Renowned private legal practitioner Martin Kpebu has called on the government to conduct a forensic investigation into the sale of Ghana Bauxite Company Limited (GBC) to Ofori-Poku Company Limited (OPCL), citing concerns of possible undervaluation and insider trading.
In a strongly worded statement, Mr. Kpebu questioned how GBC, which was valued at $12.5 million in 2022, has now surged to over $1 billion in less than two years.
“This raises serious concerns. The valuation at the time of sale was shockingly low, and today, the company is reportedly worth over a billion dollars. How could this happen?” he asked.
Kpebu outlined several red flags regarding the transaction, including:
Government Rejection of the Offer – The Government of Ghana (GoG), which held a 20% stake in GBC, was given the right of first refusal to acquire the remaining 80% shares when the company was put up for sale in 2022. However, the government, per then Minister of State at the Finance Ministry, Charles Adu Boahene, declined, citing a lack of value for money.
Massive Increase in Valuation – The company’s valuation has reportedly skyrocketed from $12.5 million to over $1 billion within two years, raising questions about the integrity of the initial valuation.
Conflict of Interest – The individual who conducted the 2022 valuation of GBC is now serving as the Chief Financial Officer (CFO) of OPCL, the company that purchased GBC.
Political Ties to the NPP? – Kpebu also questioned whether OPCL is owned by a major financier of the ruling New Patriotic Party (NPP), suggesting possible political influence in the transaction.
Potential Insider Trading – At the time of the sale, the owner of OPCL was reportedly a board member of GBC, raising concerns about insider trading and conflicts of interest in the sale process.
He described the transaction as highly suspicious, insisting that the government must launch an independent forensic audit to determine whether the sale was fraudulent.
“This contract must be investigated. No way can we sit back and allow such a transaction to go unchecked,” he stated.
The legal practitioner hinted that more revelations regarding the deal would emerge soon, urging civil society groups, anti-corruption agencies, and Parliament to take immediate action to ensure transparency and accountability.
Mr Kpebu’s concerns have reignited public debate over state asset sales and the need for greater oversight and due diligence in privatization deals.
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