A storm is brewing over the sale of Ghana Bauxite Company Limited (GBC) to Ofori-Poku Company Limited (OPCL), with renowned private legal practitioner Martin Kpebu calling for a forensic investigation into the transaction. Apexnewsgh reports
Kpebu’s concerns center around possible undervaluation and insider trading, which he believes warrant a thorough probe.
At the heart of the controversy is the valuation of GBC, which skyrocketed from $12.5 million in 2022 to over $1 billion in less than two years. Kpebu questioned the integrity of the initial valuation, pointing out that the individual who conducted the 2022 valuation is now serving as the Chief Financial Officer (CFO) of OPCL.
Kpebu also raised concerns about potential conflicts of interest, noting that the owner of OPCL was reportedly a board member of GBC at the time of the sale. This, he argued, raises questions about insider trading and the need for greater transparency and accountability.
The sale of GBC has been shrouded in controversy, with the Government of Ghana (GoG) initially declining to acquire the remaining 80% shares in 2022, citing a lack of value for money. However, OPCL’s acquisition of the company has raised eyebrows, with Kpebu questioning whether the company’s owner has ties to the ruling New Patriotic Party (NPP).
Kpebu’s call for a forensic investigation has reignited public debate over state asset sales and the need for greater oversight and due diligence in privatization deals. He urged civil society groups, anti-corruption agencies, and Parliament to take immediate action to ensure transparency and accountability.
Source: Apexnewsgh.com
