2
Menu
News

Arrest warrant against NIB Boss rescinded

Tue, 2 Jul 2013 Source: Daily Guide Network

An Accra High Court rescinded a bench warrant it issued for the arrest of the former Managing Director of the National Investment Bank (NIB), Daniel Charles Gyimah.

This follows his appearance in court on Thursday.

He was accompanied by his lawyer, Colonel A.S.Johnson, who prayed the court to rescind the bench warrant.

He informed the court that the prosecutor, Anthony Rexford Wiredu, failed to inform them of the next date for hearing as agreed to.

According to him, on April 30, 2013, the prosecution informed the court that it needed transcription of the previous hearing to brief the new Attorney-General about development in court.

He said they were waiting for the prosecutor to inform them about the new date when they heard that a bench warrant had been issued.

The case has been adjourned to July 2 for hearing.

The accused is standing trial on charges of conspiracy to defraud, attempt to defraud international bank community and three counts of forgery.

According to the prosecution, the accused person allegedly issued 30 promissory notes worth $60 million in the name of NIB, to Eland International Ghana Limited, for its transaction with Iroko Security limited.

His alleged accomplice, Arvind Kumar Dhartnador, is currently on the run. Mr. Gyimah has since been granted a GH¢500,000.

In a related case, the Accra Commercial Court on February 21, 2013 ordered NIB to pay $60 million with an interest rate of 11% per anum beginning January 2009 to a foreign company by name Dominion Corporate Trustees Limited based in United Kingdom.

This followed the 30 promissory notes worth 60 million dollars issued by the bank’s former Managing Director, Daniel Charles Gyimah, as a collateral management for Eland International Ghana Limited in 2007.

Eland Ghana was the subsidiary company of Eland International Limited.

As managing director of NIB, Gyima allegedly entered into a transaction with Eland International Limited and used the Bank as guarantee.

The promissory notes were said to have been discounted with Iroko Security Company Limited for 45 million US dollars, which would have matured in January 2009.

The bank, however, failed to honour the promissory notes on grounds that it had no knowledge of the deal and that its Managing Director acted fraudulently.

Source: Daily Guide Network

Send your news stories to and features to . Chat with us via WhatsApp on +233 55 2699 625.