US$2.25 BILLION BOND SCANDAL – MINORITY SUCCESSFULLY PETITIONS SECURITIES AND EXCHANGE COMMISSION OF THE UNITED STATES OF AMERICA

The Security and Exchange Commission (SEC) of the United States of America will soon commence investigations into the US$2.25 billion bond issuance by the Akufo Addo government in which Franklin Templeton, a US registered company purchased 95% of 15-year and 7-year bonds.

This follows a successful filing of complaint with the US regulatory body by the NDC Minority in Parliament.

A statement released and signed by the Minority Leader, Hon. Haruna Iddrisu said the complaint, which was in fulfilment of the Minority’s pledge made at their April 17, 2017 media encounter, was filed with the Enforcement Division of the SEC in Washington DC on 1st May, 2017 by the Ranking Member on Parliament’s Foreign Affairs Committee, Hon. Samuel Okudzeto Ablakwa on behalf of the Minority.

In response, the US SEC thanked the Minority for the fruitful engagement and provided a reference number for the case as TCR1493656314549.

According to the statement, the US SEC will primarily be investigating suspected conflict of interest and insider trading which are violations of US law by the Hon. Trevor G. Trefgarne who is a Director of Franklin Templeton and a Board Chairman of Enterprise Group, a company owned and founded by the Finance Minister of Ghana, Hon. Ken Ofori Atta.

It said: “The Minority also wishes to observe that, note has been taken of the interest shown in this matter by Ghana’s Commission on Human Rights and Administrative Justice (CHRAJ) after receiving a petition from a private citizen and assures that the investigations being conducted by the United States regulatory body will not conflict nor undermine CHRAJ’s investigation.”

The statement added that the minority is committed to cooperating in assisting with both investigations in any way in the supreme national interests of Ghana and the United States of America.

Below is the full text of the statement issued by the Minority on petition to the US SEC.

US$2.25 BILLION BOND SCANDAL – MINORITY SUCCESSFULLY PETITIONS SECURITIES AND EXCHANGE COMMISSION OF THE UNITED STATES OF AMERICA

The National Democratic Congress Minority in the Parliament of Ghana wishes to bring to the attention of the good people of Ghana that in fulfillment of the pledge we made at our April 17, 2017 media encounter and consistent with our constitutional and democratic mandate, we have successfully filed a complaint with the Securities and Exchange Commission (SEC) of the United States of America. This will lead to the commencement of investigations by the US regulatory body into the infamous US$2.25 billion bond issuance in which a US registered company – Franklin Templeton purchased 95% of 15-year and 7-year bonds.

The SEC will primarily be investigating suspected conflict of interest and insider trading which are violations of US law by the Hon. Trevor G. Trefgarne who is a Director of Franklin Templeton and a Board Chairman of Enterprise Group – a company owned and founded by the Finance Minister of Ghana, Hon. Ken Ofori Atta.

The Minority’s complaint was filed with the Enforcement Division of the SEC in Washington DC on 1st May, 2017 by our Ranking Member on Parliament’s Foreign Affairs Committee – Hon. Samuel Okudzeto Ablakwa on behalf of the Minority.
In a response, the SEC thanked the Minority for the fruitful engagement and provided a reference number for the case as: TCR1493656314549.

The Minority also wishes to observe that, note has been taken of the interest shown in this matter by Ghana’s Commission on Human Rights and Administrative Justice (CHRAJ) after receiving a petition from a private citizen and assures that the investigations being conducted by the United States regulatory body will not conflict nor undermine CHRAJ’s investigation.

The Minority takes this opportunity to re-emphasize our commitment and cooperation in assisting with both investigations in any way we can in the supreme national interests of Ghana and the United States of America.

Signed,
Hon. Haruna Iddrisu
(Minority Leader)

[15th May, 2017]