Four officials linked to the defunct Power Distribution Services (PDS) Ghana Limited, the company that took over the operation of the Electricity Company of Ghana (ECG) under a concession arrangement, were last week arrested by the Bureau of National Investigations (BNI) for their alleged involvement in the transfer of GH₵850 million from ECG’s CalBank account.
The funds were allegedly transferred during arbitration proceedings in London between ECG and PDS, following the termination of the concession by the previous administration due to a faulty demand guarantee presented by PDS.
Minister of State in charge of Government Communications, Felix Kwakye Ofosu, revealed this on Monday, May 4, in a statement posted on X.
The four individuals are Philip Ayensu, Viraj Phat, Sophia Korkor, and Justice Menka-Premoh.
According to the minister, all four suspects have since been granted bail while investigations continue.
“The Bureau of National Investigations (BNI) arrested the following persons affiliated with PDS last week as part of investigations into the transfer of large sums of money believed to belong to ECG,” the statement read.
“The quartet have since been granted bail pending further investigations,” the minister’s post added.
Speaking on Accra-based Citi Eyewitness News on Monday, Benjamin Alfa Aidoo, Spokesperson for the Attorney-General and Ministry of Justice, stated that the four individuals have been officially charged but granted bail.
He, however, declined to provide further details of the ongoing investigation, saying:
“The investigation officers want to understand the full circumstances under which these funds left these accounts. They need to call various persons who they believe may have played a role in the depletion of these accounts.”
He added:”These four individuals were initially invited for questioning, granted bail, and further investigations will follow.”
When asked how much money was transferred, Aidoo confirmed it was GH₵850 million belonging to ECG, which had been in their CalBank account.
He further explained the context of the case: “During a transitional arrangement, reconciliation was supposed to be done for the transfer of assets and liabilities. Pending that arrangement, PDS took the matter to arbitration, and it was expected that arbitration would preserve the status of both assets and liabilities for both parties. After ECG won the arbitration and returned to the account, they could not locate these funds. It appears these funds were intentionally depleted, and that is the focus of the ongoing investigation.”
Meanwhile, attempts to reach Mr. Phillip Ayensu, one of the officials of PDS has proved futile, as his phone was switched off.
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