KPMG did not value shares before sale to Fortiz

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Pabro correa 12 years ago

This is corruption at it's best. How can a bank with shares be sold at a price without any valuation of shares undertaken. how did the Government allowed 90% of the bank be sold for 90 million cedis without any valuation done ...
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This is corruption at it's best. How can a bank with shares be sold at a price without any valuation of shares undertaken. how did the Government allowed 90% of the bank be sold for 90 million cedis without any valuation done. Oh God help Ghana
Nyansaba 12 years ago

IF TONY LITHUR WERE SMART, HE WOULD HAVE GOTTEN SOMEONE ELSE TO STAND IN AS LAWYER FOR FORTIZ. (I HEARD SOMEONE SAYING FORTIZ SOUNDS LIKE 'FOR THIEVES'. HOW IRONIC!) IT BEATS MY MIND HOW AN ADULT OF HIS CALIBRE WOULD THINK GH ...
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IF TONY LITHUR WERE SMART, HE WOULD HAVE GOTTEN SOMEONE ELSE TO STAND IN AS LAWYER FOR FORTIZ. (I HEARD SOMEONE SAYING FORTIZ SOUNDS LIKE 'FOR THIEVES'. HOW IRONIC!) IT BEATS MY MIND HOW AN ADULT OF HIS CALIBRE WOULD THINK GHANAIANS WOULD FIND NOTHING WRONG WITH HIM BEING THE LAWYER OF BOTH THE COMPANY THAT IS COLLAPSING THE BANK AS WELL THE OVERNIGHT COMPANY WITH NO PEDIGREE THAT IS BUYING THE SAME BANK. OH, HOW THE INTERNATIONAL COMMUNITY IS LAUGHING AT GHANA OVER THIS LUDICROUS CIRCUS!
Global Citizen III (3rd) 12 years ago

'A good one there' Nyansaba. I have just described a Lithur as a memeber of the mafioso managing the affairs of Ghana. Little did I even know that Tony Lithur had both hands in the 'collapsing bank' and the 'mushroom bank'. ...
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'A good one there' Nyansaba. I have just described a Lithur as a memeber of the mafioso managing the affairs of Ghana. Little did I even know that Tony Lithur had both hands in the 'collapsing bank' and the 'mushroom bank'. It appears to me that some pig headed Ghanaians believe that they could run down our Country, financially, with impunity and get away with it. Some folk got away with some FUNNY DEALS @ GNPC years ago, I bet some tricks were clearly learnt there and it appears they contemplate applying the same sort of tricks in this Merchant Bank, Fortiz and SSNIT saga too.
insight to the bone 12 years ago

Now that its clear and exposed that this regime is burdened toxic tribalism , thieving corruption and hegemony we shall now elaborate on the other pillar which is the crudest form of cult personality politics . cult personali ...
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Now that its clear and exposed that this regime is burdened toxic tribalism , thieving corruption and hegemony we shall now elaborate on the other pillar which is the crudest form of cult personality politics . cult personality politic has led our country into ruins and collapsed all economic prosperity. cult personalitis hstarted in the days of nkrumah and were modified by evil wicked ayigbe kwasea jj. we see what it has done to north Korea , what happened to china under mao , Russia under Stalin , Germany with Hitler , Libya with Gaddafi , Yugoslavia with Tito and the list is endless . under the guise of cult personalities unheard of atrocities against their own citizens are committed as we ourselves also witnessed with jj and nkrumah since all these leaders in their blasphemous style governance think they are gods above God and therefore are infallible and can not make any mistakes . these psychopaths cause such pain and misery to the majority of there people but feel no remorse or guilt for their actions rather blow the trumpet of always blaming the innocent as we with the barking dog jj today. no nation with these kind of cult personalities dominating their leadership has ever succeeded in developing or reaching their full potential. their systems are best eradicated with a revolution or war so the people have a chance of a fresh start , coups are never enough as they only replace one criminal with another . pepeni has capitulated to whom its not so clear but its evident in his whining and crying that he says he is not liked , loved or respected so we suspect jj is now again ruling by proxy with the help of his ayigbe homicidal criminals . we must now ready the people for the inevitable which is war and we Akans shall be victorious . We all noticed pepeni was shunned and snubbed by all the other presidents in south africa except his unpopular colleague zuma since the whole world now knows he is a fake , an imposter and a good for nothing clown of an idiot .he best just think of how best he may resign before the blood flows in the streets as cult personality politics never end peacefully , a word to the wise long live the republic of Akan
New Sheriff in Town 12 years ago

