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General News on Wednesday, July 31, 2019
Source: 3news.com
2019-07-31
PDS was supposed to handle the ECG's operations for 20 years
3news.com concluded that the government had suspended the dealership agreement with Power Distribution Services (PDS) after discovering that the person with whom he was dealing was a fraudster.
It now appears that the agent who executed the sight guarantees (guarantee of the rental payment and security of the BSA payment) submitted by PDS was not authorized.
PDS was supposed to manage the operations of the Ghana Electricity Company (ECG) for 20 years starting Friday, March 1st, 2019.
But the government was forced to suspend the agreement with immediate effect as a precautionary measure, said 3news.com, after understanding the element of fraud involved in the transfer of badets and management of ECG to PDS.
Once authenticated, this could result in the cancellation of the entire ECG grant agreement.
Sources close to the contract told 3news.com that this major development had come to light as a result of a series of due diligence tests to which the guarantees had been submitted by the ECG.
During ECG investigations, a Qatar-based commercial insurer and reinsurer, Al Koot, wrote a letter to ECG dated July 16, 2019, stating in particular that the agent who had executed Al Koot's warranties were not allowed and the warranties are null and void.
The letter also accused the officer of committing fraud.
A number of meetings then took place between the government and stakeholders on July 28th, resulting in the suspension of the concession agreement on July 30th.
At the same time, a government delegation is expected to visit Qatar on Wednesday, July 31, 2019 to meet with officials of Al Koot to verify the information provided specifically on the fraud aspect.
The government also badured that it was taking steps to ensure that development does not affect distribution, billing and payment services.
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