In Honour Of Truth: Tsatsu Faces K.T. Hammond

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Former CEO of the Ghana National Petroleum Corporation (GNPC), Tsatsu Tsikata, will appear before Judgment Debt Sole Commissioner, Justice Yaw Appau, over the sale of a drillship belonging to the State.

The Discovery 511, was sold for US$24 million in 2001 by the GNPC to defray a US $19.5 million owed French bank, Societe Generale.

However, US$3million of the sale proceeds cannot be traced.

Former Deputy Energy Minister, K.T. Hammond who led the sale has insisted in various interviews that all the US$24 million was accounted for and the transaction well documented.

Mr. Hammond accused Mr. Tsikata of being the cause of the sale of the drillship due to the latter?s undertaking of non-profitable ventures which cost Ghana US$47 million in judgment debt owed Societe Generale.

Mr. Hammond said he even deserves commendation for beating down the judgment award from US$47 million to $19.5 million.

The former GNPC CEO has denied the claims levelled against him by Mr. Hammond. Mr. Tsikata insists the Government at the time was sloppy in its due diligence concerning the sale.

Mr. Hammond has expressed his willingness to appear before the Judgment Debt Commissioner to unravel the mystery over the drillship sale.

However, Justice Appau, who expressed befuddlement at the fact that no state institution has of yet, been able to provide documentation covering the transaction, believes Mr. Tsikata?s appearance at the Commission could help matters.

Source-RadioXYZ

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