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The government announced Tuesday that it has suspended the concession agreement with PDS through the Ministry of Finance and the Ghana Electricity Corporation (ECG) Limited.
The government explained that this decision followed "the detection of fundamental and substantial violations of the obligation of PDS to provide payment guarantees (on-demand guarantees) for the transaction that was discovered during subsequent checks".
It was suggested that the government failed to exercise due diligence on the shareholders and guarantees of the request they made.
Graphic Online has therefore sought to know the names behind PDS and how they got the dealership deal.
Names behind the PDS
The information available for Graphic Online indicates that the Ghanaian local consortium holding 51% of PDS shares is TG Energy Solutions Limited (TG), the main sponsor of the local consortium with 18%, Santa Baron Ventures Limited (Santa Claus), the technical lead with 13%, GTS Engineering Services Limited (GTS), a local financial manager with 10% and TBK Ghana Limited (TBK), a local financial sponsor also with 10%.
The remaining 49% goes to two foreign companies, Manila Electric Company Limited (Meralco), a Philippine company owning 30% of the shares, and Aenergia, an Angolan company with 19% of the shares.
The two foreign companies are the technical lead of the consortium and, by extension, PDS, Graphic Online understands.
Unified Ghanaian property
Meanwhile, in a letter dated March 27, 2019, signed by Finance Minister Ken Ofori-Atta, addressed to attorney Akoto Ampaw, chairman of the negotiating committee for the Ghana Electricity Corporation. (ECG) and Private Sector Participation (PSP), the Minister of Finance said TG Energy Solutions' shares had risen to 28 percent as part of efforts to secure and protect Ghana's PDS property.
The Finance Minister's letter explained that this measure was intended to ensure and preserve the ownership of the PDS by Ghana and to ensure that the control of the PDS is "unified" by Ghanaians.
The letter indicates that the Ministry of Finance requires the Ghanaian shareholder to be consolidated and owned by a newly incorporated Ghanaian entity (the SPV – special purpose vehicle) in which the original Ghanaian shareholders (and / or any other Ghanaian investor from time to time) would hold shares.
As a result, the original Ghanaian shareholders would be required to transfer their respective PDS interests to the SPV, a structure designed to maintain Ghana's control of the PDS in the SPV (as opposed to three separate entities, as is currently the case) and to ensure that 51% of PDS shares have always been owned by a Ghanaian entity.
According to what Graphic Online has collected, according to Mr. Ofori-Atta's letter, Mr. Akoto Ampaw was "to oversee the rapid implementation of the aforementioned structure".
Context
In 2017, after lengthy negotiations with the Millennium Challenge Corporation (MCC), the initial provisions to give 80% of the badets of the Ghana Electricity Corporation (ECG) to foreigners were amended to become a 51% stake. % of Ghanaians. and 49% to foreigners.
This new arrangement forced the original foreign bidders to find a Ghanaian local consortium, which had to take over the 51% of their stake to put their bid in order.
Graphic Online brings together the Manila Electric Company Limited (Meralco), one of the first foreign bidders to accept the new agreements, reached an agreement with Philip Asare Kwame Ayesu, Strategist, Serial Contractor and President of TG Energy Solutions . a strong local Ghana team to create the Meralco consortium, which would present an unbadailable offer to the Millennium Development Authority (MiDA).
Mr. Ayesu acknowledged that this challenge was a unique opportunity to present Ghana's entrepreneurial dynamic and allow it to leave a lasting legacy that would prove that Ghanaians can do it.
He would have taken up the challenge of finding the Ghanaian team with the right pedigree of complementary attributes that would provide the technical and financial references required for the application.
According to Graphic Online, this led to the creation of the local Ghanaian consortium of TG Energy Solutions Limited (TG), main sponsor of the local consortium with 18%, Santa Baron Ventures Limited (Santa Claus), local technical manager with 13 GTS Engineering Services Limited (GTS), a 10% local financial officer and TBK Ghana Limited (TBK), a 10% local financial sponsor.
Ghanaians behind the PDS
According to information available at Graphic Online, TG Energy Solutions Limited is chaired by Philip Asare Kwame Ayesu, strategist and serial entrepreneur.
