Former CEO of the Ghana Infrastructure Investment Fund (GIIF), Solomon Asamoah, has been granted bail amounting to GHc15 million with two sureties to be justified with landed property.
The second accused, former Board Chair Prof. Christopher Ameyaw Akumfi, was absent from the court due to a recent surgery.
Both individuals face charges related to the unauthorized transfer of $2 million from GIIF accounts to Africa Investor Holdings Limited for the construction of the Sky Train. This payment was intended for Africa Investor Holdings to design, build, finance, and operate the project, with a commitment to transfer 10% of shares to GIIF as its local equity partner.
The prosecution alleges that the accused did not conduct due diligence or secure board approval for the transfer and failed to follow up on securing the shares for the fund. They face six charges, including willfully causing financial loss to the state, intentional dissipation of public funds, and conspiracy to commit a crime.
On Wednesday, Asamoah was arraigned in the absence of Akumfi, and his lawyer requested bail based on the conditions previously granted by the police. The judge ultimately set the bail at GHc50 million with the same surety requirements, and Asamoah is required to report to investigators three times a week.
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