The Chief Executive of the Ghana National Petroleum Corporation (GNPC), Tsatsu Tsikata, former who is being tried by an Accra Fast Track Court for allegedly causing the loss of more than 2.3 Billion cedis to the State is to open his defence on Wednesday, January 22.
An Appeal Court Judge with an additional responsibility on the case as a High Court Judge, Mrs Justice Henrietta Abban announced this at the court's sitting on Thursday after the prosecution had closed its case. In all, the prosecution team, led by Deputy Attorney-General, Ms Gloria Akuffo called six witnesses to give evidence in the case. The former GNPC boss is charged with four counts of wilfully Causing financial loss to the State and intentionally misapplying public property. He has denied the charges and he is on a 700-milion-cedi self-recognisance bail.
Tsikata, who is being defended jointly by Professor Emmanuel Victor Oware Dankwa and Major R S Agbenoto (retired) allegedly committed GNPC to guarantee a loan facility from Caisse Francaise de Development, a French Development Aid Agency, for Valley Farms, a private limited liability company. Valley Farms defaulted in re-paying the loan, and GNPC being the guarantor was forced to pay it back. As the head of GNPC, Tsikata allegedly authorised the re-payment, and furthermore used the corporation's funds to acquire shares in the Valley Farms Project.
Meanwhile, the Investigator in Tsatsu Tsikata's case, Chief Inspector Hope Nyadi has admitted before an Accra Fast Track Court that there was an error in the charges preferred against the accused person.
Police Chief Inspector Nyadi who made the admission when he testified at the trial under cross examination by defence counsel said that the error was corrected as soon as it was detected. The former Chief Executive of the Ghana National Petroleum Corporation (GNPC), Tsikata is standing trial for causing financial loss to the State to the tune of more than 2.3 billion cedis. He is accused of causing the loss in a transaction in which he committed the corporation to guarantee a loan facility to Valley Farms, a limited liability company.
He has pleaded not guilty, and has been admitted to bail of 700 million cedis in his own cognisance. Continuing with his evidence under further cross-examination by Professor Emmanuel Victor Oware Dankwa, Chief Inspector Nyadi disagreed with a suggestion that between November 29, 2001 and February last year when four different charges were preferred against Tsikata at three different courts, the prosecution has not yet decided as to whether the accused person had committed any offence.
