A former CEO of the Ghana National Petroleum Corporation (GNPC), Amos Ofori Quaah, has admitted erring in selling the state company’s drillship without the blessings of a board at the time of the sale.

Mr Ofori Quaah told the Judgment Debt Commission on Wednesday that there was no board to sanction the 2001 transaction.

The Discovery 511 was sold in 2001 for $24m to defray a US$19.5m judgment debt to French bank Societe Generale.

About $US1m of the money was, apparently, used to settle legal fees. However, US$3m of the proceeds can still not be traced. None of the agencies involved in the transaction has been able to provide a paper trail for the sale. Mr. Ofori Quaah on Wednesday revealed to the Judgment Debt Commission that he never sited any court ruling from the UK asking the government of Ghana to pay any amount to Societe Generale.

The former GNPC boss said he was only called on by then Attorney General, Nana Addo Dankwa Akufo-Addo, to grant the Deputy Energy Minister at the time, K T Hammond, the power of attorney to deal with the negotiation of the sale, something he described as technically wrong. He also told the commission that upon K.T. Hammond’s return to Ghana, a letter was sent to his office informing him about the amount the Ship was sold for and the breakdown of the proceeds.