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20.05.2004 General News

Chinese Salon Loan: $300m from 16x10 feet saloon

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"We used to run things from 16x10 feet hairdressing saloon" ... CNTCI rep says as Osafo Maafo suggests a mistake in Hammersmith's address WHAT COULD become another nightmare on the $300 million CNTCI loan agreement with Ghana emerged last Tuesday, following reported explanations by an unnamed official of the estimated $4.5 billion-plus conglomerate that it used to run its operations from the present 150 Hammersmith Road, London, office of “Wish” hairdressing saloon.
The claim which was intended to assure Ghanaians of the propriety of the controversial $300 million CNTCI loan agreement okayed by Parliament has already sparked more questions on the claims of the company, following revelations that the saloon had been there for five years, whereas CNTCI would be a year old this month.
The claim, which also suggested that Finance Minister Yaw Osafo Maafo had been fed an update on CNTCI bonafides, was also contrary to suggestions by the same Minister last Friday on Kwaku Sakyi Addo's 'Front Page' programme
On that programme aired on JOY FM, Osafo Maafo indicated that he had received fresh update on CNTCI which he said suggest that there had been a mistake in the address provided him.
Interestingly, Wish hairdressing saloon have pleaded ignorance of the faintest knowledge or even smell of CNTCI.
The saloon office, which CNTCI claims is its former operations office, according to Mr Jake Addison, a former JOY FM staff now schooling at the University of Cardiff, Wales, is 'a very small office” that could measure up to 6X10 feet (a single room in most colonial Ghanaian buildings ).
Even more strangely, the agreement with the Ghanaian government was signed in November 2003, at a time when the hairdressing saloon was using the property and could therefore not have been the address of CNTCI even if it had miraculously used that office before.

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