Court orders NIB to pay $90 million to UK firm

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Obumpa 12 years ago

Please Dot Not do this thing again! We are still dealing with Woyome, how could one person decide to use a bank as collateral, that should not be bidding, it's the formal director that owns the UK company and not NIB. These f ...
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Please Dot Not do this thing again! We are still dealing with Woyome, how could one person decide to use a bank as collateral, that should not be bidding, it's the formal director that owns the UK company and not NIB. These foreigners know that the MPs, ministers, the president, the MDs and the head of departments are all corrupt so they find their way to the country and sign dubious contracts and then smile all the way to the bank.
Concerned 12 years ago

So for better or worse, NIB guarantees a loan, then refuses to pay, then gets hit with the full bill for $90mill (remember NIB didn't receive the $60mill to begin with).

Daniel Charles Gyimah is currently.... well, most of ...
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So for better or worse, NIB guarantees a loan, then refuses to pay, then gets hit with the full bill for $90mill (remember NIB didn't receive the $60mill to begin with).

Daniel Charles Gyimah is currently.... well, most of the charges against him are gone.... so I ask, who is supposed to pay for this mess...

At the end of the day, the gov't will end up paying the cost, and everyone will go back to being willfully ignorant on the simple principles behind money - PAY WHAT YOU OWE QUICKLY
kodjo 12 years ago

Funny, I haven't seen any contributions for our fanatical NPP supporters on this issue. Come on guys let's have your comments!!

Funny, I haven't seen any contributions for our fanatical NPP supporters on this issue. Come on guys let's have your comments!!
NPP THIEVES 12 years ago

The NPP hypocrites don't want to talk about this 900 Billion old Ghana cedis debt the NPP has caused Ghana. They will prefer not to talk about it. A bunch of fools.

The NPP hypocrites don't want to talk about this 900 Billion old Ghana cedis debt the NPP has caused Ghana. They will prefer not to talk about it. A bunch of fools.
NPP THIEVES 12 years ago

Where are those cacophonous lot? This is another Woyome worth 900 Billion old Ghana cedis (90 million dollars)

Where are those cacophonous lot? This is another Woyome worth 900 Billion old Ghana cedis (90 million dollars)
PEKI TUMU 12 years ago

Ghana judges deliver suspect judgements when it comes cases that have international dimension. They tend to adopt a simple approach. This has been shown in the Argentina Military vessel case. Sometimes judges tend to think ...
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Ghana judges deliver suspect judgements when it comes cases that have international dimension. They tend to adopt a simple approach. This has been shown in the Argentina Military vessel case. Sometimes judges tend to think that they are making decisions that undermine the credibility of the Government.

This is a case where it has been demonstrated that the Managing Director. Mr Gyima, was out on the frolic of his own. He failed to use the proper procedures of the bank and therefore was acting ultra vires of the powers of the bank.

Additionally the Bank is a limited Liability Company and cannot enter into contracts that are beyond his its liability as they would then be unlawful

Taking these two points together NIB is justified an appealing the decision of the Judge
Hazor 12 years ago

NDC has come back to their stealing ways in paying judgement debts.There was no mention of contract duration,authenticity of the contract and under who's watch the contract was terminated.How did the Bank allow itself to be u ...
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NDC has come back to their stealing ways in paying judgement debts.There was no mention of contract duration,authenticity of the contract and under who's watch the contract was terminated.How did the Bank allow itself to be use as guaranter as they know the risk of being a guaranter.There is corruption going on here.Mahama we are watching.
WOLFE 12 years ago

I guess you are a semi-illiterate because you can't spell the word guarantor.

If you were an astute reader, you would have known that at a point Mr. Gyimah was being prosecuted for this deal. I don't know what happened t ...
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I guess you are a semi-illiterate because you can't spell the word guarantor.

If you were an astute reader, you would have known that at a point Mr. Gyimah was being prosecuted for this deal. I don't know what happened to the case.
KWAME 12 years ago

www. ghanadot.com/news.ghanadot.032009r.html

NIB boss Charles Gyimah faces fresh charges from the AG’s Department

Accra, March 20, Ghanadot/GNA – The State on Friday preferred fresh charges against Daniel Charl ...
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www. ghanadot.com/news.ghanadot.032009r.html

NIB boss Charles Gyimah faces fresh charges from the AG’s Department

Accra, March 20, Ghanadot/GNA – The State on Friday preferred fresh charges against Daniel Charles Gyimah, Managing Director of the National Investment Bank (NIB), as the Attorney-General’s Department took over prosecution from the police.

Gyimah is now being held on charges of attempting to commit crime, to wit, causing financial loss to the State and forgery of documents.

He has pleaded not guilty and the court has ordered him to be on his former bail, that is, GH¢500,000 with four sureties one to be justified.

The circuit court judge, Mr D.E.K. Daketsey ordered Gyimah to be reporting to the Police every fortnight.
Gyimah was earlier held for wilfully causing financial loss to the State.

