Prof. Ameyaw-Akumfi, former GIIF CEO charged over $2m Sky Train project

The former Chief Executive Officer of the Ghana Infrastructure Investment Fund (GIIF), Solomon Asamoah, and a former Board Chairperson of the fund, Prof. Christopher Ameyaw-Akumfi, have been dragged to the High Court for allegedly causing financial loss of $2 million in a transaction to build an urban sky train system in Accra. 

The two have been charged with six counts of conspiracy, willfully causing financial loss to the state and intentional dissipation of public funds.

Asamoah was put before the Criminal Division of the High Court in Accra yesterday.

He has pleaded not guilty to the charges at the court presided over by Justice Comfort Kwasiwor Tasiame.

Prof. Ameyaw-Akumfi was, however, absent on health grounds.

His plea is expected to be taken on May 20 this year. 

Bail application

Moving a bail application for his client, counsel for Asamoah, Edem Nuhoho, said the accused had a permanent place of abode which was well known to the prosecutors.

He added that his client was not a flight risk, saying Asamoah’s two passports — Ghanaian and British — had been deposited with the National Intelligence Bureau (NIB).

“Even when the accused was outside the jurisdiction, he engaged the investigators and had a Zoom meeting with them. Subsequently, he willingly returned to Ghana and attended to the office of the investigators for further interrogations,” counsel added.

Again, he said, his client was the primary caregiver of his 90-year-old mother, who was bedridden. 

“We state finally that the accused person is willing and able to defend himself on the charges levelled against him, and we pray that he will be granted bail with favourable conditions to enable him to gather and mount his defence,” he said.

The Deputy Attorney-General (A-G), Dr Justice Srem-Sai, did not oppose the grant of bail but prayed for the court to set conditions substantial to ensure that the accused person appeared for trial.

The presiding judge admitted Asamoah to bail in the sum of GH¢15 million with two sureties to be justified with a registered land located in Ghana.

The sureties are to deposit their Ghana Cards with the courts.

Furthermore, Asamoah is to deposit his two passports with the registry of the court.

He is also to report to the investigator every Monday, Wednesday and Friday.

The case has been adjourned to May 20, 2025. 

Prosecution’s facts

Narrating the facts of the case, Dr Srem-Sai said the Accra Sky Train project was to be constructed on a design, finance, build and operate basis.

In a memorandum of understanding (MoU) covering the project, GIIF was to be the anchor equity investor and local project development partner to the Africa Investor Holdings (Proprietary) Limited.

Dr Srem-Sai said it was further agreed in the MoU that GIIF would conduct due diligence and develop a bankable feasibility study on the project.

Subsequently, a shareholders' agreement dated January 9, 2019, was signed between Africa Investor Holdings Limited, a company incorporated under the laws of the Seychelles with IBC, on one part, and the GIIF, on the other.

In the agreement, Africa Investor Holdings Limited was to transfer 10 per cent of its alleged 100 per cent shares in a company styled “Ai SkyTrain Consortium Holdings”, a limited liability company registered in Mauritius, to GIIF.

Asamoah, according to the prosecution, signed the shareholders' agreement on behalf of GIIF.

A few weeks later, on February 4, 2019, Ai SkyTrain Consortium Holdings, citing the shareholders' agreement as a basis, wrote a letter in which it made a request for a payment of the lump-sum of $2 million as the price for the alleged shares.

On February 25, 2019, Asamoah and Prof. Ameyaw-Akumfi jointly, in a letter, instructed the United Bank for Africa (GIIF's bankers) to transfer $2 million from GIIF Project Development Company accounts to the bank account of the Africa Investor Holdings Limited in Mauritius.

“The payment was duly effected, after which nothing was heard, said or done by GIIF or its governing board on the alleged share acquisition. Nothing was ever said or heard of the $2 million either,” Dr Srem-Sai said.

In addition to the due diligence requirements contained in the MoU as the GIIF's obligations, he said the GIIF's internal investment policy required that GIIF follow an elaborate procedure for bankable feasibility studies and assurances before embarking on any investment.

These procedures, the Deputy A-G said, included (but not limited to) a prior GIIF internal investment committee assessment, recommendations, and then, approval by GIIF's governing board.

He said investigations, however, revealed that no such due diligence procedures or processes were followed or engaged in by GIIF prior to parting with the $2m.

Further investigations, he said, revealed that no board approval was sought or obtained for the share acquisition or the $2m payment.

Dr Srem-Sai said in his police investigation caution statement, Asamoah claimed that he sought or obtained the approval of the GIIF governing board in respect of the share acquisition and the $2 million payment.

“This claim was, however, refuted by each of the other members of the governing council in their respective police investigation caution statements.

“Further investigation reveals that no board minutes or company records support the claim by Asamoah,” he said.  

The Deputy A-G said Prof. Ameyaw-Akumfi, for his part, insisted in his police investigation caution statement that he signed the bank funds transfer instruction on the recommendation of Asamoah.

“Neither Asamoah nor Prof. Ameyaw-Akumfi has been able to account for the $2 million,” the Deputy A-G added.