SC throws out $2.25bn Eurobond suit against Ofori-Atta

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Ghana’s Supreme Court has in a unanimous decision thrown out a case filed against the Minister of Finance, Ken Ofori-Atta, in the issuance of the $2.25 billion Eurobond in 2017 by DYMOG, the group that accused the Finance Minister of procedural error and conflict of interest in the issuance of the bond.

Details of the ruling will be ruling will will be made available tomorrow, Wednesday the Chief Justice Anim Yeboah said.

Among the reliefs, the group sought included; “a declaration that by going beyond investigations to make a pronouncement (of guilty or otherwise) on the 1st Defendant in respect of the allegation of breach of conflict of interest, the CHRAJ has contravened Article 287 of the 1992 Constitution.”

DYMOG further stated that the Finance Minister in issuing the bond to Franklin Templeton had put himself in a conflict of interest situation because one of the directors of the US-based investment group Trevor Trefgarne is also a director of a company owned by the Minister.

The group in the suit invoked the proper jurisdiction of the Supreme Court to interpret Article 284 of the 1992 constitution which states: “A public officer shall not put himself in a position where his personal interest conflicts or is likely to conflict with the performance of the functions of his office”.

Source: Laudbusiness.com/Ghana

 

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