Ghana’s Excessive Commissioner to the UK, Papa Owusu-Ankomah, has disclosed that the hire income accrued from Ghana’s Regina Home in London shouldn’t be sufficient to pay a $134 million judgment debt.
The Regina Home, situated in Central London, is among the authorities’s most necessary industrial properties within the UK.
Presently, it’s being managed by Trafigura after being awarded a judgment debt by a tribunal in the UK in 2021.
Talking on Thursday, August 22, Amb. Owusu-Ankomah confirmed that the constructing nonetheless belonged to the federal government of Ghana opposite to the allegations.
Nonetheless, till the federal government pays the $134 million judgment debt, Trafigura’s GPGC can be in full management over income accrued from the property.
“The hire doesn’t go to the Authorities of Ghana as a result of Regina Home is underneath receivership however Regina Home continues to be owned by the federal government of Ghana. We’re not receiving any cash because of renting that property due to the judgment debt however the hire that’s being paid is nowhere close to the quantity owed.
“Legally, the property continues to be the federal government of Ghana property. What it’s is that the charging order gave the administration of the property to GPGC solicitors or property appointees till the debt is paid, they can not even promote the property, they haven’t even utilized to promote the property to defray the judgment debt,” he defined.
He’s due to this fact calling for extra negotiations between the federal government and the conglomerate to avert the implications of the compounding curiosity on the judgment debt.
His response was triggered by allegations levelled by a Vice President of IMANI Africa Shiny Simons just lately to the impact that the Ghana Energy Technology Firm (GPGC) has taken possession of the constructing after Ghana defaulted in paying the total debt.
He stated the federal government was additionally concealing details about the possession of Regina Home
Background
Trafigura, a Singaporean commodities buying and selling firm, and a majority proprietor of GPGC, an influence firm, secured an award in January 2021.
This was after a tribunal in England discovered that Ghana had unlawfully terminated a contract for the set up and operation of two energy vegetation.
On November 4, 2021, the court docket granted Trafigura go away to implement the award in the identical method as a judgment of the Excessive Courtroom.
On Might 17, 2022, Trafigura issued an software for charging orders in relation to the 5 London properties wherein Ghana had a freehold or leasehold curiosity.
At the moment, solely Regina Home is used for industrial functions by the federal government.