THEOPHILUS CUDJOE, the star witness in the Quality Grain trial, yesterday clarified before the fast track court that Dr. Sipa Adja Yankey, one of the accused in the case did not arrange any loan but rather it was an American bank, the South Trust Bank, that made the arrangement.
Cudjoe, who is also the Deputy Executive Director of the Serious Fraud Office (SFO) in charge of investigations, further said that Dr. Yankey was not a signatory to the $12million loan.
Counsel for Dr. Yankey, Mr. D.O. Lamptey, had sought to know from witness whether he still maintained his assertions in his evidence before the court that it was Dr. Yankey who arranged the $12million loan for Quality Grain company.
Counsel: You have told this court that Dr. Yankey arranged the $12million loan. Can you tell the court whether it was the South Trust Bank or Dr.
Yankey?
Witness: This aspect of the loan was arranged by South Trust Bank.
Counsel: What you told this court that, it was Yankey who arranged the loan could not then be correct?
Witness: It was correct. Dr. Yankey arranged with banks to contribute for the loan.
Asked by defence counsel to show evidence in the documents he had already tendered in court which indicated that Dr. Yankey had contacted banks to arrange for the loan, Cudjoe responded that the documentary evidence does not directly show that Dr. Yankey had arranged for the loan, but from his investigations and deductions from the various documents, Dr. Yankey was the contact man for the various banks.
Counsel: All your investigations are flawed, Dr. Yankey was not the contact man.
Witness: He was the contact man.
Counsel: Tell the court the difference between sourcing for a loan and arranging for a loan.
Witness: In my opinion, the two are the same.
Defence counsel, however, told Cudjoe that there is a difference between arranging for a loan and sourcing for a loan, adding that when one arranged for loans he negotiated with the lender and agreed to take a fee, which was different from sourcing.
Cudjoe responded that his conclusion was that Dr. Yankey did arrange for the loan except that being a public servant he did not take a fee.
Defence counsel told witness that his evidence in chief which states that Mrs Cotton was misapplying the loan is not supported by evidence, but rather the bank advised her on how to invest the loan.
However, Cudjoe insisted that Mrs. Cotton used the proceeds of the investment for her personal benefit.
Cudjoe denied defence counsel's suggestion that none of the accused persons had done anything which had led to the loss of money to the state.
Cudjoe said Dr. Yankey had told him in his office at the Ministry of Finance that the government had decided not to advance further loans to Mrs Cotton, but would rather assist her to get a private loan from the bank.
Cudjoe said Dr. Yankey told him how Mrs Cotton had come to his office with a note from former President Rawlings for assistance.
Counsel: Did you cross-check from the ex-President about the note?
Witness: No, my Lord Defence counsel, therefore, told him that no such conversation took place between him and Dr. Yankey.
On his part, counsel for the second accused, Dr. Samuel Dapaah, Nene Amegacher asked the witness to tell him his perception about Mrs Cotton.
Cudjoe answered that Mrs Cotton was very arrogant and rude to officials because "her foot was stepping on something".
Cudjoe said the documents he had obtained from the Federal Bureau of Investigations (FBI) and other sources in Ghana showed that Mrs Cotton was a dishonest person.
Counsel: One of your problems you have with Dr. Dapaah and Ibrahim Adam was that they were the first persons to meet Mrs Cotton and gave her lots of promises.
Witness: In my opinion, Dr. Dapaah assisted the company in various ways.
