The eldest son of Ghana’s former President John Agyekum Kufuor has been named in the Panama papers scandal.
The Panama papers, which is said to be the biggest and latest leak, larger than the US diplomatic cables released by Wiki leaks in 2010, represents the latest disclosure of confidential documents regarding offshore companies of politicians, their relatives and associates — more than 100 in all.
The Ghanaian part of the document features, John Addo Kufuor, who is said to have controlled a bank account in Panama worth $75,000.
“In early 2001, shortly after the start of his father’s first presidential term, Kufuor appointed Mossack Fonseca to manage The Excel 2000 Trust. Later that year, it controlled a bank account in Panama worth $75,000,” the papers said.
The document further revealed that Addo Kufuor’s mother – Theresa Kufuor, then-Ghana’s first lady “was also a beneficiary of that account. “
According to the document, in November 2010, an employee in Mossack Fonseca’s compliance office in the British Virgin Islands, suggested to colleagues that “due to the apparent prevalence of corruption surrounding Mr. Kufour we would not recommend us taking him on as a client or continuing business with him” but Mossack Fonseca continued to do business with Kufuor.
“In 2012, Kufuor asked Mossack Fonseca to close the trust. Files also connected Kufuor with BVI companies Fordiant Ltd and Stamford International Investments Group Limited. Both were registered when Kufuor’s father was President of Ghana and became inactive in 2004 and 2007,” it added.
Click on link to find document detailing the deal
–
By: Marian Ansah/citifmonline.com/Ghana
Follow @EfeAnsah