The former Managing Director of the Tema Oil Refinery (TOR), Dr Yaw Akoto has challenged President John Agyekum Kufuor’s assertion that he was relieved of his post because he was not forthright with TOR’s debt.

"The report that my employment contract with TOR was terminated by government because of the new discovery of an additional debt of ?1.1 trillion is absolutely inaccurate," he added.

President Kufuor made that assertion during the question and answer session at last week’s People Assembly. Dr Akoto was reacting to a story carried by the Daily Dispatch .

He explained that since he assumed office as the Boss of TOR in July 2000, his management "consistently provided regular quarterly financial reports to the TOR Board as well as the Ministry of Energy, the World Bank/IMF, Ministry of Finance and Bank of Ghana…''

Dr Akoto said in 2001, the government also appointed a consultant – SEM International to conduct a forensic and management review of TOR. The reports issued by the consultant did not identify any hidden debt at TOR. ''It is rather difficult to see how anyone can hide a debt of ?1.1 trillion with the consistent financial report to all stakeholders including bank creditors and the government,'' he lamented.