Sky train case: Prof. Ameyaw-Akumfi, former GIIF CEO move to vary bail terms
Lawyers of the former Board Chairperson and Chief Executive Officer of the Ghana Infrastructure Investment Fund (GIIF) are seeking to vary the bail condition bordering on the accused persons reporting to the case investigators.
The two – Prof. Christopher Ameyaw-Akumfi, who is a former Board Chairmain of GIIF, and Solomon Asamoah, a former CEO of GIIF – are standing trial at the Criminal Division of the High Court for allegedly causing financial loss of $2 million in a deal to construct a sky train for the country.
Conditions
The two, who have pleaded not guilty to six counts of conspiracy, willfully causing financial loss to the state and intentional dissipation of public funds, have been admitted to bail in a combined sum of GH¢25 million with two justified sureties.
Prof. Ameyaw-Akumfi has been asked to report to the police once every week while Asamoah is required by the bail conditions to report to the investigator every Monday, Wednesday and Friday.
When the case was called yesterday, counsel for the two prayed the court in an oral application for the court to vary the bail terms which required their clients to report to the investigators.
However, the court, presided by Justice Comfort Tasiame asked both lawyers to file the application with stated reasons for the Attorney-General to respond.
The case has been adjourned to June 24, 2025 for Case Management Conference (CMC) where the Deputy Attorney-General and Minister of Justice, Dr Justice Srem-Sai, is expected to withdraw some witness statements in the matter.
Prosecution’s facts
Asamoah and Prof. Ameyaw-Akumfi have been accused by the Attorney-General for allegedly transferring the $2m from GIIF’s account into Africa Investor Holdings Limited, a company incorporated in South Africa, without board approval to acquire shares as part of the deal to construct the sky train, but nothing was done.
Per the facts of the case as narrated by Dr Srem-Sai, 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 requested 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 about the $2 million either.”
