Wednesday 12 November 2008

WAS THIS THE MOST SHAMEFUL, DISGRACEFUL AND SHABBIEST DEAL EVER DREAMT UP, TO DEFRAUD MOTHER GHANA, IN OUR HISTORY?

Massa, with respect, although the crooks in this regime were successful with Vodafone, it was really just a lucky break for them - and even in that particular deal, they were successful, only after they gave the assuarance that they would pass a law indemnifying those involved in the deal, from being prosecuted in future, for the unethical things that went on in that shabby deal, which was full of insider-dealing of the very worst kind.

The fact of the matter, is that the majority of Western companies are mostly underpined by corporate good governance principles – especially those whose shares are traded on reputable stock exchanges. Consequently, they do not play silly games that could end up damaging their reputation: simply in order to "beat down shares “ and “play a little politics with issues" (as you unfortunately put it!) for that purpose.

Massa, that is precisely because their executives know the eventual results of such unethical corporate governance practices (especially those perpetrated against poor developing nations in Africa): their institutional shareholders and regulators, in their own home countries, will take them to task.

Why do you think that in the aftermath of the takeover by Anglogold of Ashanti Goldfields, the board of that company, meeting in London, turned down a request for payment of half a million pounds sterling, to the important local personage, who was instrumental in Anglogold eventually beating Randgold: and successfully taking over Ashanti Goldfields?

Perhaps you ought to read the words of the minister for parliamentary affairs, Mr. Benjamin Osei Aidoo, who, in asking that parliament should not to be blamed for the ‘fraud’, is reported to have said: “For us, we were mandated to approve of an agreement [between] two parties, one of them being the Ghana government...If it turns out that the other party or the person or agent ... did not have the mandate, that’s a matter between the Ghana government and that other party."

In other words, he was passing the buck, Massa - and thus protecting himself from any future “collateral damage” that might emanate from this deal. Like the deal with Mrs. Cotton, which landed some people from the previous regime in jail, some people in this regime, too, will land in prison, someday, for this outrageous and shabby fraud, against Ghana.

A key factor in the bad luck for the crooks in the ruling regime that pushed this fraudulent deal is that Norske Hydro and VALE both have very proactive home national governments that care about nations like ours, and will not tolerate any rip-off of our country carried out by companies legally domiciled in their jurisdictions.

In any other jurisdiction, heads would be rolling by now as a result of such a major scandal - fraud that actually ended up in a whole national parliament passing a law it should have never passed if they were more vigilant and protective of the national interest. This is a very serious matter - and someday those who pushed this shabby deal will be jailed for it, as sure as day follows night: you mark my words, Massa.

What we should now get the minority side in parliament to do, is to quickly get the relevant parliamentary committee to find out if any asset-stripping has gone on in VALCO - which has a very valuable property portfolio that contains some of the most desirous residential properties in Tema.

We must ensure that the few powerful and greedy crooks who dominate this regime, and whose greed apparently knows no bounds, have not succeeded (and do not succeed!) in getting VALCO to sell them some of its properties: especially for values far below prevailing market rates. God - what a country: do these greedy people know no shame at all? Incredible!

Hmmm, Ghana - enti yeawiaye paa, enia? Asem ebaba debi ankasa! Long live freedom! Long live Ghana!

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