Thomas Manu, a former deputy chief executive officer of the Ghana National Petroleum Corporation (GNPC), has recently urged Fidelity Bank to publicly express its view on the GH10 billion Energy Sector Levies Act (ESLA) PLC bonds.
He considers the circumstance sad and is looking for clarification from the bond trustees, who he feels ought to have objected to the inclusion of the bonds in the program.
Martin Kpebu, Mr. Manu’s attorney, submitted the request in a letter dated February 6 to the bank’s bond trustees.
Mr. Thomas Manu, who owns bonds issued by ESLA PLC under its GH10 billion bond issuance program, expresses his worry in the letter on the inclusion of the ESLA bond in the ongoing Debt Exchange Programme.
This revelation raises concerns regarding the function of bond trustees in such circumstances as well as possible repercussions for bondholders who own securities issued under such programs.
According to the letter, the Energy Sector Levies Act (ESLA) Levy imposed on various petroleum products marketed in Ghana is the source of repayment of maturing coupons and the principal, as reported in the prospectus dated 12th October 2017.
Mr. Manu is urging that the bond trustees publicly and as soon as possible explain their opinion.
We’ll have to wait and watch how Fidelity Bank responds to Mr. Thomas Manu’s request and how things play out over the next few days.