The prosecution’s second witness in the trial of the former Chief Executive Officer of Ghana Infrastructure Investment Fund (GIIF) and the former board chairman has confirmed that, per the incorporation documents admitted by the trial court, Ai Sky Train Consortium Holdings is the sole shareholder of Ghana Sky Train Limited.
The witness, Kofi Boakye, also confirmed that per the document, no other person was allotted shares in the Ghana Sky Train Limited, a Special Purpose Vehicle (SPV).
Mr. Boakye was answering a follow-up question from Mrs. Victoria Barth, counsel for the former CEO of GIIF, Solomon Asamoah, regarding the company’s incorporation.
He had claimed the board had no knowledge of the incorporation of Ghana Sky Train Limited until he and other members of the GIIF board were questioned by investigators at the National Intelligence Bureau (NIB).
The witness testified that, in some instances, when GIIF approves participation in projects, new companies are incorporated and used as vehicles for implementing those projects.
“At all times, the board is informed and made aware of the incorporation of these companies, and copies are kept or filed by the secretary of GIIF, who collaborates with the various lawyers contracted for these services,” he said he
He further indicated that, in any company in which GIIF holds an equity stake, it ensures that a member of the board is appointed to that company’s board of directors.
“Nothing of this kind happened in respect of the Ghana Sky Train Limited or, for that matter, the Ai Sky Train Consortium Holdings, a company that exhibits 30 and 31 (document of incorporation) registered in Mauritius,” he added.
“You will agree with me that the CEO (Mr. Asamoah) was also a member of the GIIF board, “the lawyers asked, and the witness answered in the affirmative.
Mrs. Barth then suggested to the witness that he had not provided any evidence to the court beyond his reference to the board minutes mentioning Mr. Asamoah’s appointment to the board of Cal Bank, that there is any requirement for board approval to be given for board members other than the CEO to serve as the director of a GIIF Special Purpose Vehicle.
“When we assumed office as the board of GIIF, the board noticed that staff and management served as directors on companies that GIIF had an equity stake in. The board resolved and revoked all these appointments, and members of the board were appointed to serve on the boards of these companies,” Mr. Boakye responded.
Earlier, the Deputy Attorney General, Dr. Srem-Sam suggested that the defence lawyer was “badgering” the witness when she asked him to provide a “yes or no answer” to a question whether there is any part of the minutes of the GIIF board held on November 19, 2019, which states that the board or any member of the board raised a concern about the approval, be it partial, final or otherwise if the Sky Train Project.
This led to a back-and-forth between him and the defence lawyer. Justice Audrey Kocuvie-Tay, the presiding judge in her ruling, said the witness is before the court to answer questions truthfully and to the best of his understanding so he should answer the question to the best of his ability.
Mr. Boakye did not give a yes-or-no answer but instead read parts of the minutes, including one that said “members were worried that GIIF’s interests were not being properly protected.”
Background
In 2019, the Ghana Infrastructure Investment Fund (GIIF) invested US$2 million for a 10% stake in Africa Investor Skytrain Consortium Holdings (“Ai Skytrain”), the company developing Accra’s Skytrain light Railway Project.
The Africa Investor Group (the “Sponsors”) was selected and granted the rights to develop the project by the Government of Ghana (“GoG”) through the Ministry of Railways Development (“MORD”).
At the time, the Chairman of GIIF was Professor Christopher Ameyaw-Akumfi, and the Chief Executive Officer (CEO) was Mr Solomon Asamoah. The Chairman had previously been a member of the GoG. Mr. Asamoah was an international development banker who had been headhunted for the position by a UK recruitment agency.
Following a change of government in Ghana in December 2024, the GoG, through the office of the Attorney General of Ghana, now alleges that this action was taken without Board approval, resulting in a willful financial loss to the state, as there is as yet “no railway built”.
It should be noted that there are no allegations of personal gain or diversion of funds in the charges, and the state has not charged anyone from MORD or the GoG-selected sponsors; only the GIIF Chairman and CEO have been charged.
The state witnesses who initially faced charges of causing financial loss to the state themselves dropped these charges after stating they did not approve the project, casting significant doubt on the reliability of their statements.
The prosecution’s case is built almost entirely on these statements to show that a legitimate transaction was “unauthorized”, without which there would be no case to answer.
“The prosecution’s case appears to be politically motivated, intended to fulfill a campaign promise to prosecute members of the previous government. It is unsupported by the facts, relying on demonstrably false witness statements,” a lawyer familiar with the case stated on condition of anonymity.
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