I do not know how many thieves are involved in this For Thieves mindless robbery of Ghanaians' pension money. What I know is Tony Lithur is turning himself into a modern day Ali Baba

I do not know how many thieves are involved in this For Thieves mindless robbery of Ghanaians' pension money. What I know is Tony Lithur is turning himself into a modern day Ali Baba
YAW 12 years ago

Ignorance will definitely kill. The fact that KPMG did not value the shares does not mean the share price at which Merchant Bank was sold was wrong.The price is already known all over the financial media, so please lets have ...
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Ignorance will definitely kill. The fact that KPMG did not value the shares does not mean the share price at which Merchant Bank was sold was wrong.The price is already known all over the financial media, so please lets have some peace,and move on.
GHANAVIA 12 years ago

If KPMG, as financial services consultants, failed in their duty to show due diligence in the discharge of their duties by computing the value of the shares of the Merchant Bank before being sold, and instead relied on figure ...
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If KPMG, as financial services consultants, failed in their duty to show due diligence in the discharge of their duties by computing the value of the shares of the Merchant Bank before being sold, and instead relied on figures or value given by some other, of what good is their service as financial consultants?
Kojo T 12 years ago

90m for 90m shares means the share price is 1 cedi per share. But then if your Liabilites exceed your assets how can you price the share at 1 cedi. Those shares are being sold at a premium and you are making noise?

90m for 90m shares means the share price is 1 cedi per share. But then if your Liabilites exceed your assets how can you price the share at 1 cedi. Those shares are being sold at a premium and you are making noise?
New Sheriff in Town 12 years ago

Better to be ignorant than an ignoble thief like Tony Lithur

Better to be ignorant than an ignoble thief like Tony Lithur
kwame kofi 12 years ago

K Thief hammond and akuffo addo must be hang for causing financial loss to the state

K Thief hammond and akuffo addo must be hang for causing financial loss to the state

Pabro correa 12 years ago

sometimes I wonder how some people here reason.People here has allowed party politics to eat so deep into their skuul that their brain appears to be composed of lots of sawdust.
If KT Hammond and others did something wrong,y ...
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sometimes I wonder how some people here reason.People here has allowed party politics to eat so deep into their skuul that their brain appears to be composed of lots of sawdust.
If KT Hammond and others did something wrong,yes let them stand trial and face the consequence.
The fact that somebody did something wrong does not necessarily mean that others must also steal from the state and go free. In my opinion, can the state allow your brain for bringing party politics into this stealing.The next few weeks is going to be very interesting when the facts unfold that Mahama's little sister who was a teacher and another person are the ones whose details are with the registrar general for Fortis,the equity firm at the centre of this deal.God save Ghana
Pabro correa 12 years ago

sometimes I wonder how some people here reason.People here has allowed party politics to eat so deep into their skuul that their brain appears to be composed of lots of sawdust.
If KT Hammond and others did something wrong, ...
read full comment

sometimes I wonder how some people here reason.People here has allowed party politics to eat so deep into their skuul that their brain appears to be composed of lots of sawdust.
If KT Hammond and others did something wrong,yes let them stand trial and face the consequence.
The fact that somebody did something wrong does not necessarily mean that others must also steal from the state and go free. In my opinion, how can the state allow a bank to be sold without valuation.The next few weeks is going to be very interesting when the facts unfold that Mahama's little sister who was a primary teacher and another person are the ones whose details are with the registrar general as owners of Fortis,the equity firm at the centre of this deal.God save Ghana if such magnitude of naked stealing is allowed to continue at this pace. People should put party politics aside and rise up similar to the Arab spring to chase Mahama's government out.
The Israelites 12 years ago

Dear Pabro Correa,
The fact is that Kw he is up to. It Kwame Kofi knows what he is up to. This is what I called 'The Evil Communist Communication Strategy" It is diversionary tactics. It is done only by people who are evil a ...
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Dear Pabro Correa,
The fact is that Kw he is up to. It Kwame Kofi knows what he is up to. This is what I called 'The Evil Communist Communication Strategy" It is diversionary tactics. It is done only by people who are evil and are on their way to hell, unless they repent...Amen
SEEKTRUTH 12 years ago

Kwame Kofi, why do you think the NDC Communicators have gone silent about the Drill Ship balance of US$3.5 million? It is because they know they were making noise about nothing. The money was deposited into an account at Ghan ...
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Kwame Kofi, why do you think the NDC Communicators have gone silent about the Drill Ship balance of US$3.5 million? It is because they know they were making noise about nothing. The money was deposited into an account at Ghana International Bank, London, by the NDC's own Chris Kpodo ( now called Bizarre Kpodo). All that the NDC Government needs to do if they want to know what happened to the money in the Account is to invite the manager of the Bank to tell them how the money was used. Please stop pointing fingers at people because your NDC patrons now know where the money is and are ashamed of all the noise they made as if someone looted the $3.5 million like they are looting every kobo Ghana has today.
DAN 12 years ago

