Home News PIAC Wants GNPC Boss Investigated …Over Property Acquisition In Takoradi

PIAC Wants GNPC Boss Investigated …Over Property Acquisition In Takoradi

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By Au Koranteng

The Public Interest and Accountability Committee (PIAC) says it wants allegations levelled against the Chief Executive Officer of the Ghana National Petroleum Corporation (GNPC), Dr K.K. Sarpong, investigated.

PIAC says it has  taken notice of recent revelations regarding GNPC’s acquisition of a residential property in Takoradi from Global Haulage Company Limited (GHCL), a company in which the CEO of GNPC, Dr K.K. Sarpong is said to have interest and wants a committee to be set up to investigate the allegation.

The oil revenue regulatory body says The Committee has also taken due notice of GNPC’s response to the allegation of conflict of interest, leveled against the Corporation’s CEO with respect to the transaction.

“ PIAC is concerned about these developments, because GNPC is a recipient of petroleum revenues, and falls within the Committee’s oversight mandate as stipulated under Sect. 52 of the Petroleum Revenue Management Act (PRMA), 2011 (Act 815)”.

Pursuant to the mandate to “conduct independent assessment of the management and use of petroleum revenues to assist Parliament and the Executive in the oversight and performance of related functions respectively”, as provided for in Section 52(c) of the PRMA, the Committee has written to GNPC to seek further clarifications of some of the issues that lie at the heart of the allegations. The responses and documentation provided by GNPC will enable PIAC come to an informed position on the matter,” it noted.

The CEO of GNPC, Dr Kofi Kodua Sarpong is alleged to have facilitated the purchase of a Takoradi -based real estate worth US$7.5 million, which was owned, by Global Haulage and defunct Royal Bank.

Dr Sarpong’s involvement in channeling funds from GNPC to Global Haulage, according to anti- corruption institutions, was scandalous. The two entities, Global Haulage and the insolvent Royal Bank, belong to Alhaji Iddrissu Adamu [deceased], whose friend, Dr K.K. Sarpong, reportedly held shares in the bank.

Before his appointment as GNPC CEO, Dr Sarpong was the Executive Chairman of Royal Bank and was also the Group Chief Executive for Global Haulage. In 2017, Dr Sarpong reportedly convinced the board of GNPC to expend US$7.5 million of GNPC funds to the said property.

Total payment, amounted to US$9.5 million instead of the original figure. In a memo written to the GNPC finance officer dated December 29, 2017, Dr Sarpong ordered the payment to be made ‘instantly” because that purchase was “urgent,” he said: “I am taking this unusual step in view of the urgency of the matter.”The memo continued: “I can confirm that we have executed the underlying sale and purchase agreement with the seller. The documents are in the custody of our legal officer, Ms Ama Awuah Kyeremateng, who unfortunately is presently out of town to give them to support the payment.


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