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Suspend launch of Agyapa IPO - Amidu to Finance Ministry

BY: Enoch Darfah Frimpong

The Special Prosecutor, Mr Martin Amidu has asked the Ministry of Finance to suspend the launch of the Initial Public Offer (IPO) of the Agyapa Royalties deal on the London Stock Exchange (LSE).

This, he said it is to enable his office [Special Prosecutor] to complete the corruption risk assessment.

In a letter addressed to the Minister of Finance, the Office of the Special Prosecutor argued that the non-submission of all information and documents on the Agyapa Royalties Transaction from the Ministry of Finance was impeding his ongoing corruption risk assessment on the deal.

He indicated that despite the fact that the Ministry had already submitted some documents to the office, critical information that concerns the launch of the Initial Public Offer (IPO) for Agyapa Royalties remain outstanding.

“This Office would have wished to complete its corruption risk assessment on the Agyapa Royalties Transaction soonest but for the non-submission of the information and documents pending to be submitted by your Ministry. The information and documents you supplied concerned mainly the processes for and the appointment of the Transaction Advisors which goes to the root of any corruption risk assessment.”

“Information and documents relating to the identification and recommendation by the transaction advisors to your Ministry for appointment a list of other services providers and or underwriters that may be required to complete the transaction as provided in clause 2.2.1 of the mandate agreement amongst others, that are critical to any through corruption risk assessment are also outstanding. The legal opinions particularly of the principal legal advisor to the government under the Constitution are relevant to ensure compliance with her recommendations as part of any corruption risk assessment.”

The Special Prosecutor therefore urged the Ministry to hold on with the launching of the IPO until his office completes the corruption risk assessment it is currently undertaking.

“In the circumstances, this Office wishes to urge you to abide by the results of the corruption risk assessment it is undertaking on the transaction before moving to the launching of the IPO transaction. This Office makes this suggestion on the grounds of prudence on your part and to also not give the impression that the mandate of this Office on prevention of corruption is of no consequence to the transaction.”

The Special Prosecutor had earlier written to Parliament to furnish his office with the necessary documents regarding the deal.

The request was in line with the mandate of the office to exercise the functions and powers of prevention of corrupt activities.