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SFO contacts Vodafone over telecoms deal

Published on 4 Nov 2009 under category: legal

The Serious Fraud Office (SFO) has made contact with Vodafone over its investment in an operator from Ghana.

This relates to the telecoms firm's purchase of a 70 per cent stake in Ghana Telecommunications Co.

It is thought that the SFO had been alerted possible fraud crimes surrounding the deal, however, Vodafone has denied this and the SFO has not launched an investigation into the issue.

Simon Gordon, a spokesman for Vodafone, said in a statement: "We are confident that the transaction was conducted to the highest standards of corporate governance."

A report on the deal released earlier this year suggested that Ghana's government "did not get value" from the sale of the telecoms company and claimed that the agreement should be renegotiated.

Last month, the SFO fined Amec £4.9 million after the construction firm was found to have failed to keep accurate records in relation to a project in Korea.

If you require advice on Corporate Fraud please call us on +44 (0)20 7831 0101 and ask for Dan Hyde.