JoyNews has reported that oil trading firm Trafigura is moving to seize and auction some properties belonging to Ghana in the United Kingdom.
The Ghana International Bank building and other properties are at risk of being sold to defray a $140 million judgment debt awarded to Trafigura.
A written agreement for the installation and operation of two power plants gave rise to the award, which was roughly $140 million.
However, Ghana illegally terminated the agreement before the terms were provided.
Commenting on the development in an interview on JoyNews’ The Probe on Sunday, October 22, the Deputy Attorney General, Alfred Tuah-Yeboah, urged the Finance Ministry to act fast or Ghana will lose the property.
According to him, upon the AG’s office hearing about the judgment case against the state, they took steps to speak to the Ministry of Finance for the debts to be liquidated because it was a just debt.
He added that the “Finance Ministry then entered into agreement with the judgment creditors as to how the state was going to pay this judgement debt of about $140 million.”
He noted that although part payment was made, the state reneged on its promise to go by the agreement.
“Having failed to do so, the judgment creditor decided to execute the judgment. They attached property belonging to the Republic in the UK, and then they sought to serve us with that process.
“We then filed a motion trying to set aside the process through which we were served but the High Court in England said no, and that the service on us [state] was properly made. So now, the Ministry of Finance has been advised to once again approach the judgment creditors and make every effort to pay that money,” he explained.
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