{"id":319628,"date":"2017-05-16T09:57:34","date_gmt":"2017-05-16T09:57:34","guid":{"rendered":"http:\/\/citifmonline.com\/?p=319628"},"modified":"2017-05-16T09:57:34","modified_gmt":"2017-05-16T09:57:34","slug":"minority-petitions-us-sec-over-2-25bn-bond","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/?p=319628","title":{"rendered":"Minority petitions US SEC over $ 2.25bn bond"},"content":{"rendered":"

The Minority in Parliament has petitioned the Securities and Exchange Commission of the United States to commence investigations into the NPP government\u2019s 2.25 billion dollars bond issued this year.<\/p>\n

A statement on the petition by\u00a0the Minority and copied to Citi Business News<\/strong>\u00a0 said,<\/p>\n

\u201cThe SEC will primarily be investigating suspected conflict of interest and insider trading which are violations of US law by the Hon. Trevor G. Trefgarne who is a Director of Franklin Templeton and a Board Chairman of Enterprise Group – a company owned and founded by the Finance Minister of Ghana, Hon. Ken Ofori Atta.\u201d<\/p>\n

Government in April this year raised $2.25 billion from four bonds<\/span><\/a><\/strong> including a 7 and 15 year bond, at a rate of 19.75%.<\/p>\n

The bond which was open to resident and non-resident investors raised a lot of concerns especially from members of the opposition NDC.<\/p>\n

The Minority raised issues of possible conflict of interest following the purchase of 95% of the bonds by Mr. Trefgarne who is a Director of Franklin Templeton and a Board Chairman of Enterprise Group.<\/p>\n

Gov\u2019t defends bonds issue<\/strong><\/p>\n

Government has since defended the bonds issue<\/a><\/strong><\/span> explaining that it did not flout any regulation.<\/p>\n

For instance, at the recent World Bank\/IMF Spring meetings in Washington, the Vice President, Dr. Bawumia criticized the Minority describing their stance as a display of ignorance on the situation.<\/p>\n

Some financial analysts have also said government did no wrong concerning issues of conflict of interest raised by some critics.<\/p>\n

The Minority\u2019s petition, Citi Business News<\/strong> understands, was filed early this month (May) by the Ranking Member on Parliament’s Foreign Affairs Committee – Hon. Samuel Okudzeto Ablakwa on behalf of the Minority.<\/p>\n

The US SEC has since acknowledged receipt of the petition.<\/p>\n

Lawyer demands authentic details of $2.25bn bond<\/strong><\/p>\n

The move by the Minority follows a similar one embarked on by private legal practitioner, Victor Kojogah Adawudu.<\/p>\n

He has written to the government requesting for more information<\/strong><\/span><\/a> on the controversial $2.25 billion domestic bond which was issued in April 2017.<\/p>\n

According to the lawyer, Victor Kojogah Adawudu, he exercised his right to information due to the scanty details provided by the Ministry of Finance on the issue.<\/p>\n

In a letter addressed to the Attorney General and copied to the Ministry of Finance, Mr. Adawudu, who also enclosed a processing fee of GHc 1,000, said the information he is seeking is aimed at addressing several concerns voiced on the matter.<\/p>\n

–<\/p>\n

By: Pius Amihere Eduku\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"

The Minority in Parliament has petitioned the Securities and Exchange Commission of the United States to commence investigations into the NPP government\u2019s 2.25 billion dollars bond issued this year. A statement on the petition by\u00a0the Minority and copied to Citi Business News\u00a0 said, \u201cThe SEC will primarily be investigating suspected conflict of interest and insider […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[121,32,171,11],"tags":[7158,3,270,7159],"class_list":["post-319628","post","type-post","status-publish","format-standard","hentry","category-banking-and-finance","category-business","category-local-economy","category-top-stories","tag-2-25-bond","tag-ghana-news","tag-ghana-parliament","tag-securities-and-exchange-commission-us"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/319628","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=319628"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/319628\/revisions"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=319628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=319628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=319628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}