR GAMBLING ON OIL FUTURES. ONE CAN GAMBLE ON ANYTHING IF IT IS YOUR OWN MONEY. YOU CANNOT TAKE THE TAXPAYERS' MONEY AND GO TO A CASINO AND GAMBLE, LOSE, AND THEN TURN BACK AND SAY IT WAS INTENDED TO MAKE MONEY FOR GHANA. WHAT IS WRONG WITH GHANAIANS? CAN WE NOT SEE THROUGH THIS CROOKED DEAL? WHERE ARE THE MBA'S AND ALL THE EDUCATED ECONOMISTS AND ACCOUNTANTS? DO THEY NOT UNDERSTAND WHAT HEDGING IS ALL ABOUT? PURE AND SIMPLE IT IS GAMBLING!!!1
DusTY-FooT-pHiloSophER 12 years ago

When the NPP gurus are muscled tight into a corner and their pants on fire, then suddenly, nobody erred ode fills their Kalabule mouths, huh? Well, why wouldn't Ken-Dapaah say he is the wrong person to answer for the saga ove ...
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When the NPP gurus are muscled tight into a corner and their pants on fire, then suddenly, nobody erred ode fills their Kalabule mouths, huh? Well, why wouldn't Ken-Dapaah say he is the wrong person to answer for the saga over the sale of the drill-ship and rather laid the blame at the doorsteps of the Attorney General and Justice Minister at the time, Nana Addo Dankwa Akufo-Addo?

Yes indeed, nobody is capable of dropping the ball on this one. Except, the one and only Nana Addo Dankwa Akufo-Addo. How, interesting!

Capt. 12 years ago

Our leaders should help unravelled the truth

Our leaders should help unravelled the truth
Homesense 12 years ago

Ghanians must know what happened to the US$3.5Million. At least, from the US$24m, that is the amount everybody knows for certain is not accounted for.

Ghanians must know what happened to the US$3.5Million. At least, from the US$24m, that is the amount everybody knows for certain is not accounted for.
Remove Indemnity Clause 12 years ago

Some body knows where the money is.NPP is corrupt as NDC.As long as only these two parties will rule Ghana we are in deep trouble ooo.

Some body knows where the money is.NPP is corrupt as NDC.As long as only these two parties will rule Ghana we are in deep trouble ooo.
john ansah 12 years ago

WE NEED TO FACE FACT! I AGREE WITH U, THEY ALL THE SAME!

WE NEED TO FACE FACT! I AGREE WITH U, THEY ALL THE SAME!
Tamakloe 12 years ago

This is real "Democracy" at work in Africa meaning the right to embezzle with the freedom from unpleasant consequences. So my God why wouldn’t it pay to do the crime.Please somebody tell otherwise.

This is real "Democracy" at work in Africa meaning the right to embezzle with the freedom from unpleasant consequences. So my God why wouldn’t it pay to do the crime.Please somebody tell otherwise.
Sulemana Imoro 12 years ago

How can this happen to Ghana, Our ship was sold and no one heard it? How could proceeds of it received in cash and disbursed in cash. Was it advertised? Who offered to buy it? Why the allege buyer and not others. These are ma ...
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How can this happen to Ghana, Our ship was sold and no one heard it? How could proceeds of it received in cash and disbursed in cash. Was it advertised? Who offered to buy it? Why the allege buyer and not others. These are many questions many Ghanaians keep asking themselves and this will keep hunting the leaders who perpetrated unjustifiable acts against Ghana.
Joe 12 years ago

Where did $3.5 million go

Where did $3.5 million go
OKOE 12 years ago

PLEASE STOP REPORTING HALF OR INCOMPLETE MESSAGES FROM THE COMMISSION. WAIT TO REPORT EVERYTHING. HASTE IS THE ISSUE HERE.

