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21.11.2005 General News

2 Chinese Companies To Pay ¢313 Billion

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The minister for Finance and Economic Planning, Mr Kwadwo Baah-Wiredu, has been stressing the need for the government to get more revenues for development. But is he aware that since February, 2004, a report has been submitted to the Serious Fraud Office (SFO) that two Chinese-owned companies will have to pay a total of US$32,641,819 (about ¢313.36 billion) to the State?

Will the Attorney-General and minister for Justice find out the delay in sending these two companies, Afrix-Shandong Limited, Zhongha Fisheries Limited and others, to court?

For starters, DAILY DISPATCH asked the executive summary of the 38-page final brief:

“The two companies, Afri-Shandong Limited and Zhongha Fisheries Limited, formed in Ghana in August, 2003 and July, 2004 respectively, have over the years, indulged in acts that can, at best be described as fraudulent, and at worst, outright and calculated sabotage.

The total liability is calculated at $32,641,819.45. At the current cedi/US dollar exchange rate of ¢9,600$ this amount in cedis is ¢313.3 billion