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SEC chickened out of $2.25 bn bond probe – DYMOG
Pressure group, Dynamic Youth Movement of Ghana (DYMOG), has lashed out at government officials who are arguing CHRAJ did not have the full mandate to investigate the $2.25bn bond saga.
The deputy Attorney General Godfred Dame has stated the anti-graft body overstepped its bounds.
“We at the DYMOG, confidently disagree with the Deputy Attorney General, Hon. Godfred Dame that CHRAJ has overstepped its bounds in investigating the $2.25 Billion Bond saga. This is because Article 218 of the 1992 Constitution does not set any parameters as to which corruption, abuse of power and conflict of interest issues CHRAJ should investigate. As a matter of fact, there are no caveats!” DYMOG said in a statement.
Below is the full statement:
DYMOG has critically observed with sharp lens the posture of Government to belittle the CHRAJ investigative report on the $2.25 Billion Bond saga. This ‘highly corrosive’ reaction has the tendency to deplete the concentration of trust reposed in our state institutions.
We at the DYMOG, confidently disagree with the Deputy Attorney General, Hon. Godfred Dame that CHRAJ has overstepped its bounds in investigating the $2.25 Billion Bond saga. This is because Article 218 of the 1992 Constitution does not set any parameters as to which corruption, abuse of power and conflict of interest issues CHRAJ should investigate.
As a matter of fact, there are no caveats!
DYMOG however agrees with Hon. Godfred Dame that Securities Industries Law 2016 (Act 929) also gives the Securities and Exchange Commission (SEC) equal powers to investigate the issues of Insider Trading, Conflict of Interest and Secrecy in the issuances of Bonds (Government/Private), hence the DYMOG petition to SEC on 18th May, 2017 – Click to download letter: SEC report.
With vivid emphasis on this case, CHRAJ remained the only credible and independent investigative body to look into the issues and bring the facts to bare. This is because, SEC in response to the DYMOG petition with impunity stated that – “Section (3k) of Act 929 provides that the Commission has power to “examine and approve invitations to the public made by issuers other than the Government” -(Page 1).
SEC further went on to state that – “It is clear that the mandate of the commission is limited when it comes to the examination and approval and invitations made to the public by the Government. Information on such Government invitations or issues is usually not provided to the commission as same is not required by law” -(Page 2).
Lastly, SEC stated “The information you seek by your petition is therefore not in the custody of the Commission” -(Page 2). This response by SEC was copied to CHRAJ as well.
From the above excerpts, SEC has made a tacit admission to CHRAJ that it does not have the legal or technical capacity to investigate the matter!
DYMOG commends CHRAJ for rising up to the occasion and serving Ghanaians with its findings. Secondly, the report by CHRAJ is a vindication of our earlier conviction that indeed the Finance Minister breached processes in the issuance of the $2.25 Billion Bond.
DYMOG therefore calls on Government to eat its ‘humble pie’ and face the consequences of violating our Laws.
Issued on: Wednesday, 3rd January, 2018. Accra, Ghana.