PLEASE STOP REPORTING HALF OR INCOMPLETE MESSAGES FROM THE COMMISSION. WAIT TO REPORT EVERYTHING. HASTE IS THE ISSUE HERE.
Lorgo Ligri 12 years ago

All these commissions being set up are nothing but a sham that are receiving national exposures. The stand for, and come with nothing but, for 'the dog's news' to tickle our ever wanting curiousity. We're so blind that any no ...
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All these commissions being set up are nothing but a sham that are receiving national exposures. The stand for, and come with nothing but, for 'the dog's news' to tickle our ever wanting curiousity. We're so blind that any non news becomes our national news.
commissioner 12 years ago

KT WEPT. MY MOTHER SAYS I AM A THIEF. HEHEHEHEHE.....

KT WEPT. MY MOTHER SAYS I AM A THIEF. HEHEHEHEHE.....

Kwame Wiredu 12 years ago

If the worry is about the 3.5 million dollars, then the million dollar question is what is so difficult about cross-checking the deposits and withdrawal history of that account way back to that time. every bank keeps that rec ...
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If the worry is about the 3.5 million dollars, then the million dollar question is what is so difficult about cross-checking the deposits and withdrawal history of that account way back to that time. every bank keeps that records whether big or small.
I can just call my bank and ask them to give me all my transactions from 2000 to 2012.Oh wait, I dont even have to call them i can get it by logging inot my account and I have right in front of me on my computer screen as i type this comment.
this commission is useless and at best clueless, with this guy sitting on his butt and collecting allowances for God knows how long whilst the corrupt elite politicians continue to steal and wreck this nation
Kwame Wiredu 12 years ago

rehearsing what we already know that there is huge corruption everywhere in the country from top to the least of the citizen.
Who in ghana does not know what this sole commission has been telling us all along.
what we need ...
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rehearsing what we already know that there is huge corruption everywhere in the country from top to the least of the citizen.
Who in ghana does not know what this sole commission has been telling us all along.
what we need is action, real concrete action to:
1.Strengthen our institutions of state
2.Arrest and prosecute corrupt individuals within the context of the law without fear or favor.
3.Societal change in mindset and attitude which should start from our homes, churches, schools all the way to local and national government.
4.Honesty and hard work: our only hope to which none has in the country right now.
5.reduce the # of our politicians significantly both elected and appointed-and I mean significantly.
lets start with 10 core ministries with no deputies(the ministry directors shd be used to ensure continuity in government business-remember they are civil servants.
Hundred (100 MPS at most) but keep the current # of DCEs and stengthen them to work efficiently.
Each ministry in consultation with cabinet, and directives from the office of the president should submit an agenda either on yearly basis or every other year with detailed plan on how it plans to execute it, how much it will cost, the benefit to be derived from it and the time frame and should be held accountable for it (either through extra reward or termination of appointments based on delivery of what was promised.
I can go on and on and on.
There so many things we can sincerely do to make our nation great and strong. But once again, I can sit here and give a 1000 things we can do as our nation to make us prosper and go forward and in the same breadth I can give you a million reasons why ti will not work as long as we continue to do things the way we are doing right now.
YOU AND I 12 years ago

SIR JOHN YOU HAVE ANSWERS TO EVERY NPP ISSUE. WHERE IS THE $3.5 MILLION ?

SIR JOHN YOU HAVE ANSWERS TO EVERY NPP ISSUE. WHERE IS THE $3.5 MILLION ?
YOU AND I 12 years ago

I HAVE A PRODUCER WHO WILL PURCHASE THIS NPP SAGA FOR $3.5 MILLION. COMING TO THEATRES NEAR YOU "THE DRILLSHIP SAGA"HOW KUFOUR AND HIS MEN DUPED GHANA.

