Malaysian firm wants to quit Ghana

..fingers gov't functionaries, pro-NPP papers

AS THE DUST settles over the Ghana Telecom - Telekom Malaysia bust up over the control of the management wheels at the mainly state-owned telecommunications company, another Malaysian company has also struck out and asked the Government to buy it out or allow it to pull out its investment in the country.

Gama Media International (BVI), the majority shareholders of Gama Film Company Limited last month wrote to the Divestiture Implementation Committee (DIC) and the Minister of Information virtually pleading to be allowed to relinquish its seventy percent shares in the company.

The letter also politely asked government to buy it off as they had that option.

Chronicle learnt that the Malaysian investors have been irked by the series of attacks and comments directed at the company by people close to the Government and by newspapers that had leanings to the NPP.

The letter containing the plea was conveyed to the DIC by the company's Ghanaian solicitors, Messrs Fugar and Company on September 16.

One of the loudest critics of the Ghana Films deal is Mr. Kwaw Ansah of Target Advertising and TV Africa who complained from the word go that the country's rich archival material had been sold off to foreigners.

Other media houses picked up his grouse at the time the deal was sealed quietly and - at the time seemingly suspiciously in November 1996.

Recently, however, it was gathered that the company actually paid for the airconditioning/preservation of the film archives, the source of Mr. Ansah's gripe.

The company had been pestering the then media minister, Mrs. Elizabeth Ohene, to collect them to a more secure storage place since GFC had purchased the building as part of the deal.

"Everything was there, but nobody bothered to find out before crucifying us and linking the name of other Ghanaians to what they construed to be a rotten deal.

Now, they are pulling out, let another local investor come and buy it," noted one source close to the deal.

The original deal was constructed to be a BOT (build, operate and transfer scheme), which meant that the whole property/assets would be turned over to the Government of Ghana 15 years after running Ghana Films by the Malaysian Group in true venture capital format.

They were expected to have recouped their investments within the 15 years target date. Now six years into the agreement, they have decided to pack it in.

Chronicle learnt that almost all the cinema houses that went with the sale had leases that had less than five years to run, and indeed in some cases, the owners had come banging at the door to have their properties reverted to them, and had succeeded.

Mr. Kwame Pianim expressed interest in the deal but lost out in the bidding process at the time but he got one of the cinema houses, The Odeon, for his overseas-based son, Elkin Pianim who put some money into renovating The Odeon at Adabraka. It appears to have since gone down for lack of patronage.

Chronicle has independent information on this because Chronicle Publisher who was a shadow media adviser with Elkin Pianim on the ill-fated Pianim-for President bandwagon with Wereko Brobby and Major Quashigah, Gladys Asmah and a host of other Ministers in the present Kufuor Government confirmed this.

At the time of going to press, no word had come from the office of the Information Minister Mr. Jake Obetsebi Lamptey on what the government was going to do with GAM.

Was government going to decline the offer or have it resubmitted by DIC, failing which the Malaysians could then offer it to Mr. Ansah or anyone else interested to purchase it.

The tone of the letter suggested that the Malaysians were anxious to leave: "In view of the above, we are by this letter formally requesting that you kindly use your good offices to obtain the necessary written consent from the Government to the proposed sale and transfer of the said 70 percent shareholding in the company".

"Our clients would be available at short notice to discuss the details of the proposed transaction".

A key media player himself, Jake, has not indicated whether the company he worked for Ammirati Puri (Lintas), belonging in a large part to Mr. E. N. Omaboe (the revered King of Amanokrom, Akwapim) would be interested in adding it to its portfolio.

Maybe the journalist with the $125,000 dollars cash floating and wishing to invest may go for it.

As a signal to investors, this development may not be the most encouraging