Sale Of Ghana's 4,883,426 Shares In Anglogold Ashanti Limited!

A-G WAS INVOLVED: SALE OF GHANA'S 4,883,426 SHARES IN ANGLOGOLD ASHANTI

LIMITED!

The controversy surrounding the sale of close to 5 million of Ghana's shares

in AngloGold Ashanti has taken a new dimension.

It has now been established that the Attorney-General was deeply involved in

the transaction and she discounted the need to seek Parliamentary approval.

A confidential correspondence obtained by “The Insight” shows that the

Attorney-General also waived Ghana's right of immunity in the transaction.

The full text of the correspondence signed by Mrs Betty Mould-Iddrisu,

former Attorney-General is published below;

Dear Sir/Madam

SALE OF 4,883,426 SHARES IN ANGLOGOLD ASHANTI LIMITED BY THE GOVERNMENT OF

THE REPUBLIC OF GHANA

I am the Attorney General of Ghana, the legal advisor to the Government of

the Republic of Ghana (Government). Having examined all the relevant laws,

regulations and documents, I hereby confirm in my official capacity that:

The Government has complied with all necessary requirements under the Ghana

(Constitution) of 1992 (the Constitution), laws and regulations in force in

Ghana, has full power, and all authorisations, approvals and consents

required by it have been unconditionally obtained and are in full force and

effect, in order to:

(a) sell 4,883,426 ordinary shares in AngloGold Ashanti Limited (Shares);

and

(b) enter into one or more agreements with Macquarie Capital (Europe)

Limited (Macquarie) mandating Macquarie to advise the Government, structure

the sale of, and sell the Shares (the Sale) on its behalf (together the

Mandate), including but not limited to the engagement agreement concluded by

the Government and Macquarie on 30 December 2010 and the placing agreement

concluded by them on 13 January 2011.

Pursuant to The Financial Administration Act 2003 (the Act) the Government

has full right, power and authority to conclude the Mandate with Macquarie.

Neither the Mandate nor the Sale conflicts or will conflict with or result

in a breach or violation of any of the terms or provisions of, constitute a

default under, any applicable law, statute, indenture, loan agreement or

other agreement or instrument known to me to which the Government is a party

and/or to which it and/or any of its property or assets is subject.

4. Neither the Mandate nor the Sale require approval from Parliament in

accordance with Article 181 (5) of the Constitution because they are not

transactions of such nature as would require such approval.

5. Dr. Kwabena Duffuor, the Minister of Finance and Economic Planning on

behalf of the Government, has been appointed to this office in accordance

with the Constitution and has authority to execute the instructions for the

Sale and all associated documents required for the implementation of the

Sale (together the Instructions).

6. All the agreements and other documents comprising the Mandate have been

duly authorised by and executed and delivered on behalf of the Government

and constitutes valid, irrevocable and binding legal obligations of the

Government enforceable in accordance with their terms. The Instructions will

constitute valid, irrevocable and binding legal obligations of the

Government enforceable in accordance with their terms.

7. It is not necessary-or advisable under the laws of Ghana, to ensure the

legality, validity, enforceability or admissibility in evidence of the

Mandate or the Instructions, that:

(a) any of them be filed or recorded or enrolled with any authority in Ghana

or any political subdivision thereof;

(b) any tax or duty whatsoever be paid; or

(c) any other action whatsoever be taken.

8. Neither the Government nor its properties, assets or revenues have any

right of immunity, on any grounds, from any legal action, suit or

proceeding, from set off or counterclaim, from the jurisdiction of any

court, from service of process, attachment upon or attachment in aid of

execution of judgment or from execution of a judgment, or other legal

process or proceeding for the giving of any relief or for the enforcement of

judgment in Ghana and England with respect of its obligations, liabilities

or any other matter arising out of or in connection with the Sale, the

Instructions and/or the Mandate.

The properties, assets and revenue do not include any diplomatic or consular

assets or properties, assets or properties belonging to the Ministry of

Defence, assets or properties specifically required for the protection of

national security, or the Consolidated Fund as defined in the Financial

Administration Act, 2003 (Act 654).

9. The choice of the laws of England as the governing law of the Mandate is

a valid choice of law under the laws of Ghana and courts of Ghana will

honour this choice of law. The Government has the power to submit, and

pursuant to the Mandate has legally, validly, effectively and irrevocably

submitted, to the jurisdiction of the. High Court of England and Wales. The

Government has the power and authority:

a. to waive and will waive any objection to the venue of any proceedings in

any such courts as provided in the Mandate;

b. to designate, appoint and empower and will legally, validly, effectively

and irrevocably designate, appoint and empower the Ghanaian High

Commissioner to the United Kingdom or such other person occupying this post

from time to time, to act as agent for service of process in any suit or

proceedings based on, or arising in connection with, the Sale or the

Instructions; and to waive and will effectively waive any sovereign immunity

it may have in respect of any judgement obtained in any English court

arising out of, or in relation to, the Sale or the Instructions.

I am not aware of any reason why the enforcement in Ghana of a judgement in

respect of the Sale, Mandate and/or Instructions would be contrary to public

policy in Ghana.

Yours faithfully

BETTY MOULD-IDDRISU (MRS)

ATTORNEY-GENERAL AND

MINISTER OF JUSTICE

Source: The Insight Newspaper:

http://www.insightnewspaper.com/content/g-was-involved