$134m Judgment Debt: Trafigura takes over Ghana’s Regina House in London over default - Report
Published:
3 months ago
Source:
GhanaWeb
Trafigura's Ghana Power Generation Company has reportedly taken over Ghana's Regina House in London, following the failure of the government to pay up a $134 million judgment debt. According to myjoyonline.com, its checks have confirmed reports that Regina House, one of Ghana's most important commercial properties, is now under the ownership of Trafigura. This report comes after the Ghanaian government was ordered to pay $111,493,828.92 along with obligatory post-judgment interest by a District of Columbia Court in the United States, which granted a Motion for Default Judgment in favour of Ghana Power Generation Company (GPGC). Ghana disregarded a previous tribunal verdict from the United Kingdom, which led to this ruling. After Ghana terminated a power purchase deal with Ghana Power Generation Company (GPGC) on February 18, 2018, a UK tribunal found on January 26, 2021, in its Final Award, that Ghana had broken its contractual duties.