Bartels abrogates TDC "secret" contract

The Free Press says despite the NPPs declaration that their term of office would be a "Golden Age of Business" and the government busily courting foreign investors into the country, a real estate deal between Tema Development Corporation (TDC) and an American real estate developer, SJR Investments has been unilaterally abrogated by the Minister for Works and Housing the Hon. Kwamena Bartels.

This is despite the fact that SJR had already paid a deposit of 175,000 US dollars in respect of an 820,000-dollar deal to lease 188 acres of land from TDC for real estate development.

A letter signed by the Ag. Managing Director of TDC on May 2, 2001 and copied to SJR stated "We refer to the memorandum of sale between TDC and SJR Investment Limited for the sale of Community 21 and the Buffer Zone and wish to inform you that on directives from our sector minister of Works and Housing, Hon. Kwamena Bartels, the sale agreement is to be abrogated forthwith and the initial 15% deposit paid by SJR to the Corporation refunded".

The amount involved in the said contract was US$175,000 being 15% of a total of US$820,000 contract subject to the confirmation by a survey of an estimated 188 acres of land.

When contacted the Ag. Managing Director of the Corporation, Ms E.M. Banson declined to comment saying the issue was above her.