SHC reverses sale of guest house to board member
The State Housing Company (SHC) has reversed the sale of a guest house belonging to the company to a board member.
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This follows the order from the Minister of Water Resources, Works and Housing, Alhaji Collins Dauda, in Accra on Wednesday April 2, 2014.
A confirmation to that effect has been presented to Alhaji Dauda in an official letter dated April 3, 2014.
The official letter was signed by the Manager in charge of Finance and Administration of the SHC, Mr Isaac Nai.
According to the letter, Mr Nai said he had been instructed to confirm the reversal to the minister.
Background
The Managing Director of the State Housing Company (SHC), Dr Mark Ankrah, was ordered to reverse the sale of a guest house belonging to the company to a board member
A statement on the reversal, signed by the Chief Director of the Ministry of Water Resources, Works and Housing, Alhaji Ziblim Yakubu, said the transaction was unacceptable and smacked of conflict of interest.
“The minister is unable to agree with the MD that the sale of the guest house in question to the member of the board is justified,” it noted.
It said following media reports on the transaction, the sector minister demanded a report from the management of SHC and that was presented to the minister on March 25, 2014.
The statement said after the minister had reviewed the report, he decided that the transaction be reverted with immediate effect. It said the minister had also requested that evidence of the cancellation should be forwarded to him within one week.
“The minister acknowledges that the SHC is a limited liability company and is governed by the Companies Code, but it also has to be noted that the SHC is a company in which government has 100 per cent shares and, accordingly, its dos and don’ts should be guided by the general public interest,” it added.
According to sources close to the Daily Graphic, the property, which is situated in Cape Coast, was valued at GH¢65,000 in 2012 and sold for GH¢40,000 in 2014.