I HAVE A PRODUCER WHO WILL PURCHASE THIS NPP SAGA FOR $3.5 MILLION. COMING TO THEATRES NEAR YOU "THE DRILLSHIP SAGA"HOW KUFOUR AND HIS MEN DUPED GHANA.
ALHAJI KUKRUDU 12 years ago

Who are these FOOLS. All decisions taken in the transaction were based on the advice of the Attorney General and Justice Minister at the time, Nana Addo Dankwa Akufo-Addo so you are convinced that there was not one single wro ...
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Who are these FOOLS. All decisions taken in the transaction were based on the advice of the Attorney General and Justice Minister at the time, Nana Addo Dankwa Akufo-Addo so you are convinced that there was not one single wrong decision that was made in the whole exercise; not by anyone and you stand by that? Time will tell with this class one style of illusive answers.
Yaw Adu-Asare 12 years ago

Kan Dapaah and Hammond are judges unto themselves. Not so; the rest of us have questions for you.

What court gave the order for judgment debt to be paid to Societe Generale. How much money was paid on behalf of GNPC to S ...
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Kan Dapaah and Hammond are judges unto themselves. Not so; the rest of us have questions for you.

What court gave the order for judgment debt to be paid to Societe Generale. How much money was paid on behalf of GNPC to Sociate Generale. Where is the payment receipt for the transaction with Societe Generale?

We shall get to the bottom of this drillship deal.
Say the TRUTH 12 years ago

Kan Dapaah indicated that GNPC had already mortgaged the drill ship as a collateral for a loan based on which Societe General procured an order from an Omani court to have the ship sold.

Societe General effectively did not ...
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Kan Dapaah indicated that GNPC had already mortgaged the drill ship as a collateral for a loan based on which Societe General procured an order from an Omani court to have the ship sold.

Societe General effectively did not need the permission of the Government of Ghana to sell the ship, he noted.
Yaw Adu-Asare 12 years ago

Kan Dapaah and Hammond are judges unto themselves. Not so; the rest of us have questions for you.

What court gave the order for judgment debt to be paid to Societe Generale. How much money was paid on behalf of GNPC to S ...
read full comment

Kan Dapaah and Hammond are judges unto themselves. Not so; the rest of us have questions for you.

What court gave the order for judgment debt to be paid to Societe Generale. How much money was paid on behalf of GNPC to Sociate Generale. Where is the payment receipt for the transaction with Societe Generale?

We shall get to the bottom of this drillship deal.
CARDINAL 12 years ago

Idiot, why don't you inquire why we owe Societe Generale in the first place. Your Ndc gambled with the ship by hedging on oil futures and lost. Who gave Tsatsu the power to solely use GNPC assets to trade in future markets?

Idiot, why don't you inquire why we owe Societe Generale in the first place. Your Ndc gambled with the ship by hedging on oil futures and lost. Who gave Tsatsu the power to solely use GNPC assets to trade in future markets?
Say the TRUTH 12 years ago

He explained however that the ship was later sold at a cost of 24 million dollars, 19.5 million of which was used to settle the negotiated agreement with Societe General.

When KT Hammond took over, he lamented to the Commi ...
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He explained however that the ship was later sold at a cost of 24 million dollars, 19.5 million of which was used to settle the negotiated agreement with Societe General.

When KT Hammond took over, he lamented to the Commission, how some newspapers had unjustifiably maligned him and his boss in the controversial drill ship saga.

He then explained how he, with the authority of the Kufuor cabinet, negotiated a settlement with Societe General.

According to him, even though the government planned to sell the drill ship, GNPC had already given indication it was ready to sell the drill ship to pay off debts owed by the Corporation. He produced letters,signed by the then CEO of GNPC signalling their intent to sell the ship.

He said after the ship was sold at a cost of 24 million dollars, 19.5 million was used to pay the settlement agreement with Societe General.

Out of the remaining 4.5 million dollars, one million dollars was used to pay for debt incurred through litigation as well as other expenses incured by the GNPC.

He provided as exhibits to the Commissioner a letter, he claimed was written by GNPC detailing who were owed and who deserved to be paid.

KT Hammond said after all the debts had been cleared the remaining 3.5 million dollars was handed over in cheque to the acting Ghana Ambassador to the UK, Chris Kpodo who then paid it into the Ghana government account in the UK.

