Greek, others dupe Ghana ?500 Million

The Evening News reports that a Greek national and five Ghanaian collaborators will soon appear before court for their role in the transfer of ?500 million into a non-existent sugarcane production company.

Again, Victor Selormey, former Deputy Finance Minister, who is currently facing trial in the LEEBDA affairs, is at the centre of the transfer deal.

Their names are, Lakis Papastavrous, the Greek national who is an Agricultural Engineer at the VRA Townsite, Akuse, Dr John William Oteng, and Thomas A. Quaicoe, an Agricultural Economist, both at the University of Ghana Agricultural Research Station (UGARS).

The rest are, Solo Cudjoe-Seshie, an economist and Mr Emmanuel Tetteh-Bio an agronomist both with the VRA Townsite, Akuse and Ms Agnes Batsa, an officer with Trade and Investment Programme (TIP).

They are alleged to have transferred the ?500 million from the Trade and Investment Programme (TIP) funds to set up a company known as Rural Sugar Production Company (RUSCO) to establish between 500 and 700 acres of sugarcane plantation. The proposed site for the plantation is yet to be known.

According to the paper, its investigations revealed that a letter dated May 13, 1998 signed by Selormey with no reference number, authorized the transfer of the amount, paid in two instalments of ?250 million, from TIP account to RUSCO.

An approval letter was given by the Acting Controller and Accountant General, Mr R.K. Tufuor to the Bank of Ghana on May 15, 1998 and payment was subsequently effected.

The deal reportedly, was to enable the Research Station of the University of Ghana to, in collaboration with the Kpong Farms, set up a sugarcane plantation but was later found out to be fraudulent.

The Evening News says its search showed that TIP’s programme is meant to support non-traditional companies to pre-finance their export and not for outgrowers or for the development of new ventures, hence the conclusion was that Mr Selormey misapplied the TIP fund of ?500 million.