The Government of Ghana (GoG) is likely to lose some of its properties in the United Kingdom (UK) after it lost a $140 million arbitral to GPGC; a subsidiary of international commodities company, Trafigura, for the termination of a power deal in 2021.
At least five properties of GoG in the UK were attached to the judgement, which Trafigura have been given the power to sell in order to raise the amount of money the court has ordered Ghana to pay them.
The High Commissioner of Ghana to the United Kingdom (UK), Papa Owusu Ankomah, has confirmed that the properties of the Government of Ghana in the country (UK) are likely to be sold due to a failure to pay judgement debt owed Trafigura.
He, however, indicated out of the five properties of Ghana in the UK that were attached to the judgement, only one is likely to be sold, the Regina House which is used for commercial purposes.
The remaining properties including the High Commissioner’s residence, the High Commission and the chancery, are all being used for diplomatic purposes and are covered by diplomatic immunity.
Regina House is located in Central London. It is a six-story building which is managed wholly by the government of Ghana.
Currently, it’s been rented by the Ghana International Bank, two other banks, and another commercial entity.
View a video and pictures of Regina House below (credit: Manuel Koranteng; JoyNews):
The President @NAkufoAddo Recklessness led us to loss $19 million dollar sale of Our Drill Ship whose Documents cannot be traced till now
Today is Our International Bank in UK which is on Auction to defray a $140 million Judgement Debt to Trafigura on the issue of Contract… pic.twitter.com/iHr6qiVPps
— Kyei Meshack (@KyeiMeshack) October 25, 2023
This is the 6-storey Regina House building in London. It’s 1 of 5 properties owned by Ghana but on the verge of being seized and sold by Trafigura to defray a $140m judgment debt owed it by the Government of Ghana. It houses Ghana International Bank and at least one other bank. pic.twitter.com/SmFh7iAKJy
— Manuel Koranteng ????????????????
(@ManuelKoranteng) October 25, 2023
Source: ghanaweb.com
