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Business News of Monday, 19 March 2018


COPEC to petition Special Prosecutor over ‘shady’ deal at BOST

The Chamber of Petroleum Consumers is set to petition the office of the Special Prosecutor to investigate circumstances leading to the alleged fraudulent sale of some 1.8 million barrels of crude by the country’s Bulk Oil Storage and Transportation company.

Addressing the media at a news briefing in Accra, Executive Secretary of COPEC, Duncan Amoah said it will be in the interest of the nation for the special prosecutor to unravel the actual relationship that exists between the individuals engaged in the transaction and why it was poorly negotiated.

Mr Duncan Amoah was speaking at a press conference on Monday following a raging controversy over claims that state-owned Bulk Oil Storage and Transportation company (BOST) caused financial loss to the state to the tune of GHS30million.

The loss, according to COPEC, occurred when BOST sold 1.8million litres of crude to a company, BB Energy at a price lower than other companies were willing to pay.

COPEC argues the sale of the product for less was carried out at a time when crude oil prices were rising on the international market pricing.

But BOST in a reply that included calling COPEC boss ignorant, said one cannot sell a petroleum product bought 10 months ago at the same or better price.

This is because the product is considered distressed and by international practice less pricey, it said.

Veteran Journalist over the weekend urged COPEC to go beyond throwing allegations in the public and petition relevant bodies with their evidence for credible and conclusive investigations.

The allegations, made on Monday 12 March, 2018, have have been discussed for days in the media without any finality.

“There is too much confusion out there”, Kweku Baako Jnr said on Joy FM/Joy News’ news analysis programme, Newsfile Saturday.

He said until mandated investigative bodies probe the matter, the controversy will be “trapped in the court of public opinion”.

“COPEC must go one step beyond what they have done. Give your evidence to the Special Prosecutor,” he advised.