A Financial Analyst, Syndey Casely Hayford says the government had no business in suspending the concession agreement with the Power Distribution Services (PDS).<\/p>\n
He believes the anger from stakeholders following the suspension is unnec"},"modified":"2019-08-11T15:54:17","modified_gmt":"2019-08-11T15:54:17","slug":"bizarre-suspension-of-pds-deal-unnecessary","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/08\/11\/bizarre-suspension-of-pds-deal-unnecessary\/","title":{"rendered":"‘Bizarre’ suspension of PDS deal unnecessary"},"content":{"rendered":"
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A Financial Analyst, Syndey Casely Hayford says the government had no business in suspending the concession agreement with the Power Distribution Services (PDS).<\/p>\n
He believes the anger from stakeholders following the suspension is unnecessary because the Qatar-based insurance & reinsurance company \u2013 Al koot that denied knowledge of the existence of the guarantee in question despite allegedly benefiting from premium from the deal must be ones to deal with the mess it caused.<\/p>\n
Speaking on The Big Issue<\/strong> on Saturday, Syndey said:<\/p>\n \u201cThe fact of the matter is, what we have done on this PDS thing is to create what I call a tropical storm in a calabash. That is all we have done. It\u2019s a storm in a tea cup. This whole bizarre thing that we have done \u2013suspension is all unnecessary which has engaged so much media and citizen time with is not worth it. If you read all what people are saying together with the backwards and forwards, at the end of the day, Donewell ensured and covered which suited the criteria which MIDA had put in place for the diligence in order for the contract to be offered.\u201d<\/p>\n<\/blockquote>\n \u201cIf in between the lines, Donewell\u2019s capacity to cover the guarantee by itself, was not acceptable to the due diligence purveyors which is MIDA, and the then a broker finds them Al Koot and they reinsure. So if you come back and say that we are withdrawing our guarantee because the person who actually, signed the document for the contract forged it has nothing to do with us here in Ghana, it has nothing to do with PDS or anybody. That is Al Koot\u2019s business.\u201d<\/p>\n<\/blockquote>\n The government suspended the concession agreement with PDS for distribution and sale of power in Ghana with immediate effect following what it said was the discovery \u201cof fundamental and material breaches of PDS\u2019 obligation in the provision of Payment Securities (Demand Guarantees).\u201d<\/p>\n One of the insurance companies at the centre of the Power Distribution Services\u2019 (PDS) concession agreement debacle, Donewell Insurance Company Limited (DICL) has welcomed the government\u2019s probe into the deal.<\/p>\n\n
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