DIC Opens GCD Bid Amid Confusion

Confusion preceded the bidding process of the Ghana Consolidated Diamonds Limited (GCD) last week.

The bidding, which was scheduled to begin at 10 a.m. on Friday June 13, 2003, went into Sundown while a member of the board convened what was suspected to be crisis meeting to forestall any mishaps.

Later the Chairman of the Minerals sub-committee announced that he had been instructed by the board to suspend opening of the bids indefinitely.

The four strategic investors who were short-listed after the evaluation process had come from the USA, UK and elsewhere, at short notice to open their respective bids.

Most of them expressed utmost dissatisfaction at the way and manner DIC treated them, adding such attitude sends bad signals to the investment world.

Though stranded they vowed never to return home until the board had given them reasons for the suspension of the bidding.

The DIC later succumbed to what seemed to be pressure from the investors and the bids were opened.