I'm Ever Ready - Tsatsu

The former Chief Executive of the Ghana National Petroleum Corporation (GNPC), Tsatsu Tsikata, was yesterday hauled before the Fast Track Court (FTC) for allegedly causing financial loss of 2,306,374.41French francs (?775,126,310) to the state.

But disregarding the objections raised when he was first dragged to the FTC last February, which subsequently led to his discharge, the former GNPC boss said he was prepared to fight to the end of the case.

"We are ready, it must go on" counsel for the accused, Major (rtd) Roland S. Agbenoto, told the court, presided over by Justice (Mrs.) Henrietta Abban, an Appeal Court judge sitting as an additional High Court judge.

Mr. Tsikata is charged on three counts of allegedly wilfully causing financial loss to the state in contravention of section 179A (3)(a) of the Criminal Code of 1960, Act 29.

He is charged for illegally authorising and causing to be paid the sum of ?775,126,310 from the period of October to December 1996, from the accounts of GNPC to Caisse Francaise de Development on behalf of Valley Farms Company Limited, a private limited liability company, which had defaulted on a loan it had contracted.

The former GNPC boss was further charged on one count of intentionally misapplying public property, contrary to section 1 (2) of the Public Property Protection Decree 1977 (S.M.C.D. 140) in the sum of ?20 million, belonging to the company for the acquisition of shares in Valley Farms Company Limited, when he was in office.

Tsikata in his normal quite posture in the dock, pleaded not guilty to all four charges brought against him.

The court granted him ?700 million self-recognisance bail to reappear on October 29.

The Director of Public Prosecution (DPP), Osafo Sampong, told the court, which attracted a handful of the general public, that the accused person circumvented laid down corporate objectives of the corporation and on his own volition, illegally invested in Valley Farms and guaranteed a loan totalling FF5.5 million granted by Caisse Fran?aise de Development to the farm.

According to the DPP, Valley Farms, which deals in the exportation of cocoa beans, could not generate sufficient inflow to repay the loan, hence a default in the repayment of the loan.

Following the default in the payment of the loan, GNPC as a guarantor, was made to pay back FF6, 919,123,22, representing the principal loan, interest and other charges to Caisse Francaise in three instalments on the orders of the accused without indemnity or counter security from Valley Farms.

Osafo Sampong told the court that the chances of recovering the said amount from Valley Farms is very bleak, since there is no counter guarantee in favour of the corporation.

Responding to the charges preferred against his client, Major (Rtd.) Agbenoto observed that the summons on which the accused was brought to court under section 62 was misplaced, since it deals with district court practices instead of section 44 (2).

He observed, among other things, that the basis on which his client was charged were the same facts brought against him before three previous courts, which finally led to his discharge.

The DPP led the Chief Executive Officer (CEO) of Valley Farms, Mr. Jim William Wilson, in evidence.

Mr. Wilson admitted the transaction and was quick to add that the loan, which was to be repaid within two and a half years, was defaulted as the accused scribbled down notes.