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General News of Thursday, 3 May 2018

Source: Class FM

BOST Saga: Be ready to provide 'better particulars' – Special Prosecutor to Amoah

Special Prosecutor Martin Amidu has asked the Executive Director of the Chamber of Petroleum Consumers, Ghana (COPEC-Ghana) Duncan Amoah, to be ready to provide details on the various allegations of fraud and financial impropriety he has levelled against the Managing Director of the Bulk Oil Storage and Transport (BOST) Company Limited, Alfred Obeng.

A letter to Mr Amoah dated 11 April 2018 and signed by Mr Amidu, said: “Kindly hold yourself in readiness to provide any further and better particulars of your complaint should it be required. I am, also, by a copy of this letter, informing the management about the pendency of your petition,” the letter indicated.

It said: “I have carefully read your petition and directed that it be brought up to the appropriate division for further action as soon as it is established,” the letter added.

“I am currently trying to see to the composition of the core basic organs of the institution as provided by the law that will render it functional for the purpose for which it was established. That will hopefully be completed soonest to enable complaints like yours to receive the appropriate, prompt consideration.”

The Chamber, in a petition to the Special Prosecutor, said: “Following from extensive checks, consultations and further independent investigations on the infamous sale of about 1.8million barrels of crude by the current Managing Director, the Chamber is calling for an immediate forensic investigation by the appropriate state agencies to immediately arrest and rectify a whopping loss of over GHS23million from this single transaction. The Managing Director of the Bulk Oil Storage and Transportation (BOST) in the month of September 2017 undertook to sell off almost two parcels of crude estimated to be around 1.8milllion barrels at a discount of $2/ barrel.

“The qua-iboe crude product, which had been stored in the tanks of The Tema Oil Refinery (TOR) since December 2016, which was sold by the Managing Director of BOST at the time of the sale in September 2017, was obviously on a rebound and had peeked from around the $50/barrel region to all the way above $70 as of January.

“Per internationally accepted pricing as captured by Citac, this same qua-iboe at free on board (FOB) was selling around the world at Brent plus $0.82/barrel but the BOST MD decided to sell this product at Brent minus $2/barrel though all other costs to bringing a crude parcel from which ever destination into a tank had already been paid for, barring all the other charges lost per the infant position, the face value or loss per this transaction alone is in excess of over $5.3million.

“It is instructive to also note that the purpose for the importation of that parcel of crude by the previous Management of BOST to enable the Tema Refinery get busy by processing the crude into various products was simply ignored in this transaction with the excuse that other debtors of BOST were demanding monies owed them”, the COPEC petitioned said.

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