GOD PUNISH YOU WHEN YOU WHERE BORN A BLACKMAN! SKIN THE COLOR OF FECES,SHIT,TURDS,CRAP,SCAT...AND BRAIN SMALLER THAN YOUR COUSIN THE MONKEY..GO BACK TO BUSH AND CONTINUE FUCKING YOUR MOTHER IN THE ANUS LIKE THE VICE PRESIDEN ...
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GOD PUNISH YOU WHEN YOU WHERE BORN A BLACKMAN! SKIN THE COLOR OF FECES,SHIT,TURDS,CRAP,SCAT...AND BRAIN SMALLER THAN YOUR COUSIN THE MONKEY..GO BACK TO BUSH AND CONTINUE FUCKING YOUR MOTHER IN THE ANUS LIKE THE VICE PRESIDENT FUCKS YOU!
hawa 12 years ago

So how did they come to the Value for money analysis and conclusions.
God save Ghana

So how did they come to the Value for money analysis and conclusions.
God save Ghana
John,Tema 12 years ago

If it had been a civilised country many people would have gone to prison if this story is true.The governor of Bank of Ghana,head of SSNIT & the MD of Merchant Bank should thank God it is Ghana.

If it had been a civilised country many people would have gone to prison if this story is true.The governor of Bank of Ghana,head of SSNIT & the MD of Merchant Bank should thank God it is Ghana.
hawa 12 years ago

SELL A BANK WITHOUT VALUSATION? GOD SAVE GHANA

SELL A BANK WITHOUT VALUSATION? GOD SAVE GHANA
Man 12 years ago

Is it that the business has not been valued or the share valuation was not done by KPMG?

Ghanaians are so gullible.

Is it that the business has not been valued or the share valuation was not done by KPMG?

Ghanaians are so gullible.
Americano 12 years ago

When are we going to hear good news from Ghana? Eh! Ghanafo you guys fool! Foolish leaders from KG to UST. I'm prof DR Dr stupid getting big allowances and doing nothing.

When are we going to hear good news from Ghana? Eh! Ghanafo you guys fool! Foolish leaders from KG to UST. I'm prof DR Dr stupid getting big allowances and doing nothing.

NAKED 12 years ago

The truth about what is really going on in Mali and with AFRICOM and NATO countries, especially France is a little bit like a geopolitical “Victoria’s Secret”—what you think you see is definitely not what you will get ...
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The truth about what is really going on in Mali and with AFRICOM and NATO countries, especially France is a little bit like a geopolitical “Victoria’s Secret”—what you think you see is definitely not what you will get.

We are being told repeatedly in recent months that something supposedly calling itself Al Qaeda—the organization officially charged by the US Government as responsible for pulverizing three towers of the World Trade Center and blowing a gaping hole in the side of the Pentagon on September 11, 2001—has regrouped.

According to the popular media account and statements of various NATO member country government officials, the original group of the late Osama bin Laden, holed up we are supposed to believe somewhere in the caves of Tora Bora in Afghanistan, has apparently adopted a modern business model and is handing out Al Qaeda official franchises in a style something like a ‘McDonalds of Terrorism,’ from Al Qaeda in Iraq to Libyan Islamic Fighting Group in Libya and now Al-Qaeda-in-the Islamic-Maghreb.

I’ve even heard reports that a new Al Qaeda “official” franchise has just been given, bizarre as it sounds, to something called DRCCAQ or Democratic Republic of Congo Christian (sic) Al Qaeda. [7] Now that’s a stretch which reminds one of an equally bizarre sect called Jews for Jesus created back in the hippie days of the Vietnam War era. Can it be that the architects of all these murky groups have so little imagination?

If we are to believe the official story, the group being blamed in Mali for most all the trouble is Al Qaeda in the Islamic Maghreb (AQIM for short). The murky AQIM itself is actually a product of several behind-the-scenes workings. Originally it was based in Algeria across the border from Mali and called itself the Salafist Group for Preaching and Combat (GSPC according to its French name).

