New documents intercepted by Whatsup News has revealed Kofi Bosompem Osafo-Maafo, the son of Senior Minister Yaw Osafo Marfo as one key face behind the shady Agyapa/Asaase Royalty deal that seeks to siphon 75% of Ghana’s entire royalties from mining revenue through a secretive tax haven in the British Virgin Islands.
Kofi Osafo Maafo is apparently the Chief Executive Officer of Agyapa Royalties Limited which had mysteriously changed its name from Asaase Royalties Limited, when striking connection to the notorious Jubilee House Maame was fingered for state capture of key national installations.
The document is an extract from an agreement signed between the Finance Minister Ken Ofori-Atta, the representatives of Ghana’s Minerals Income Investment Fund (MIIF) and the questionable Special Purpose Vehicle (SPV) called Asaase/Agyapa Royalties Limited.
In the document under “Notices” the transaction correspondence to Agyapa Royalties will be directed to the Senior Minister’s son who is incidentally the Deputy Director-General in-charge of Investment & Development at the Social Security and National Insurance Trust (SSNIT).
Insiders think that he and several others in the questionable Agyapa SPV are fronting for the key individuals at the Presidency.
It is also curious how someone employed by the state at SSNIT can still be occupying the top executive position of a private company registered in a notorious tax haven, whose motive has come under serious scrutiny in Ghana for attempting to mortgage the country’s US$ 1 billion mining royalties.
Late last month and also on Friday August 14, 2020, the Finance Minister Ken Ofori-Atta curiously succeeded in convincing the Ghanaian Parliament to amend the Minerals Income Investment Fund (MIIF) to give sweeping freedom that gives Agyapa/Asaase Royalties almost absolute non-accountability to Ghana for how they collect and “monetise” Ghana’s mineral royalties.
Incidentally, Whatsup News is exclusively aware that the amendments were made by law firm belonging to President Akufo Addo’s cousin and right-hand-man at the Jubilee House, Gabby Asare Otchere-Darko.
This publication is in possession of intercepted correspondence between Attorney General Gloria Akufo and a consortium of law firms including the UK-based law firm White and Case LLP, AceAnnan Ankomah’s Bentsi-Entchil, Lesta & Ankomah and Africa Legal Services, owned by Gabby Asare Otchere-Darko.
In the memorandum dated June 12, 2020, and addressed to the Attorney General Gloria Akufo, the consortium admitted having been responsible for proposing sweeping waivers that will allow Asaase/Agyapa to take some US$ 200 million of Ghana’s mineral waiver every year with being subject to investigations from Ghanaians authorities, nor would they be subject to tax laws in Ghana.
The correspondence also revealed how the MIIF was amended to make sure that Asaase/Agyapa will have almost total immunity from Ghanaian scrutiny and yet, has forced Ghana to waive its sovereign immunity so that it can sue the country whenever its pleases.
“The draft Relationship Agreement was updated to include a waiver of sovereign immunity clause as well as certain clarifications requested by the directors of Asaase Royalties Limited” stated the memorandum from White and Case and Gabby Otchere-Darko’s company.
In the scandalous Asaase/Agyapa deal, majority of the 10% royalties received by Ghana from mining companies will be channelled to the tax haven headquarters of Asaase/Agyapa in Jersey, and they are supposed to “monetise” the funds which will be in excess of US$1 billion.