$2.25 billion bond saga… Minority petitions US Security and Exchange Commission

The Minority in Parliament has petitioned the Security and Exchange Commission of the United States of America (USA) to investigate the details of the controversial US$2.25 billion bond issued by the finance ministry last month.

A statement signed by the Minority Leader, Haruna Iddrisu said the complaint would lead to investigations by the USA regulatory body into the bond issuance, in which a USA registered company, Franklin Templeton, purchased 95 per cent of the 15-year and seven-year bonds.

“The 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, Ken Ofori-Atta,” the statement explained.

It indicated that the petition was also in fulfillment of a pledge the group made at a media encounter to bring finality to the controversy surrounding the bond, which as well was in line with the Minority’s constitutional and democratic mandate.

The petition follows calls by the Minority for a full-scale parliamentary probe into the bond issue, amidst concerns over the perceived secrecy and conflict of interest in the bond issue.
In between this, the Ashanti Regional Youth Organiser of the National Democratic Congress (NDC), Yaw Brogya Genfi, filed a petition with the Commission on Human Rights and Administrative Justice (CHRAJ) to investigate the bond.

By Claude Nyarko Adams

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