Yaw Adu-Asare 12 years ago

Kan Dapaah and Hammond are judges unto themselves. Not so; the rest of us have questions for you.

What court gave the order for judgment debt to be paid to Societe Generale. How much money was paid on behalf of GNPC to S ...
read full comment

Kan Dapaah and Hammond are judges unto themselves. Not so; the rest of us have questions for you.

What court gave the order for judgment debt to be paid to Societe Generale. How much money was paid on behalf of GNPC to Sociate Generale. Where is the payment receipt for the transaction with Societe Generale?

We shall get to the bottom of this drillship deal.
K.K. KUFFOR 12 years ago

This is just for thinkers; You owe me $2,000,000.00 which incurred interest up to an amount over a period. At a point I ask me to {quickly} pay you $14,000,000.00 in ten days time or else you change your mind. You could not p ...
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This is just for thinkers; You owe me $2,000,000.00 which incurred interest up to an amount over a period. At a point I ask me to {quickly} pay you $14,000,000.00 in ten days time or else you change your mind. You could not pay me within the said 10 days, so I took you to court to demand 47,000,000.00 which the court agreed with, and then you come to negotiate and I agree to take $19,500,000.00??? How is interest calculated??? Moving from $14,000,000.00 to $47,000,000.00 within THREE MONTHS OR LESS??? hMMM!!!
KK 12 years ago

Kan Dapaah sat on trial over others with all these wrong doing and looting records? what was his integrity and moral right? A common thief sitting over trial of others, when he should be doing time in jail - long over-due.Jus ...
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Kan Dapaah sat on trial over others with all these wrong doing and looting records? what was his integrity and moral right? A common thief sitting over trial of others, when he should be doing time in jail - long over-due.Just throw this idiots into jail at Nsawam, locked the jail room and throw the keys away into the Densu River.
Joe Kojo 12 years ago

Lets hear the money wolves. "Stealers" of the highest order.

Lets hear the money wolves. "Stealers" of the highest order.
STEVO 12 years ago

What evidence do we have that the drillship was sold for $24m?

Why do these "leaders" take us all for fools?

What evidence do we have that the drillship was sold for $24m?

Why do these "leaders" take us all for fools?
Abongo 12 years ago

Did parliament approve of the sale

Did parliament approve of the sale
Say the TRUTH 12 years ago

Facts of the case

Prior to his appearance, his boss Kan Dapaah, had early on taken the Commission through the circumstances surrounding the sale of the oil drill ship.

He told the Commission that GNPC, under the leaders ...
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Facts of the case

Prior to his appearance, his boss Kan Dapaah, had early on taken the Commission through the circumstances surrounding the sale of the oil drill ship.

He told the Commission that GNPC, under the leadership of Tsatsu Tsikata decided to fund all its oil exploration activities so that in the event Ghana struck oil, all the proceeds will remain in Ghana.

As a result of that policy, GNPC undertook commercial activities and financial engineering programmes to raise funds for the expensive exploration activities.

He said one of the arrangement was the hedging facility with French Bank Societe General which began from 1987 to around 1998. The hedging was entered into with the projection that by 1998 oil will be struck in the Tano Basin, but the 1998 projected date came with no success in oil find. GNPC was then saddled in debt.

According to him, a debt of 40 million dollars had been incurred as a result of the transaction with Societe General with accruing interest.

The Bank then sought a UK court judgement asking GNPC and the government of Ghana to pay the debt.

Kan Dapaah told the Commission that the Kufuor government which inherited the mess at the GNPC decided to negotiate a settlement with Societe General and not to litigate the matter.

It also decided that the cost of oil exploration should be borne by the private investors and not by GNPC or government. Kan Dapaah noted therefore that marine assets owned by GNPC should be sold.

He also explained that KT Hammond was delegated by Cabinet to, on behalf of the government of Ghana negotiate a deal with Societe General.

