Solomon Asamoah
The prosecution’s second witness in the trial of former Chief Executive Officer of Ghana Infrastructure Investment Fund (GIIF) and the former board chairman, has confirmed that per incorporation documents admitted by the trial court, AI Sky Train Consortium Holdings is the sole shareholder of Ghana Sky Train Limited.
The witness, Kofi Boakye, also confirmed that per the document, no other person was allotted shares in the Ghana Sky Train Limited, a special purpose vehicle.
Mr. Boakye was answering a follow-up question by Victoria Barth, counsel for former CEO of GIIF, Solomon Asamoah, on the incorporation of the company.
He had claimed the board had no idea about the incorporation of the Ghana Sky Train Limited until he and other members of the GIIF board were questioned by investigators at the National Intelligence Bureau (NIB).
The witness testified that when GIIF gives approval to participate in projects, in some instances, new companies are incorporated and used as vehicles for the implementation of those projects.
“At all times, the board is informed and made aware of the incorporation of these companies and copies are kept or filed by the secretary of GIIF, who collaborates with the various lawyers contracted for these services,” he said.
He further indicated that in any company that GIIF holds an equity stake, it ensures that a member of the board is appointed to the board of directors of that company.
“Nothing of this kind happened in respect of the Ghana Sky Train Limited or for that matter the AI Sky Train Consortium Holdings, a company where exhibits 31 (document of incorporation) registered in Mauritius,” he added.
“You will agree with me that the CEO (Mr. Asamoah) was also a member of the GIIF board,” the lawyer asked, and the witness answered in the affirmative.
Mrs. Barth then suggested to the witness that he has not provided any evidence to the court beyond his reference to the board minutes mentioning Mr. Asamoah’s appointment to the board of CalBank, that there is any requirement for board approval to be given for board members other than the CEO to serve as the director of a GIIF Special Purpose Vehicle.
“When we assumed office as the board of GIIF, the board noticed that staff and management served as directors on companies that GIIF had an equity stake in. The board resolved and revoked all these appointments, and members of the board were appointed to serve on the boards of these companies,” Mr. Boakye responded.
The court has adjourned the trial to March 3 for the witness to provide further answers to the question.
Earlier, the Deputy Attorney General, Dr. Srem-Sai suggested that the defence lawyer was “badgering” the witness when she asked him to provide a “yes or no answer” to a question whether there is any part of the minutes of the GIIF board held on November 19, 2019, which states that the board or any member of the board raised a concern about the approval, be it partial, final or otherwise of the Sky Train project.
This led to a back and forth between him and the defence lawyer. Justice Audrey Kocuvie-Tay, the presiding judge, in her ruling said the witness is before the court to answer questions truthfully and to the best of his understanding, so he should answer the question to the best of his ability.
Mr. Boakye did not give a yes or no answer but rather read some parts of the minutes, including a part which said “members were worried that GIIF’s interest were not being properly protected.”
BY Gibril Abdul Razak