MPS/GPHA STINKING DEAL, MORE EVIDENCE EMERGING
Fresh evidence emerging from the GPHA Labour Union have hinted that the Board Chairman Mr Peter Mac Manu has worsened the already bad MPS agreement by giving more to MPS to the detriment of GPHA.
In 2016, one of the GPHA representatives on the MPS board Mr Chris Amador who was also the GM Finance of GPHA signed an agreement with MPS on behalf of GPHA that diluted the GPHA shares from 30% to 15%.
In May 2017, the new management of GPHA under Mr Paul Asare Ansah demanded that MPS restored the GPHA shares to the original 30% immediately and unconditionally.
The MPS demanded payment for the restoration of the shares but the GPHA management rejected their demands on the grounds that Mr Amador was not mandated by GPHA to sign that agreement. Moreover, the GPHA had given too much away under the amended agreement and therefore found those demands ridiculous.
It became a tug of war between the MPS and GPHA for sometime. At the point the MPS seemed sobered by pressure from GPHA, Mac Manu suddenly took a position contrary to that of management sparking a big clash between him and the then DG Mr Paul Ansah.
Eventually the DG was forced to sign a new agreement with MPS at their board meeting in Dubai which was chaired by Mr Mac Manu.
The new agreement commits GPHA to pay for the restoration of the shares to 30% with 50% of GPHA dividend over a 10 year period thereby worsening the already bad agreement signed under the NDC government.
During the sittings of the Titus Glover committee set up by the Vice President to study the MPS agreement, insiders have revealed that although Mac Manu was not a member of the committee he attended all their meetings and at various points sought to direct arguments in favour of MPS to the shock of the committee members. It is not surprising that over one year later the report is still gathering dust.
Worried industry watchers looking at the conflict of interest situation are asking whose interest Mac Manu is pursuing? GPHA or MPS.
More to come