Upon legal advice, which we have taken, we publish the following:

In our banner headline story of May 28, 2001 we alleged that Mr. E.L. Quartey Jnr., former Chief Executive Officer (CEO) of Ghana Airways, paid no tax on his remuneration.

It was further alleged that Mr. Quartey had sought to avoid tax by having his salary paid by petty cash vouchers.

In the same publication, we alleged that Mr. Quartey brought Mr. Tim Stevens into the country and established Aviation Solutions Ghana Limited with the said Mr. Tim Stevens.

We again alledged that Aviation Solutions Ghana Limited operated as a subsidiary of Ghana Airways and Ghana Airways paid the salaries of its staff.

We alleged also in our publication of March 18, 2002 that Mr. Quartey engineered the sale of two (2) DC-9 aircraft engines to AJ Walter Aviation Company Limited on the pretext of sending them for servicing in Ethiopia.

In our May 30, 2002 publication, we alleged that Mr. Quartey signed the Power by the Hour Agreement with AJ Walters Aviation Company Limited.

In the same publication, we alleged that Mr. Quartey went to the offices of Ghana Airways after his resignation and took away some documents, as a result of which his passport was seized by the security agencies, the passport being released to him only after an application by his lawyers to the Attorney General.

In this publication, a further allegation was made that after the new government came to power, Mr. Quartey “cunningly tendered in his resignation and flew out to London.”

We retract the erroneous allegations and offer our unqualified apologies.