[ 2021-02-12 ]

Timing of Databank’s withdrawal questionable
Civil Society Organizations critical of the Agyapa
Royalties deal say Databank’s withdrawal of its
services as transaction advisors does not resolve
issues of bid-rigging and other alleged
improprieties.

According to the group, the timing for the
development smacks of an attempt to “preempt the
discussions” to be possibly put before the
Finance Minister-designate, Ken Ofori-Atta ahead
of his vetting by Parliament’s Appointments
Committee.

“It, therefore, leaves one wondering whether
this is not an attempt to preempt the discussion
of the matter during the Minister-designates
vetting next week in Parliament,” leader of the
group, Dr Steve Manteaw said.


JoyNews/AdomNews · Agyapa deal: Databank’s
withdrawal doesn’t resolve issues of
bid-rigging, others
Databank in a February 10 letter signed by its
Group CEO and addressed to co-transaction advisor,
Imara Holdings stated it has withdrawn its
services because its association with Finance
Minister, Ken Ofori Atta has exposed the bank to
attacks from political actors.

In the letter sighted by JoyNews, Group CEO Kojo
Addae-Mensah explained that this was intensely
felt during the just-ended 2020 elections.

“The Board of Directors of Databank has observed
with deep concern persistent attempts by some
political actors, during the political season
leading up to the general elections of December
2020, to tarnish our hard-won reputation
painstakingly built over the last 30 years, by
unfairly exploiting our participation and
involvement in the transaction as one of the
transaction advisors. We believe this is
principally due to the Minister of Finance’s
association with Databank as its co-founder.”

He added that despite the great rewards they are
certain the country would benefit from the said
transaction, the insinuations made against the
brokerage by these political actors “not only
grossly compromise the ability to execute such a
market-sensitive and novel transaction, but also
has a real tendency to severely damage the
invaluable business reputation of Databank.”



He further explained that the bank’s decision to
withdraw is an attempt to salvage the hard-earned
reputation they had painstakingly built over the
last 30 years.

However, the Alliance of CSOs Working on
Extractives Anti-Corruption and Governance does
not believe the latest move by the investment and
brokerage should mark an end to the debacle.

“This move does not cure the plethora of ills
with the Agyapa transaction,” he explained.

The group is questioning the sincerity of
Databank’s move.

Alleged bid-rigging by Databank

Former Special Prosecutor Martin Amidu in November
2020 said the involvement of Data Bank Financial
Services Limited in the Agyapa Agreement smells of
“bid-rigging.”

Mr. Amidu further alleged that the procurement
process “was manipulated by the Ministry of
Finance by adding an unapproved rider for
collaboration with a Ghanaian firm.”

He further revealed in his report that other
individuals who have business interests in Data
Bank aside from the Finance Minister played
various roles leading to the selection of Data
Bank.

Subsequently, he resigned from post citing the
reactions on the back of his Corruption Risk
Assessment of deal from some interested parties
including death threats.

Source - Joyfm

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