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26.10.2019 Business & Finance

PDS Never Commited Fraud — Otchere-Darko

By News Desk
PDS Never Commited Fraud — Otchere-Darko
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New Patriotic Party (NPP) stalwart, Gabby Otchere-Darko says the Power Distribution (PDS) did not commit any fraud in a botched concessionary agreement with government.

According to him, he cannot fault anyone for the PDS debacle and called for Ghanaians to be fair to all individuals and parties that were involved in the deal.

“We should celebrate Ghanaians who are doing well and have sympathy for the Ghanaian shareholders in PDS. They worked very hard but to no avail,” he said.

Government terminated its concession agreement with PDS on the instruction of President Nana Akufo-Addo on Sunday.

The company was engaged in March but since its suspension on July 30, PDS had been embroiled in a corporate governance tussle among the shareholders.

A Ghanaian local consortium holds the 51% of the shares while the remaining 49% shares are for two foreign companies, Manila Electric Company Limited (Meralco), a Filipino company with 30% shares and Aenergia, an Angolan company with 19%.

Foreign player, Meralco offloaded its shares to Meridian Power Ventures Ltd, a letter to a key transaction advisor, the US-backed Millenium Development Authority (MiDA) confirmed.

In an interview on Asempa FM’s Ekosii Sen, Mr Otchere Darko, who is related to President Akufo-Addo stressed that he believes what has been described as fraud detected in the agreement was not from PDS.

“I was not for this whole ECG concession and have no interest in PDS but I believe PDS did not commit any fraud but if there is anything fraud then it is from Jo Australia and Al Koot,” he said.

To Gabby Otchere-Dako, no new company was added to bid for the concession after NPP took over and so he expects those claiming the whole PDS is a family and friends deal to stop criticising government.

“All six companies were shortlisted before Akufo Addo assumed power so what is family and friends. Akufo Addo did not like the 80-20 arrangement in the ECG concession when he became president so fresh discussions were started,” he added.


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