In 2006 Al Qaeda’s head guru in absence of Osama bin Laden, Egyptian jihadist Ayman al-Zawahiri, publicly announced the granting to the Algerian GSPC the Al Qaeda franchise. The name was changed to Al-Qaeda-in-the Islamic-Mahgreb and Algerian counter-terror operations pushed them in the past two years over the desert border into northern Mali. AQIM reportedly is little more than a well-armed criminal band that gets its money from running South American cocaine from Africa into Europe, or from arms dealing and human trafficking. [8]

A year later, in 2007, the enterprising al-Zawahiri added another building block to his Al Qaeda chain of thugs when he officially announced the merger between the Libyan LIFG and al-Qaeda in the Islamic Mahgreb (AQIM).

The LIFG or Libyan Islamic Fighting Group, was formed by a Libyan-born jihadist named Abdelhakim Belhaj. Belhaj was trained by the CIA as part of the US-financed Mujahideen in Afghanistan during the 1980s alongside another CIA trainee then named Osama bin Laden. In essence, as the journalist Pepe Escobar notes, “for all practical purposes, since then, LIFG/AQIM have been one and the same – and Belhaj was/is its emir.” [9]

That becomes even more interesting when we find that Belhaj’s men – who, as Escobar writes, were at the forefront of a militia of Berbers from the mountains southwest of Tripoli, the so-called Tripoli Brigade—were trained in secret for two months by US Special Forces. [10]

LIFG played a key role in the US and French-backed toppling of Libya’s Qaddafi, turning Libya today into what one observer describes as the “world’s largest open air arms bazaar.” Those arms are reportedly flooding from Benghazi to Mali and other various hotspot targets of destabilization, including, according to what was suggested at the recent US Senate Foreign Relations testimony of outgoing Secretary of State Hillary Clinton, by the boatload from Libya to Turkey where they were being channeled into the various foreign terrorist insurgents sent into Syria to fuel the destruction of Syria. [11]

Now what does this unusual conglomerate globalized terror organization, LIFG-GPSC-AQIM intend in Mali and beyond, and how does that suit AFRICOM and French aims?
MAGGIE 12 years ago

ndc and john mahama are too eager to loot the state property so why would they do due diligence......thieves thieves thieves....and jj rawlings does not hear any of these crimes by john mahama....fooooooools...

ndc and john mahama are too eager to loot the state property so why would they do due diligence......thieves thieves thieves....and jj rawlings does not hear any of these crimes by john mahama....fooooooools...
Ericus-Ericus 12 years ago

Mahama and NDC - A BIG DISGRACE!!!!

Mahama and NDC - A BIG DISGRACE!!!!
kk, 12 years ago

Why ?

Why ?
Seko 12 years ago

As for SSNIT, they have too much money to spend and do not know what sort of investment to undertake yet they pay pitance to our old fathers and mothers. Ghana sweet paaa.

As for SSNIT, they have too much money to spend and do not know what sort of investment to undertake yet they pay pitance to our old fathers and mothers. Ghana sweet paaa.
GHANAVIA 12 years ago

KPMG (Ghana), a body Corporate Professionals with Ghanaians in charge of day to day operations cannot be said to exercise due diligence in their services/operations in Ghana at all.
Can anything good come from Ghana?

A c ...
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KPMG (Ghana), a body Corporate Professionals with Ghanaians in charge of day to day operations cannot be said to exercise due diligence in their services/operations in Ghana at all.
Can anything good come from Ghana?

A cursory observation of the unprofessional selective manner in which they handled the counting of the ballot papers recounting of Ghana's 2012 election, ordered by the Supreme Court, left me wondering about their efficiency. Why should it surprise Ghanaians today, if they (KPMG) failed again in exercising due diligence in their services contracted for, by ensuring that the shares of the Merchant Bank are properly and professionally evaluated to reflect the current market price/value to their owners and stakeholders?

Couldn't this situation be smacked of corruption cancer plethora that
has bedeviled this nation of ours?
John T 12 years ago

Don't worry about KPMG not doing anywork. They were not meant to. It's all part of the NDC grand scheme of Create Loot & Share. They were there to give the whole deal some sense of credibility and to be paid for their service ...
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Don't worry about KPMG not doing anywork. They were not meant to. It's all part of the NDC grand scheme of Create Loot & Share. They were there to give the whole deal some sense of credibility and to be paid for their services to the NDC in the Supreme COurt case.
CONTRIBUTOR 12 years ago

Thank you, AWUNI, for defending poor SSNIT Contributors and the hundreds of thousand of retired workers languishing in poverty on killer SSNIT pensions which pushes them nearer the grave by the day. God bless you and curse th ...
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Thank you, AWUNI, for defending poor SSNIT Contributors and the hundreds of thousand of retired workers languishing in poverty on killer SSNIT pensions which pushes them nearer the grave by the day. God bless you and curse those who wickedly misuse their contributions instead of investing contributions wisely to take good care of the aged who gave their all to their country during their youth. God bless you a million times, Awuni.
Yeb 12 years ago

