Former CEO of GIIF Solomon Asamoah (L) and Prof Christopher Ameyaw Akumfi (R)
An officer of the National Intelligence Bureau (NIB), Edward Nana Yaw Koranteng, has provided his witness statement in the ongoing criminal trial concerning the failed $2 million Accra Skytrain project.
According to his statement, he disclosed that the two accused persons: the former Chief Executive Officer (CEO) of the Ghana Infrastructure Investment Fund (GIIF), Solomon Asamoah; and the former Board Chairman, Prof Christopher Ameyaw Akumfi, did not follow the proper procedures.
He said they went ahead to authorise the payment of $2 million to Africa Investor Holdings Limited (AIHL) in an attempt to develop a Skytrain project in Accra, without the required approval from the GIIF Board, 3news.com reports.
The report further stated that the transaction was flagged as irregular and did not follow the required processes as intended.
Koranteng further indicated that after the transaction was made to Africa Investor Holdings Limited, neither the former CEO nor the board chairman made any attempt to recover the funds from AIHL.
“The payment of USD2 million was executed without board approval, and no effort was made to recover the funds, despite a breach in the condition precedent,” portions of the witness statement as quoted by 3news read.
Koranteng further noted that GIIF’s internal team prepared a due diligence report which highlighted serious concerns about the company, AIHL.
Notable among the report’s findings was that AIHL had ‘no assets, no track record, and only one director,’ raising doubts about its capacity to deliver a project of such scale.
Despite these concerns, the duo of Solomon Asamoah and Prof Ameyaw Akumfi proceeded with the payment, using only their authorisations.
The agreement required AIHL to secure a Rail Concession Agreement (RCA) with the Ghanaian government as a condition precedent.
However, the company failed to meet this requirement, and the project never progressed to implementation.
Koranteng also disclosed in his witness statement that following the change in leadership, GIIF attempted to retrieve the funds through formal demand letters, but these efforts were unsuccessful, the report added.
MAG/AE