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– The government suspended the PDS concession agreement because it was suspected that the guarantees were false
– Documents secured by Joy News reveal that PDS has paid the required premium of $ 12.2 million to guarantee the guarantee of the finalization of the takeover
– Joy News understood that once Cal Bank had received the PDS payment, she had worked with Donewell Insurance to finance the transaction.
Documents secured by Joy News reveal that Power Distribution Services (PDS) has paid the required premium of $ 12.2 million to secure the guarantee of completing the takeover of Ghana's electricity company (ECG ).
The documents however revealed that the money has never been paid to the reinsurers of the transaction in Qatar.
In a letter dated February 21, 2019, Cal Bank wrote to the Millennium Development Authority (MiDA) to warn of the receipt of an amount of $ 8 million as a down payment for the payment of fees related to the issue of demand guarantees.
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In May, the last payment of $ 4.25 million was also paid into the PDS account at Cal Bank.
According to an article in Joy News, once Cal Bank received the PDS payment, she worked with Donewell Insurance to finance the transaction.
Donewell Insurance also hired Jordanian broker Jo Australia Reinsurance Brokers to make the necessary payments to secure final demand guarantees from Al Koot, a Qatar-based company.
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On July 16, 2019, Al Koot, through the intermediary of his general officer, General Insurance, Osman Hag Musa, wrote to ECG to warn of a fraud situation in which the initial guarantee presented would have been forged by an employee of the company.
However, in another letter dated Wednesday, July 31, 2019, Al Koot wrote to the insurance brokers to inform them of the formal cancellation of the insurance coverage they had guaranteed.
They explained in this letter that they were canceling the cover because the broker had not paid the premium.
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Source: Yen Ghana
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