PDS, MiDA cleared of fraud allegations MyJoyOnline.com [Video]

An independent forensic probe into allegations fraud following the takeover of Electricity Company of Ghana (ECG) by Power Distribution Service (PDS) has revealed, there is no evidence to suggest any of the entities involved in the deal conspired to defraud the state.

Documents available to JoyNews indicate, the private auditor hired by the Millennium Development Authority (MiDA), did not find any information to suggest that either PDS, Cal Bank, Donewell and or personnel from MiDA committed or conspired to commit fraud or other malfeasance, in relation to the demand guarantees.

The government on July 30 announced the suspension of the contract with PDS, barely six months after the company took over from ECG.

The decision, according to Information Minister, Kojo Oppong Nkrumah, “…follows the detection of fundamental and material breaches of PDS obligation in the provision of Payment Securities (Demand Guarantees) for the transaction which have been discovered upon further …