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GNPC $700m loan suit appears in court today

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An Accra High Court will later this morning rule on a case against the Ghana National Petroleum Corporation (GNPC) over the corporation’s attempt to secure a foreign loan totaling $700 million without parliamentary approval.

Three NPP Members of Parliament namely Dr Anthony Akoto Osei (Old Tafo), Samuel Atta Akyea (Abuakwa South) and Dr Matthew Opoku Prempeh (Manhyia South) filed the application.

They claimed the GNPC’s action is in breach of the constitution therefore want the injunction to restrain the company from going ahead with the deal.

The three MPs contend that the Ghana National Petroleum Corporation has no powers to unilaterally secure the $700 million loan from commodities trader and logistics Trafigura.

At the last adjourned date in December last year, lawyer for the plaintiffs Nana Asante Bediatuo in his argument said he was confident the court will grant the injunction.

Before today’s date was fixed, counsel for GNPC Tony Lithur pleaded with the court to have the date changed since he had concerns that needed to be addressed.

The outcome of the ruling is expected to pave way for the court to hear the substantive matter.

In a related court case, lawyer for former Deputy Commander in charge of the Commercial Crimes Unit, DSP Gifty Tehoda, embroiled in the missing cocaine saga is  expected to cross examine Madina Divisional Police Commander, Chief Superintendent Yakubu Aggrey, who testified against his former colleague last year at the human rights court.

Source;Myjoyonline

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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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