A former Chief Executive Officer of the Ghana Infrastructure Investment Fund (GIIF), Solomon Asamoah, has not been able to meet the bail conditions set by the Accra High Court hearing the case in which he has been accused with one other of causing financial loss of $2 million in the sky train project.
Asamoah and a former Board Chairperson of the GIIF, Prof. Christopher Ameyaw-Akumfi, are standing trial for allegedly transferring the $2m from GIIF’s account into Africa Investor Holdings Limited, a company incorporated in South Africa without board approval for the purpose of acquiring shares as part of the deal but nothing was done.
While Prof. Ameyaw-Akumfi, was absent at the first hearing on May 13, 2025, Asamoah pleaded not guilty to six counts of conspiracy, willfully causing financial loss to the state and intentional dissipation of public funds.
The court presided over by Justice Comfort Kwasiwor Tasiame admitted Asamoah to bail in the sum of GH¢15 million with two sureties to be justified with a registered land located in Ghana.
But when the case was called today (May 20), Asamoah was accompanied by police officers.
Sources close to the case told Graphic Online’s court correspondent Justice Agbenorsi that the accused had not been able to meet the bail conditions set by the court.
Meanwhile, Prof. Ameyaw-Akumfi, was absent for the second time on medical grounds.
His lawyer, Duke Aaron Sasu, told the court that his client was rushed this dawn to the ward.
He, therefore, prayed the court to adjourn the matter saying his client would be released by Monday.
The case has been adjourned to May 26, 2025.
Prosecution’s facts
Per the facts of the case as narrated by the Deputy Attorney-General and Minister of Justice, Dr Justice Srem-Sai said the Accra Sky Train project was to be constructed on a design, finance, build and operate basis.
In a memorandum of understanding (MoU) covering the project, GIIF was to be the anchor equity investor and local project development partner to the Africa Investor Holdings (Proprietary) Limited.
Dr Srem-Sai said it was further agreed in the MoU that GIIF would conduct due diligence and develop a bankable feasibility study on the project.
Subsequently, a shareholders’ agreement dated January 9, 2019, was signed between Africa Investor Holdings Limited, a company incorporated under the laws of the Seychelles with IBC, on one part, and the GIIF, on the other.
In the agreement, Africa Investor Holdings Limited was to transfer 10 per cent of its alleged 100 per cent shares in a company styled “Ai SkyTrain Consortium Holdings”, a limited liability company registered in Mauritius, to GIIF.
Asamoah, according to the prosecution, signed the shareholders’ agreement on behalf of GIIF.
A few weeks later, on February 4, 2019, Ai SkyTrain Consortium Holdings, citing the shareholders’ agreement as a basis, wrote a letter in which it made a request for a payment of the lump-sum of $2 million as the price for the alleged shares.
On February 25, 2019, Asamoah and Prof. Ameyaw-Akumfi jointly, in a letter, instructed the United Bank for Africa (GIIF’s bankers) to transfer $2 million from GIIF Project Development Company accounts to the bank account of the Africa Investor Holdings Limited in Mauritius.
“The payment was duly effected, after which nothing was heard, said or done by GIIF or its governing board on the alleged share acquisition. Nothing was ever said or heard of the $2 million either,” Dr Srem-Sai said.
In addition to the due diligence requirements contained in the MoU as the GIIF’s obligations, he said the GIIF’s internal investment policy required that GIIF follow an elaborate procedure for bankable feasibility studies and assurances before embarking on any investment.
These procedures, the Deputy A-G said, included (but not limited to) a prior GIIF internal investment committee assessment, recommendations, and then, approval by GIIF’s governing board.
He said investigations, however, revealed that no such due diligence procedures or processes were followed or engaged in by GIIF prior to parting with the $2m.
Further investigations, he said, revealed that no board approval was sought or obtained for the share acquisition or the $2m payment.
Dr Srem-Sai said in his police investigation caution statement, Asamoah claimed that he sought or obtained the approval of the GIIF governing board in respect of the share acquisition and the $2 million payment.
“This claim was, however, refuted by each of the other members of the governing council in their respective police investigation caution statements.
“Further investigation reveals that no board minutes or company records support the claim by Asamoah,” he said.
The Deputy A-G said Prof. Ameyaw-Akumfi, for his part, insisted in his police investigation caution statement that he signed the bank funds transfer instruction on the recommendation of Asamoah.
“Neither Asamoah nor Prof. Ameyaw-Akumfi has been able to account for the $2 million,” the Deputy A-G added.
Source: grahiconline
