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General News of Saturday, 3 August 2019

Source: yen.com.gh

PDS brouhaha: I know all those involved in the fraudulent deal - A Plus

Kwame Asare Obeng has revealed that he knows the masterminds of the alleged fraudulent Power Distribution Services (PDS) deal.

YEN.com.gh sighted in a post by the anti-corruption activist saying, those involved in the fraudulent deal were activists of the New Patriotic Party (NPP)

He referred to them as greedy worse off than similar characters in the opposition National Democratic Congress (NDC).

“I know all those behind PDS. That is the fact. When you were having meetings with the Ghanaian businessmen you later kicked out of the deal I was getting daily briefings from them. I know every business and who is behind it. They are more greedy than NDC!!!”, he wrote on his Facebook page.

Meanwhile, documents secured by Joy News reveals that Power Distribution Services (PDS) paid the required $12.2 million premium to secure guarantee to complete the takeover the Electricity Company of Ghana (ECG).

The documents however revealed that the money never got to the reinsurers of the deal in Qatar.

In a letter dated February 21, 2019, Cal Bank wrote to the Millenium Development Authority (MiDA) to alert them of receipt of an amount of $8 million as a deposit for the payment of the charges for the issuance of the demand guarantees.

In May, the final installment of $4.25 million was also paid from the PDS account at Cal Bank.

According to a Joy News report, once Cal Bank received the payment from PDS it worked with Donewell Insurance to finance the deal.