The energy distribution company, Power Distribution Services (PDS) has reacted to government suspension of their concession agreement.

The company in its response to the government’s notice of contract suspension has said it will collaborate with the Government of Ghana as it seeks to probe its Payment Securities (Demand Guarantees) for the ECG takeover.

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In a statement  by the Minister of Information, Kojo Oppong Nkrumah, it said: “The decision follows the detection of fundamental and material breaches of PDS’ obligation in the provision of Payment Securities (Demand Guarantees) for the transaction which have been discovered upon further due diligence.”

But responding to the Minister’s statement, the Chief Executive Officer of PDS said: “it has taken notice of the statement and wishes to say it has always acted in good faith and will not rush to put out any information until they are substantiated.”

The Government of Ghana, through the Ministry of Finance and the Electricity Company of Ghana (ECG) on Tuesday, suspended the concession agreement with Power Distribution Services (PDS) Ghana Limited with immediate effect.

Below is the full statement from PDS

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Source: Adomonline.com