Busted Renaizance Oil Ltd boss remanded at Nsawam prison

Busted Chief Executive Officer of Renaizance Oil Limited, David Aseye Tay, is scheduled to appear before court on the 16th of March 2020.

Mr. David Taye is being charged with defrauding by false pretence, money laundering and dud cheques before the Accra High court after he purchased petroleum products worth $6million from a bulk distribution company, Misyl Energy.

According to Misyl Energy, investigations carried out by their outfit reveals that Mr. David Taye through his company called Renaissance oil Ltd, sold all the products and all payments have been accordingly made to him but he still refuses to settle his debt.

The CEO of Misyl Energy , Nick Danso Adjei who at the time of the transaction had travelled outside the country was at a shock upon his arrival to find out that his management team could supply one client this worth of product within a space of one month.

Several attempts to ensure that David Taye settle his debt proved futile compelling Nick Danso Adjei to resort to the law.

During the pending of this current court case, David Taye has been remanded in police custody several times.

However his constant excuse that bails him out has been his usual unproven health issues and it appears the court has had enough of Taye’s excuses and numerous absence in court.

Mr. David Taye considering his approach and attitude displayed so far, it is likely to be one of the basis for his remand in Nsawam Prisons which occurred on February 19th 2020. Even at the day the court issued a bench warrant on him he was not present in court.

The decision by the criminal court 5 to remand David Taye to Nsawam prison however was met with appeal by his counsel but the same appeal was shot down by criminal court 2 which held brief for judge of criminal court 5.

It is also noted that Mr. David Taye has been arrested on bench warrant on two occasions concerning this same matter but with this current remand in Nsawam, he is to be in custody until the matter is determined unless any appeal is granted against such decision.

Even though, there are many allegations that suggest that Mr. David Taye does these things for a living and after a successful completion of his modus operandi, he quickly divert such funds into other investments but it appears that he may have had a wrong turn with Mr. Nick Danso Adjei who is vigorously exploring all the legal arsenals at his disposal at the moment to send a signal that he may have had a wrong bite at this time around.

Background

According to a publication which was made by The New Crusading Guide Newspaper in 2019, The Chief Executive Officer of Renaizance Oil Limited, David Aseye Tay, was behind bars for allegedly defrauding some Bulk Distribution Companies (BDCs) to the tune of whopping six million dollars ($6m), equivalent of about GH¢28million.

Reports indicated that David bought Petroleum product from one BDC (name withheld), between the period of January 2018 to July 2018, in the name of three Oil Marketing Companies (OMC) – Goodness Energy Limited. Compass Oleum Limited and G&G Oil Company Limited.

The petroleum product totaled Twenty-Seven Million Nine Hundred Sixty-Three Thousand One Hundred and Twenty-Eight Ghana Cedis (GH¢ 27,963,128.00), with these companies and issued cheques valued at Twenty-Five Million Two Hundred and Forty Thousand Five Hundred and Ten Ghana Cedis (GH¢25, 245,510.00), with promise to pay the difference later.

However, “The cheques he issued to us gets returned anytime we present them to the bank which made us called for a meeting with him to discuss his debt position and the issue of the returned cheques. He promised at the meeting to pay in full by 15th August 2018.

He also informed us at the meeting for the first time since we started doing business with him that, two of the OMCs he has been using to buy products from us are not his companies i.e. Goodness and Compass Oleum,” a letter, dated August 14, 2018, addressed to the Criminal Investigations Department of the police and intercepted by this paper stated.

According to the BDC “We believe that this piece of information as concealed from us so as to mislead us and in fact he misled us into believing that we were dealing with companies belonging to him” and that “His general conduct in recent times gives us a reasonable suspicion that he has defrauded us by false pretenses and has no intention of paying the debt.”

Independent checks conducted by the paper revealed that petroleum product David Tay bought from the BDC was reduced and sold in cash on the market which makes it mind-boggling why Renaizance Oil Ltd. chief executive did not pay the GH¢ 27,963,128.00.