Director-General of the State Interests and Governance Authority (SIGA), Stephen Asamoah Boateng, has said there is a justifiable cause for kicking out Jospong Group of Companies in the Great Consolidated Diamonds Ghana Limited (GCDGL) agreement.The Jospong Group of Companies took over Ghana Consolidated Diamond Company (GCD) in 2011, and under a privatization deal, changed the name to Great Consolidated Diamond Ghana Limited (GCDGL).
As part of the deal, Jospong was to invest $100 million over five years to produce one million carats of diamonds every year within the period.
The new GCDGL was also expected to pay $17 million to the Divestiture Implementation Committee.
However, last year, the government abrogated the contract, accusing Jospong of breaching the terms under the agreement.
Jospong protested the takeover and has since been seeking legal redress.
Copied from: ghana web
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