The Bank of Ghana has today dismissed an Official, Mr Gilbert Addy, for gross misconduct in relation to corrupt transactions and for accepting bribes in connection with the award of a contract to Sibton Switch Systems Limited in 2016 by the previous Management of the Bank of Ghana (BoG).
Bank statements have revealed that secret and corrupt payments of GH¢410,000.00 were made by Sibton Switch Systems Limited and its parent company Sibton Communications Limited to Mr Gilbert Addy at the Bank of Ghana via a shelf company GIB JUST Systems Limited, which was owned by him. Indeed, he was listed as Director and Shareholder of the Company.
The investigations revealed a sham contract signed between Sibton Switch Limited and the shelf company, GIB JUST Systems Limited, which showed that further payments totalling USD $500,000 (GH¢2.7 million) were to be paid to him.
The investigation also revealed the depth of involvement of Mr Gilbert Addy who deliberately concealed from the Bank of Ghana, the payments received and the USD $500,000 sham contract with Sibton Switch Ltd. Indeed, he deleted his email records to hide his misconduct.
It became necessary for the Bank and its international lawyers to retrieve these records from email back-ups. These corrupt payments were also concealed from EOCO during their initial investigations into the Sibton Switch contract, in early 2017.
Background
On the 9th of April 2018, Sibton Switch Limited filed a Request for Arbitration at the International Dispute Resolution Centre (IDRC) of the London Court of International Arbitration (LCIA) against the Bank of Ghana for breaching the Master Agreement for the Ghana Retail Payment Systems Infrastructure entered into by the two parties.
After the 2016 elections and on the appointment of a new Management of the Bank of Ghana, it became necessary to review the terms of the contract entered into by the previous administration.
In reviewing the contract the new Management of the Bank reached the conclusion that Sibton had neither acquired the licence nor fulfilled the condition precedent for the effectiveness of the rights and obligations of the parties. The Agreement, which dealt with the grant of exclusive rights to Sibton Switch to build, operate and own the Ghana Retail
Payment Systems Infrastructure was therefore terminated on the basis that it never came into effect.
The Claimant, Sibton Switch, went to the LCIA seeking relief in the sum of USD 478 million from the respondent, Bank of Ghana.
See attached the full details.
Source: Bank of Ghana
Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority. |
Do you think this man can take decision of this level alone . There are big people at the top involved . Sometimes it better to defy top management when you stand on strong moral grounds . A good name is better than riches ,and his name will forever be used as an example when lecturing on topics concerning bank of Ghana . Till today I he not come across anyone with the surname kotoka . A good name is better than riches ,for a good name will take you places and open doors for you and your descendants had no idea about .
upon all these huge salaries and allowances they collect?? their monthly allowances is even more than a lot of ghananians' annual gross yet you do this??? This is simply demonic!!Please mr. judge confiscate everything he owns,send him in for the rest of his life and drop the prison keys at the bottom of the Akosombo dam. .... and NDC appointed management supervised this.........National demonic congress!!
IT AMUSES ME BY THE MANNER NDC DEMANDS FOR FIGHT CORRUPTION. THE BEST WAY TO FIGHT CORRUPTION IS NOT THE ACT OF THE PRESIDENT TO SACK APPOINTEES ON FLIMSY ALLEGATION. THE BEST APPROACH IS TO HAVE IN PLACE IN ALL INSTITUTIONS THE MECHANISM TO PREVENT OR DETECT CORRUPTION WITHIN THE ORGANIZATION AND RIGHT PEOPLE CAPABLE TO ENSURE THE APPLICATION OF MECHANISM IN PLACE. WITHOUT THAT WE SHALL ALWAYS LIVE IN ABC.
I am sure this corrupt Gilbert Addy guy is an NDC member.... They are greedy and corrupt. He must be sent to prison........
So when will people learn to live upright? The monies ought to be retrieved and he should be jailed as well.
Where is Asiedu Nketia? where is unrespected Sammy Gyamfi and the likes and where are the babies with sharp teeth?. You see, this happened under the watch of JM. I would like the NDC and their scribe organise a press conference immediately to come and defend this. When we said JM collapsed the Banking Sector you guys were saying it' not true. More revelations are coming. Just wait and see.