Suspects in $2m Sky Train case approved $2m payment without board approval – Witness blows alarm

Edward Nana Yaw Koranteng, an officer of the National Intelligence Bureau (NIB), has made serious allegations. He testified in the $2 million Sky Train case against former GIIF CEO Solomon Asamoah and board chairman Prof. Ameyaw Akumfi.

Koranteng claims they approved a $2 million payment without board approval. He is now the current CEO of GIIF. After reviewing documents, he found that the board had only given in-principle support for the Sky Train project. No final investment decision was formally endorsed.

He stated, “The payment of USD 2 million was executed without board approval.” He added that no effort was made to recover the funds despite this breach.

The Attorney General has filed charges against both men. The charges are under Section 23(1) and Section 179A(3)(a) of the Criminal Offences Act, 1960 (Act 29). They relate to a $2 million payment made in 2019 to Africa Investor Holdings Limited for an urban Sky Train system in Accra.

Court documents show that funds were disbursed in February 2019 without necessary approvals. This unauthorized release has led to criminal proceedings. The $2 million violated proper procedures.

Prof. Ameyaw-Akumfi is named as the second accused. He told investigators he approved the transfer based on a recommendation from Solomon Asamoah, then Chief Executive of GIIF. Neither man has accounted for the missing funds.

A 2021 Auditor-General’s report revealed issues with the project setup. The Special Purpose Vehicle for the Sky Train did not have an operational license when $2 million was disbursed under Prof. Ameyaw-Akumfi’s leadership.

The project was announced in 2017 to improve urban transport in Accra but never materialized after the payment.