$2m Sky Train case: Ex-GIIF CEO granted GHc15m bail

Solomon Asamoah, the former CEO of the Ghana Infrastructure Investment Fund (GIIF), has been granted bail. The bail amount is GHc15 million. He must provide two sureties with landed property.

Prof. Christopher Ameyaw Akumfi, the former Board Chair of GIIF, was absent. He underwent surgery yesterday.

Both men face charges for transferring $2 million from GIIF accounts. This money went to Africa Investor Holdings Limited without authorization. It was intended for the construction of a sky train.

The prosecution claims Africa Investor Holdings was to design and operate the sky train. They were also supposed to transfer 10% shares to GIIF as local equity partners.

The accused did not conduct due diligence or secure board approval for this transfer. They failed to ensure that GIIF received its shares.

They have been charged with six counts, including causing financial loss to the state and conspiracy to commit a crime.

On Wednesday, Asamoah appeared in court without Akumfi. His lawyer requested bail under existing conditions set by the police.

The judge granted him bail of GHc50 million with two sureties in Accra. He must report to investigators three times a week.

The case has been adjourned until May 20.