The Serious Fraud Office (SFO) is investigating how a whooping sum of 1.5 million dollars was paid into the New York Bay accounts in the USA for feasibility studies on the proposed Olympic Stadium in Accra.

The amount which was part payment of a total 1.8 million dollars, authorised by cabinet when the former Minister of Youth and Sports, E.T. Mensah, was in charge, was paid to Philips International, a US-based company which was supposed to have been awarded the contract.

Although Philips has F. Malawi as its local representative in Ghana, the deal was negotiated through a company in Zimbabwe with one Mr Nartey, a close associate and Special Advisor to Mr Mensah as the frontline man.

Investigations conducted at the Ministry of Youth and Sports revealed that there is no record on any feasibility studies conducted on the proposed Olympics Stadium.

In what seems to be similar to the court computerisation project, sources at the Youth and Sports Ministry said there is no Geo Technical or project site investigations report which would have defined the scope of the feasibility studies.

Again, the Ministry source said there is no inception report, architect's report or any model of the project available to them at the Ministry to justify the payment of the 1.5 million dollars.

They wondered why Philips local representatives were not used for the project but a company in Zimbabwe with Mr Nartey who has nothing to do with Philips as the frontline man.

Mr Joe Aggrey, Deputy Minister of Youth and Sports, when contacted, confirmed the story, but said he could not comment further on it because the SFO is investigating the matter.

He however confirmed that no document on the supposed feasibility studies exists although 1.5 million dollars has already been paid. What intriguing, he said, was the demand by Philips for the remaining 350,000 dollars in spite of the non-existence of any physical proof of the so-called feasibility studies.

Officials of the SFO when contacted also confirmed investigating the matter but said the officials involved in the investigations were not available for comment.