Apaak takes $2.25 billion bond issue to Supreme Court

General News of Thursday, 27 July 2017

Source: Myjoyonline.com

2017-07-27

Apaak 2Clement Apaak proceeded to the highest court demanding a nullification of the bond.

The Minority in Parliament has taken the controversial $2.25 billion bond issue to the Supreme Court demanding its reversal.

In a suit filed Wednesday, the Plaintiff to the case Clement Apaak, who is acting in his capacity as the citizen of Ghana said the bond ought to have been approved by Parliament but was not.

He is therefore praying the court to, among other reliefs, declare the sale of the bond null and void.

The writ to invoke the original jurisdiction of the Supreme Court is one of several actions by the Minority NDC as well as the party to resist the issuance of the bond which government spokespersons insists has helped stabilized the economy.

It follows a petition sent by the Minority to the US Security and Exchange Commission demanding an investigation into possible case of conflict of interest against Trevor G. Trefgarne a Director of Franklin Templeton and a Board Chairman of Enterprise Group – a company owned and founded by the Finance Minister of Ghana, Ken Ofori Atta.”

Franklin Templeton purchased over 95% of Ghana’s $2.25 billion bond issued in April 2017.

The minority is insisting the relationship between the Finance Minister Ken Ofori Atta and Trevor G. Trefgarne did contribute to Franklin Templeton buying the biggest bond.

They invoked the jurisdiction of Parliament and hauled the Finance Minister before the House to explain the circumstances under which the Government in April this year raised $2.25 billion from four bonds including a 7 and 15 year bond, at a rate of 19.75%.

The bond which was open to resident and non-resident investors raised a lot of concerns especially from members of the opposition NDC.

The Majority has been buoyant in defence of the bond issue. The answers provided by the Finance Minister to Parliament did not appear to be satisfactory.

On Wednesday, Clement Apaak proceeded to the highest court demanding a nullification of the bond.

He is demanding five reliefs from the court including an “order for a perpetual injunction restraining the government of Ghana from issuing the bonds without the approval of the Parliament of Ghana.

“A further order of this honorable court setting aside the said bonds” as well as “any consequential order as this honorable court may deem fit.”

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