{"id":387185,"date":"2017-12-29T09:38:53","date_gmt":"2017-12-29T09:38:53","guid":{"rendered":"http:\/\/citifmonline.com\/?p=387185"},"modified":"2017-12-29T12:43:37","modified_gmt":"2017-12-29T12:43:37","slug":"chraj-clears-ofori-atta-of-conflict-of-interest-in-2-25bn-bond-saga","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2017\/12\/chraj-clears-ofori-atta-of-conflict-of-interest-in-2-25bn-bond-saga\/","title":{"rendered":"CHRAJ clears Ofori-Atta of Conflict of Interest in $2.25bn bond saga"},"content":{"rendered":"
The Commission on Human rights and Administrative Justice (CHRAJ), has cleared the Minister of Finance, Ken Ofori-Atta, of conflict of interest in the issuance of the government\u2019s recent bond.<\/p>\n
\u201cOn the basis of the evidence available to the Commission, it has come to the conclusion and therefore holds that, the allegations by the complainant that the respondent has contravened Article 284 of the 1992 Constitution by putting himself in a conflict of interest situation in relation to the issuance of the 5-year, 7-year, 10-year and 15-year bonds, have not been substantiated,\u201d it said in its report on the matter.<\/p>\n
[contextly_sidebar id=”VZD0qpdoUnwDcpUxBximlXhw1ZWYJFR3″]CHRAJ commenced the investigations five months ago after\u00a0 a known member of the National Democratic Congress (NDC), Yaw Brogya Genfi, petitioned it in April, to investigate Ken Ofori-Atta\u2019s position in the issuance of the bond.<\/p>\n
According to Mr. Genfi, Ken Ofori-Atta, secured 95 percent of the bond for his family and friends.<\/p>\n
He said Mr. Ofori Atta \u201chas attempted to promote a private or personal interest for himself or for some family members and business associates, and the promotion of the private interest has resulted in, or was intended to result in, or appears to have resulted in, or has the potential to result in an interference with the objective exercise of his duties and an improper benefit or an advantage by virtue of his position.\u201d<\/p>\n
According to him, the bonds were not on the issuance calendar, and that the transaction seemed to have been shrouded in secrecy with the bond processes being limited to one day compared to past processes that were open.<\/p>\n
Mr. Genfi said one single investor, Franklin Templeton Investment Limited, an American global investment management organisation founded in 1947 purchased 95 percent of the bond issued.<\/p>\n
He insisted that \u201ca relational interest existed between the Minister of Finance and Mr Trevor G Trefgarne, who in a semi-annual report of the Franklin Templeton Investment Limited of December 31, 2016, is one of the Board of Directors of the organisation, while also being the Chairman of the Enterprise Group Limited.<\/p>\n
\u201cEnterprise Group Limited is a company partially owned by Data Bank Limited, a company in which the Finance Minister is known to have significant interest,\u201d Mr Genfi said.<\/p>\n
He also complained that Mr. Tevor G Trefgarne and the Minister of Finance had also been described as \u201cgreat friends.\u201d<\/p>\n
But CHRAJ in the 140-page report after its investigations said “there was also no evidence before the Commission that there was a personal benefit to the Respondent or his private businesses and other relations.\u201d<\/p>\n