Tsatsu Tsikata's Case Adjourned To March 4

The Fast Track High Court, presided over by Mr. Justice Julius Ansah, an Appeal Court Judge sitting as an additional High Court Judge, yesterday rescinded its decision to make pronouncements as to whether or not the Fast Track Court is recognised by the Constitution.

According to Justice Ansah, he is awaiting the ruling of the Supreme Court before he goes further to make any statement on the case before him.

The decision of the Judge followed a writ filed at the Supreme Court by Mr.

E. V. O. Dankwa, Counsel for the former Chief Executive of the Ghana National Petroleum Corporation (GNPC), Tsatsu Tsikata, restraining the prosecution from proceeding with the trial and the interpretation of the Fast Track Court system in the Constitution.

The former GNPC boss during his first appearance before the court last week, openly told the Fast Track Court trying him that he did not recognise the court's jurisdiction after he was asked to enter a plea in a case in which he is charged with wilfully causing financial loss to the state.

Tsikata, who is on a ?500 million self-recognisance bail, was alleged to have thwarted the laid-down corporate objectives of GNPC when a forensic audit was carried out by the Government into the accounts of the company.

The former GNPC boss is accused of by-passing the board of directors and on his own volition, committed GNPC to guarantee a loan of 5.5 million French Francs granted by Caise Francaise de Development, a French aid agency.

The loan, according to the prosecution led by Mr. Osafo Sampong, Director of Public Prosecutions, was given to Valley Farm, a private cocoa growing company in which GNPC held initial 17.39 per cent equity shares.

The prosecution said Valley Farm defaulted in the payment of the loan as a result of being in distress and the accused, without prior approval of the board, issued a principal loan with interest inclusive, totalling 6,919,123.23 French Francs out of GNPC's operational funds.

As a result, Tsatsu's action, the prosecution maintained, adversely affected the financial status of the corporation, hence, a loss to the state.The case was adjourned to March 4, this year.