I cry for the professional integrity of kpmg who are caught up in political and thievery struggle

I cry for the professional integrity of kpmg who are caught up in political and thievery struggle
YAKUBU 12 years ago

So on what basis did they arrive at the figure of 90million? Was it also one of the maintenance of the "status quo ante" situations that have become associated with the looting and stealing as well as theft of the resources o ...
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So on what basis did they arrive at the figure of 90million? Was it also one of the maintenance of the "status quo ante" situations that have become associated with the looting and stealing as well as theft of the resources of Ghana, which has become synonymous with the NDC gov't headed by Mahama and Kwesi Bekoe, in collusion with their brothers, friends and anything in between, leading Ghana into the bottomless pit of stagnation?
This purported sale of Merchant bank is a criminal loot of a state asset, and nothing can justify this theft. Ghana is obviously a failed state under the NDC criminal enterprise parading as a gov't.

Papa Yaw 12 years ago

How

How
Kwame 12 years ago

On every tender there is a consultant which company is the consultant. This is a matter that has passed through the tender level and I am not sure any court can reverse it. Are we ready to be met with another judgment debt.. ...
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On every tender there is a consultant which company is the consultant. This is a matter that has passed through the tender level and I am not sure any court can reverse it. Are we ready to be met with another judgment debt...
OKOE 12 years ago

IS THE TOTAL WORTH OF CONTRIBUTIONS BY ALL WORKERS IN GHANA 90 MILLION CEDIS? E&P ALONE OWES 38 MILLION DOLLARS THAT TRANSLATES TO ALMOST 76 MILLION CEDIS AND FORTIZ IS PAYING THAT MUCH TO OWN THE BANK? PARDON MY IGNORANCE!

IS THE TOTAL WORTH OF CONTRIBUTIONS BY ALL WORKERS IN GHANA 90 MILLION CEDIS? E&P ALONE OWES 38 MILLION DOLLARS THAT TRANSLATES TO ALMOST 76 MILLION CEDIS AND FORTIZ IS PAYING THAT MUCH TO OWN THE BANK? PARDON MY IGNORANCE!
Kwame Angel 12 years ago

So, Mahama, the NDC, NDC finance Team, Bank of Ghana, SSNIT directors (whoever they now represent) and some shareholders are pushing to "give out" their shares (if they hold some of it) at any price, even if there is no asses ...
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So, Mahama, the NDC, NDC finance Team, Bank of Ghana, SSNIT directors (whoever they now represent) and some shareholders are pushing to "give out" their shares (if they hold some of it) at any price, even if there is no assessment of how much the shares are worth? Is this any different from the way our chiefs and kings sold out slaves for wine and tobacco? The Mahama led NDC should be thrown out of office, the BOG officials involved in the sale be dismissed and SSNIT Board be dissolved so that Ghana can start from a new page. But I wonder why Ghanaian workers whose retirement funds are being squandered have been so quiet for so long? Is it just ignorance?
DAN 12 years ago

IF YOU HAVE DEPOSITS UN THE BANK, CLOSE THEM BEFORE THEY ARE SEIZED

IF YOU HAVE DEPOSITS UN THE BANK, CLOSE THEM BEFORE THEY ARE SEIZED
George Ekegey 12 years ago

It must be noted that not all takeovers warrant the valuation of shares of the company being taken over. The valuation is normally at the behest of either the buying company or the selling company. In the event that none of t ...
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It must be noted that not all takeovers warrant the valuation of shares of the company being taken over. The valuation is normally at the behest of either the buying company or the selling company. In the event that none of the companies have doubt about the share values there wouldn't be any need to spend money paying a valuer to conduct such exercise. The fact that KPMG did not value the shares of Merchant Bank does not mean the shareholder have no value for money
AFRAM PLAINS 12 years ago

It is official and the writing is on the wall, that this supposed sale of merchant bank to Fortiz Equity fund is fraudulent and borders on theft, the crudest form of it ie theft, with the whole gamut of the Mahama/Amissah Art ...
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It is official and the writing is on the wall, that this supposed sale of merchant bank to Fortiz Equity fund is fraudulent and borders on theft, the crudest form of it ie theft, with the whole gamut of the Mahama/Amissah Arthur looting machinery being deployed to ensure it's success.

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KPMG did not value shares before sale to Fortiz

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