Accra (Greater Accra), 23rd June 99 ?

The Serious Fraud Office (SFO) has begun investigations into the business dealings of Sterling Financial Services in its role as consultant to the Divestiture Implementation Committee (DIC).

A statement on Tuesday from the SFO said a three-member committee has been constituted to conduct the investigations.

The members are: Mr E. Osei Kumah, Deputy Governor of Bank of Ghana, Mr H. A. Yakubu, an Assistant Superintendent of Police and Mr B. A. Sapati, acting Executive Director of the SFO.

The investigations would cover areas such as the procedure adopted for engaging the company as consultant to the DIC, the contractual relationship and the professional conduct of the company in the divestiture transactions it has handled so far.

They would also look into allegations of conflict of interest involving the company and its sister companies as well as its partners in matters relating to the divestiture of some specified state enterprises.