The Ghanaian Chronicle

The Chronicle front page banner says: "financial scandal of the year.... Tsatsu Tsikata's 100 billion cedis disaster .... VAT, payers will have to pay for GNPC boss 'gambling' in Paris".

According to the paper Mr. Tsatsu Tsikata, Chief Executive of the Ghana National Petroleum Corporation (GNPC), has dumped on the taxpayer a fresh 100 billion cedi debt he has incurred in a financial gambling session in Paris. The Chronicle says the bill has sent shock waves through the tiny circle of the President's men who have just been informed of the disaster which occurred when Mr. Tsikata called off a bet he has placed with the huge French bank, Societe General.

The paper says the GNPC boss cut it and ran when he realised his losses in a forward selling transaction in crude oil he was dealing in, without authorisation, were heading towards the 100 billion-cedi mark in the world's most volatile and most risky financial trade called "derivatives". GRi

In another front page story, the Chronicle says two directors of Varadera Limited have filed a writ at the Supreme Court seeking a declaration that the Minister designate for Health, Mr. Samuel Nuamah-Donkor, is guilty of false declaration which is inconsistent with his oath of office as deputy minister.

The paper says in the filed writ, Nii Amoo Cudjoe and Haruna Abdul- Rashid stated that Mr. Nuamah-Donkor deliberately presented himself to the office of the Registrar-General's Department as Kofi Donkor without disclosing further particulars of his names during the formation of Varadera and Hermonus Limited in 1994 and 1995 respectively, while officialy answering to Samuel Nuamah-Donkor.

The Chronicle says the writ claimed that the Minister, having been appointed and sworn in by the President as deputy minister of Health, could not and cannot at the same time hold the office of director of Varadera.

According to the writ, Mr. Nuamah-Donkor, now Minister of Health designate, cannot at the same time hold himself out as a chairman and Director of Fishing Harbour Cold Stores Limited and be a signatory to the account of the company under the guise of adopted name, Kofi Donkor, by virtue of Articles 78 and 79 of the Constitution. GRi