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January 7 set for GNPC $700 million loan

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The Commercial Court in Accra will on January 7, 2015 decide whether or not to stop the Ghana National Petroleum Corporation from accessing a $700 million loan facility until the final determination of a suit brought against the GNPC by three Members of Parliament (MPs).

It, however, granted permission to counsel for the GNPC, Mr Tony Lithur, to file a written response to supplementary affidavits which have been filed by counsel for the plaintiffs, Nana Bediatuo Asante.

Mr Lithur indicated he would file the written submission today.

He, however, expressed reservations about the date for the ruling with the explanation that it was too far but the court stuck to the date.

The MPs were on Wednesday granted permission by the court to file the supplementary affidavits.

The MPs are disputing some of the factual claims in the GNPC’s affidavit in opposition.

For instance, the GNPC had claimed in its affidavit in opposition that some of the oil proceeds that had been deducted to pay for the public equity financing cost would be used to repay the loan.

But the MPs were of the view that such a move was improper because the money was not GNPC’s.

GNPC had said the plaintiffs lacked capacity to bring the action, but the plaintiffs argued that they were MPs who had direct interest in upholding the constitution and the law.

According to the respondent, the plaintiffs, Mr Atta Akyea, MP for Abuakwa South, Mr Matthew Opoku Prempeh, MP for Manhyia and Dr Anthony Akoto-Osei, MP for Tafo Pankrono, did not have the locus to file the suit and therefore the court must not entertain the action.

Background

The plaintiffs, on November 27, 2014, filed an application for an order of interim injunction to restrain the GNPC from taking further steps in pursuit of the $700 million loan it was seeking to access.

But the GNPC argued that it had done nothing untoward.

Mr Lithur argued that as a statutory institution, the GNPC was conscious of its obligations and would not act to undermine the law.

Source: Daily Graphic

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Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
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