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06.09.2004 General News

Gov't Indicted Over "Chinese Barber Loan"

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A former finance ministry official has indicted government over the Chinese New Technique Construction Investment (CNTCI) Loan saga, arguing that if government had conducted proper due diligence it will not have entered into any negotiations with the company.

Dr. George Sipa-Yankey, a former director of legal affairs at the finance ministry told JoyFM that several such dubious loan transactions are forwarded to the ministry, but a careful check will show whether they are genuine or not.

In a wide-ranging interview after his release from prison for causing financial loss to the state, Dr. Sipa- Yankey said he would surrender his doctorate degree should government ever secure the loan from CNTCI.

“When the loan comes, don't call me Dr. Yankey, call me Mr. Yankey. How can a company secure a loan from a bank and give it to show at a lower interest rate. It is dubious and the money will not come”, he said.

Months after a government press conference aimed at challenging JoyFM reports into the activities and portfolio of CNTCI, the loan have still not been secured.

Important documents promised by the promoters of the loan to prove the shareholding structure of the company have also not been provided.

Dr. Yankey and former Agric Minister were recently released from jail after serving a two-year term for wilfully causing financial loss to the state in the Quality Grain Scandal.

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