Lawyer terms PDS deal as ‘Create, loot and share gone bad’
Adnan Adams Mohammed
A promising young lawyer, Sammy Gyamfi has described the alleged fraud detected in the Power Distribution Services (PDS) concession as a deliberate ‘Create, loot and share gone bad’.
Government intentionally didn’t do due diligence because of an intent to ‘create, loot and share’, the young lawyer alleged.
Government has suspended their concession agreement with the Power Distribution Services (PDS) in a statement issued last week. According to the statement from the Information Ministry, “the decision follows the detection of fundamental and material breaches of PDS’ obligation in the provision of payment securities.”
“This whole PDS scandal is a product of the nepotistic state-capture agenda of President Akufo-Addo. It’s a create, loot and share agenda gone bad. The biggest scam ever to be perpetrated on the Ghanaian people”, Lawyer Sammy Gyamfi, who is the National Communications Officer of the opposition National Democratic Congress (NDC), has said in a radio interview.
He explained that, the point is, the guarantee was a condition precedent, hence government should have conducted due diligence on same before handing-over ECG to PDS and that could have been done within 48 hours if they so wished.
However, they neglected that and rather converted the guarantee into a condition subsequent as part of their conspiracy to create, loot and share.
“They knew all this while that the guarantee was fake but kept mute because they were the sponsors and architects of the whole deal.”
Also, he said, the Ghanaian partners (which were hurriedly incorporated after Meralco had won the bid, and who had no capacity or track record in the energy sector) were just fronting for their powerful political elite.
“Government has suspended the deal now because the original Ghanaian shareholders are no longer playing ball.”
What do I mean by this? He quized.
“After they succeeded in gifting the Ghanaian shareholders (TG Energy, GTS Engineering, & Santa Baron Ventures) a 51% stake in PDS, they sought to restructure the shareholding arrangement so they could also get their share of the booty. This evidence is contained in the attached letter signed by Ken Ofori Atta himself.
“However, the original partners, knowing that their shares will be diluted by this arrangement, objected to it. Their refusal to agree to this new arrangement is what caused the current wrangling, leading to the suspension of the deal.
“This is why I maintain that this whole PDS scandal is a create, loot and share agenda gone bad.”
Meanwhile, the Energy Minister, Peter Amewu in an interview on Joy News had indicated that, the company that PDS claimed was their security; Al Koot from Qatar has denied having any such agreement with PDS.
Responding to minister’s statement Sammy Gyamfi said: “I am totally speechless about this PDS issue. I am so worried; this is about our energy which is very important for this country. The due diligence that any responsible government should have done was to investigate and do all the background checks before signing the contract. This shows that it was not done because if it was done, we would not be where we are. What government is saying doesn’t add up”.
“I don’t know why the Ghanaian media is struggling to unravel this daylight heist. Government is not the victim but the culprit of this scam. It’s so simple.”