Supreme Court dismisses $12.5 billion Eurobond suit against Ofori-Atta

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The Supreme Court of Ghana has by a unanimous decision dismissed the $12.5 billion eurobond suit brought before it by the Dynamic Youth Movement of Ghana (DYMOG).

The Supreme Court panel which was chaired by Chief Justice Annin-Yeboah unanimously dismissed the suit for lack of merit.

The Chief Justice further said that the full reasons for dismissing the suit will be made available at the registry later.

The panel included Justice Jones Dotse, Justice Sule Gbadegbe, Justice Baffoe-Bonnie, Justice Yaw Appau, Justice Gabriel Pwamang, Justice Samuel Marfo-Sau, and Justice Prof Nii Ashie Kotey.

(DYMOG) dragged the Finance Minister, CHRAJ, and Attorney General to the Supreme Court over CHRAJ’s investigations into the $2.25 billion Bond issuance in March 2017.

Reliefs

The movement is demanding interpretation of Articles 284, 286, and six other reliefs.

“A declaration that by going beyond investigations to make a pronouncement (of guilt or otherwise) on the 1st Defendant in respect of the allegation of breach of conflict of interest, the 2nd Defendant has contravened Article 287 of the 1992 Constitution.

The movement is also seeking “A declaration that by interpreting Article 284 of the 1992 Constitution (as disclosed between paragraph 3 of page 127 and paragraph 3 of page 133 of the Report), the 2nd Defendant has contravened Article 130(1)(a) of the 1992 Constitution.

“… A consequential order that the content of the report as specified in reliefs (a) and (b) above be expunged from the Report.

DYMOG is also asking “A declaration that the failure of the 1st Defendant to declare his shareholding interests in Data Bank Financial Services Limited, Data Bank Brokerage Limited and Data Bank Financial Holdings Limited to the Auditor-General before taking office as Minister of Finance, as found by the 2nd Defendant on page 120 of the Report, contravenes Article 286(1)(a) of the 1992 Constitution.

He is seeking further “declaration that the occupation by the 1st Defendant of the office of a director in Ventures and Acquisition Limited, a private company, while in office as the Minister responsible for finance without the due permission of the Right Honourable Speaker of Parliament on the grounds stated by the law, contravenes Articles 78(3) of the 1992 Constitution.


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