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Agyapa royalties: Financial institutions in UK urged to review and withdraw from deal due to politic

Straightforwardness International has asked the UK Financial Conduct Authority (FCA) to make nitty gritty investigations into Ghana's application to list Agyapa Royalties Limited on the London Stock Exchange. 

The counter debasement body has additionally charged the Authority to dismiss the posting if defilement concerns are not sufficiently tended to. 

The banks and attorneys associated with the arrangement have likewise been encouraged to pull out their commitment. 

Agyapa Royalties Limited is a Jersey-based particular reason vehicle that would possess just about 76 percent of the royalties produced from 16 enormous gold mines in Ghana under a plan that has caused discussion and political aftermath in Ghana. 

49 percent of offers in Agyapa Royalties are to be sold through a posting on the London Stock Exchange. 

Following the debates over the Agyapa bargain, the Special Prosecutor at that point, Martin Amidu raised warnings over the dangers of tax evasion in the arrangement and conceivable offer gear in the contracting of guides. 

Mr Amidu shared his report freely in November which gave further stimulus to the support for an audit of the Agyapa Royalties bargain. 

In an accommodation to the FCA – and sent to J.P. Morgan, Bank of America Merrill Lynch International and law office White and Case – Transparency International definite concerns shared by an alliance of right around 30 Ghanaian and worldwide common society associations that the arrangement bears a resemblance to defilement. 

Linda Ofori-Kwafo, Executive Director of Ghana Integrity Initiative, the Ghana section of Transparency International stated, "There are not kidding warnings in how this arrangement was set up. 

"Concerns have been raised by common society entertainers around insufficient partner counsel, straightforwardness and the valuation of the arrangement. Different concerns trouble in transit exchange guides got engaged with the cycle and an absence of public oversight over the organization at the core of the arrangement." 

She added, "It is critical for Ghana that the western monetary establishments and controllers engaged with this arrangement pay attention to these worries. They should not encourage plans that may wind up pillaging Ghana's mineral assets for the sake of investment."

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Agyapa Royalties Ghana Linda Ofori-Kwafo Martin Amidu UK Financial Conduct Authority

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