Ikam CEO defaults court order

Accra, Sept. 16, GNA - The Chief Executive of Ikam, a private security printing firm, Mr Stephen Kwadwo Amoah-Marfo, has defied a court order and defaulted in the payment of 11.783 billion cedis he owes Mr Emmanuel Duku Woode, a private businessman.

The Commercial Division of the High Court, presided over by Justice Margaret Insaidoo granted an application of stay of execution and payment by instalment of a debt Stephen Amoah-Marfo owed Mr Duku Woode.

The debtor was granted in part of the judgment debt, which was to be paid in four instalments of 2,945 billion cedis on August 31, September 31; October 31 and on or before November 30, 2007 by Mr Stephen Amoah-Marfo.

The Judge further ordered that should the debtor default in paying a single instalment, the outstanding balance would immediately become due and payable without further notice to the debtor.

She said interest was to be calculated on the outstanding balance in accordance with the law.

It would be recalled that in April the Police Vetting

Committee Intelligence and Analysis Unit (VCIA) arrested

Steven Amoah-Marfo, also Chief Executive of Megastar, a

company that produce music on a reported case of fraud

involving dud cheques of 10 billion cedis. The Police said they were investigating the circumstances

under which Amoah-Marfo issued two Merchant Bank cheques

with numbers 400508 and 400920 on account number

0010100472434, with a total value of eleven billion cedis meant

for Mr Duku Woode, without recourse to the rules and

regulations guiding financial transactions in the country. On January 3 this year Mr Amoah-Marfo took a loan of ten

billion cedis from Mr Woode, which was to be paid back by

March 31 this year at ten per cent interest and issued two

post-dated cheques for 11 billion cedis. Mr Amoah-Marfo according to the Police did not have that

much money in his account and therefore wrote to the bank

not to honour the cheques but failed to inform Mr Duku

Woode. The Police said the action of Amoah-Marfo was criminal

under the Criminal Code, which states that, "any person who

without reasonable excuse, proof of which shall be on him,

issues any cheques drawn on any bank with which he has no

account shall be guilty of an offence".