Trafigura threatens to attach Ghana’s properties in South Africa over judgment debt

Trafigura, the majority owner of the Ghana Power Generation Company (GPGC), has petitioned the Ministry of Finance over a $134 million judgment debt owed by the government.

In a letter addressed to the Minister, Amin Adam, the company said if the government fails to pay the outstanding $111 million out of the $134 million judgment debt, it will be compelled to attach the country’s assets in South Africa.

This comes after Trafigura attached Ghana’s Regina House, located in Central London, following the government’s failure to pay the debt.

The power company was awarded the $134 million judgment debt in January 2021.

This was after a tribunal in England found that Ghana had unlawfully terminated a contract to install and operate two power plants.

READ ALSO: Government in deeper trouble over $134m Trafigura judgment debt

For four years, Trafigura has unsuccessfully sought payment from the government, prompting it to secure a U.S. court judgment that awarded the company an additional $111.4 million in interest, which remains unpaid.

In the petition, the company requested an immediate settlement and warned of further legal action to recover the funds if the government fails to comply.

“We would nevertheless like to reiterate the message of our previous correspondence, that we would prefer not to take any further enforcement action and instead to resolve the matter amicably by fully executing the settlement agreement, as soon as possible, ideally within this week, and receiving payment in accordance with the agreed schedule,” the letter concluded.

Below is the letter to the Finance Ministry