He said through the diligence of Hammond the over 50 million dollars debts owed Societe General was negotiated to 19.5 million dollars.

Kan Dapaah indicated that GNPC had already mortgaged the drill ship as a collateral for a loan based on which Societe General procured an order from an Omani court to have the ship sold.

Societe General effectively did not need the permission of the Government of Ghana to sell the ship, he noted.

He explained however that the ship was later sold at a cost of 24 million dollars, 19.5 million of which was used to settle the negotiated agreement with Societe General.

When KT Hammond took over, he lamented to the Commission, how some newspapers had unjustifiably maligned him and his boss in the controversial drill ship saga.

He then explained how he, with the authority of the Kufuor cabinet, negotiated a settlement with Societe General.

According to him, even though the government planned to sell the drill ship, GNPC had already given indication it was ready to sell the drill ship to pay off debts owed by the Corporation. He produced letters,signed by the then CEO of GNPC signalling their intent to sell the ship.

He said after the ship was sold at a cost of 24 million dollars, 19.5 million was used to pay the settlement agreement with Societe General.

Out of the remaining 4.5 million dollars, one million dollars was used to pay for debt incurred through litigation as well as other expenses incured by the GNPC.

He provided as exhibits to the Commissioner a letter, he claimed was written by GNPC detailing who were owed and who deserved to be paid.

KT Hammond said after all the debts had been cleared the remaining 3.5 million dollars was handed over in cheque to the acting Ghana Ambassador to the UK, Chris Kpodo who then paid it into the Ghana government account in the UK.

Contrary to claims by officials of the Bank of Ghana and others that there was no official document supporting the payment of the 3.5 million dollars and how it was subsequently disbursed, KT Hammond presented the document, he insisted had been put into his pigeon hole, a document which he claimed exonerated him and held all the answers to the mysterious 3.5 million dollars.

Sealed in a brown envelope, the Judge Yaw Apau gave back the document to Hammond to open it himself, excaliming in a rather, humourous manner that it may well be that the document contained an explosive.

Hammond opened the document and offered as evidence on how the money was expended.
Anthony Peduase 12 years ago

We just want our money back plus interest accrued. Could Kronfour Kufor, Nana Akufo-Addo, Hammond, Daapa and co return our money please.

We just want our money back plus interest accrued. Could Kronfour Kufor, Nana Akufo-Addo, Hammond, Daapa and co return our money please.
Paa Tee 12 years ago

This commission issue will not help mother, in Europe, a better democracy, they will face court including the AG (Akuffo Addo) none is above the law. It must be npp against ndc, but Ghana against individuals. why do people al ...
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This commission issue will not help mother, in Europe, a better democracy, they will face court including the AG (Akuffo Addo) none is above the law. It must be npp against ndc, but Ghana against individuals. why do people always personalize things when it comes to matters such like this? don't we love our mother Ghana any longer?
Dan Budu 12 years ago

According to Hon Kan- Dapaah, " the sale was transparently done". This is perfect. Well done Hon. What Ghanaians want to know is about the disbursements of the sales proceeds. Interestingly, you could not make a similar bold ...
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According to Hon Kan- Dapaah, " the sale was transparently done". This is perfect. Well done Hon. What Ghanaians want to know is about the disbursements of the sales proceeds. Interestingly, you could not make a similar bold statement about the disbursements of the funds realised from the sales as you made about the sale transaction itself. Were all the disbursements properly approved and transparent? You should tell Ghanaians who at the International Bank in London received the amount paid into Govt Account? You were not the Minister of Finance neither the Accountant-General yet you supervised the disbursements of the funds!!! Was it necessary to tell the Commissioner that you were not the Finance Miinister? You only threw dust into the eyes of the Commissioner. Go back and tell the Commissioner "The disbursements of the funds were transparently done".

God bless Ghana!5

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No one erred in drillship sale – Kan Dapaah, K.T

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