He is also a partner of the Multiple Concepts Group (Charterhouse, Mediaedge and Multiple Concepts).
Mr. Ayesu is also the co-founder of GH ONE TV, sold to SAP Investments Holding, founder of DaddyCare and creator of the X MEN brand, including other companies.
Mr. Ayesu has more than 20 years of experience in the areas of business creation, integrated marketing communications and branding.
"Hairdresser"
This is his badociation with the X MEN brand located at East Legon in Accra, a men's grooming center that has probably fueled barbers' speculation behind the PDS.
It has no connection with Osu's barber shop, which has similarities to what the X Men in East Legon do.
Mr. Ayesu is a member of the International Advertising Association (IAA) and an badociate member of the Global Marketers Network (GMN).
He is also responsible for the creative department and responsible for advertising for several concepts.
According to the sources of Graphic Online, Mr. Ayesu contributed to the creation and structuring of some companies. He has led campaigns for clients such as World Bank-IFC, John Hopkins University, Ghana AIDS Commission, Interplast, Sikkens, UT Financial Services, Western Union, National Lottery. Authority, GRA, MTN, Ideal Finance and many other companies in Ghana, Liberia and Sierra Leone.
Until recently, Mr. Ayesu was a permanent speaker of the YALI annual program organized by the Ghana Institute of Management and Public Administration (GIMPA), permanent speaker and mentor at the Institute Catholic Business and Technology (MBA course). and also creator, writer and director of the oldest award-winning radio advertising project, Atongo.
Between 1996 and 2002, he worked as a salesman at the Joy FM radio station in Accra, while still engaged in other entrepreneurial activities and always aiming to run a business to offer solutions. and not to make money. By offering tailored solutions and satisfying the consumer as an art of making money, Graphic Online brings together.
GTS Engineering Services Limited GTS Power Limited
As for GTS Engineering Services Limited (GTS), which holds a 13% stake in PDS, Graphic Online understands that it is a 100% Ghanaian engineering services company active in the development and sale of maintenance of energy sector infrastructure in Ghana. West Africa subregion.
GTS is 100% owner of GTS Power Limited, a special purpose vehicle incorporated in MiDA's offering.
GTS Engineering Services Limited and its badociated companies have been operating in Ghana and West Africa since 1984 and have played a leading role in the execution and management of various energy infrastructure projects in the United States. fields of production, transport and distribution of energy.
Santa Baron Ventures Limited / Santa Power Limited
According to Graphic Online sources, Kwabena Boateng Aidoo, who owns 10 percent of PDS shares in the PDS, is believed to be the highest ranking billionaire in Ghana.
Santa Power Limited is wholly owned by SBV and has been incorporated as an ad hoc vehicle for the MiDA bid.
Mr. Aidoo has reportedly been in business for more than three decades, primarily in the security and real estate sector.
Its companies would have more than 800 people worldwide. He is President and Chief Executive Officer of Santa Baron Ventures Limited and also owns Amalgamated Properties Limited, Apex Consulting Services Limited and PTL Solar Ghana Limited as part of its investment portfolio.
His company, Santa Baron Ventures Limited, has an estimated value of $ 50 million and annual sales of about $ 6 million. She is a long-time member of the British Chamber of Commerce.
In addition, two of Mr. Aidoo's companies, PTL Solar Ghana Limited and Apex Consulting Services Limited, have a combined value of more than $ 10 million.
In the housing sector, its real estate company, Amalgamated Properties Limited, would have an estimated value of $ 18 million.
He would have possessed lavish properties in strategic areas of Accra, Wisconsin Avenue, in Washington County, Maryland and in other parts of the United States, and at Saint Leonard Hill in Windsor, UK.
In South Africa, Mr. Aidoo would own the Shani Boutique Hotel, located opposite the University of Pretoria, which serves upscale clients such as university professors and others customers visiting the university.
He also reportedly owns several commercial properties in South Africa, some of which have been leased to various high commissions and embbadies in foreign countries.
Mr. Kwabena Boateng Aidoo participates in various social and charitable projects but has reportedly fled from the press. He is reported to be a member of the International Anti-Terrorism Group and Lions Club International.
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