Deputy Superintendent of Police (DSP) P.K. Frimpong took leave of the court to withdraw the charges and substituted them when the case was called.

Colonel Alex Johnson (Rtd) who led the team of three defence lawyers expressed surprise that the prosecution could not give them any notice with respect to the changes made in charges against Gyimah.

“As at now we do not have copies of the charges,” defence counsel pointed out.

Col Johnson decried the way and manner his client was being tried by the media although he had pleaded not guilty.

He said they were ready for the trial, noting that at the opportune time they would prove their innocence.
The prosecution in response to the submissions of the defence said they were at a loss, saying accused was not being tried on indictment.

Prosecution said Gyimah had been cautioned on the amended charges adding, that was a notice.

Reading out the new facts, the prosecution told the court that on May 7, 2007, in an attempt to wilfully cause financial loss to the state, Gyimah unilaterally entered into an agreement with Eland International Limited Ghana in which he used the bank as a guarantee.

Based on that Gyimah issued 30 promissory notes valued at 60 million United States dollars to Eland, whose secretary is his son.

The prosecution said Eland contacted Iroko Security Company Limited within the period and quickly discounted the 60 million dollars and the promissory notes for 45 million dollars.

On January 29, this year, the International Bank Section of NIB received a swift message requesting the bank to confirm payment of the promissory notes.

The prosecution said Gyimah was therefore notified of the irregularity of the message by head of the bank’s International Banking Section.

Gyimah on receipt of the notice ordered the Department to confirm and it was complied with.

Meanwhile, the prosecution said, the document on the deal between NIB and Eland cannot be traced, as Gyimah claims the documents were missing from their records.

In statement to the Police, Gyiamh admitted having guaranteed on behalf of NIB adding he made a mistake by not informing the bank’s Board of Directors.

Investigations revealed that several documents including a report on goods under the control of NIB for Eland as at December 1, last year had been detected as forged by Gyimah.

GNA
Lankwei 12 years ago

I remember being offere 300,000 shares at NIB at 30p per share. A demanded to see a financial statement of the bank. This I promptly received.

I noticed a discrepancy of 60 million cedis. ! spoke to my broker and pointed t ...
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I remember being offere 300,000 shares at NIB at 30p per share. A demanded to see a financial statement of the bank. This I promptly received.

I noticed a discrepancy of 60 million cedis. ! spoke to my broker and pointed this out to him. I politely declined the offer. A few months this scandal broke out!

KWEKU TWENEBOA 12 years ago

We've always known that on the issue of corruption, the NPP has a frightening and legendary reputation to be ashamed of. As Kofi Wayo has succinctly observed, NDC politicians are easily satisfied with measly drops but not the ...
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We've always known that on the issue of corruption, the NPP has a frightening and legendary reputation to be ashamed of. As Kofi Wayo has succinctly observed, NDC politicians are easily satisfied with measly drops but not the NPP folks. One NPP guy can bring the country to its needs by his cupidity becos he will chop hyper-gargantually as in this case.
TRUTH MAN 12 years ago

AMIDU, NO COMMENT?
AWUKU NO COMMENT?
URSULA "THE MOUTH" NO COMMENTS OR INSULTS? AKROMEAH "THE KENKEY POLITITIAN" NO COMMENT? GOOD OLD NPP, HOW MUCH ELECTRICITY CAN THIS MONEY NOT PRODUCE? THIS IS HALF A JUBILEE NONSENSE.

AMIDU, NO COMMENT?
AWUKU NO COMMENT?
URSULA "THE MOUTH" NO COMMENTS OR INSULTS? AKROMEAH "THE KENKEY POLITITIAN" NO COMMENT? GOOD OLD NPP, HOW MUCH ELECTRICITY CAN THIS MONEY NOT PRODUCE? THIS IS HALF A JUBILEE NONSENSE.
Gabbysco 12 years ago

NPP thief thiefs.

NPP thief thiefs.
MM 12 years ago

THIS IS WASTE OF JOUNALISM BECAUSE PEOPLE HAVE BEEN COMMENTING ON WAYOMY CASE, PLEASE STOP THE DISTRACTION AND FOCUS THE RIGHT ISSUES

THIS IS WASTE OF JOUNALISM BECAUSE PEOPLE HAVE BEEN COMMENTING ON WAYOMY CASE, PLEASE STOP THE DISTRACTION AND FOCUS THE RIGHT ISSUES
THE TRUTH 12 years ago

IT IS RATHER STRANGE THAT MOST OF THESE DEBTS INCURED PAYMENTS START FROM THE NPP REGIME BUT WE ALWAYS PUT THE BLAME ON NDC HOW CAN OUR LAWERS AWARD SUCH A HUGE AMOUNT AND THEN WE TURN TO SAY MAHAMA IS A THIEF CAN UK COURT GR ...
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IT IS RATHER STRANGE THAT MOST OF THESE DEBTS INCURED PAYMENTS START FROM THE NPP REGIME BUT WE ALWAYS PUT THE BLAME ON NDC HOW CAN OUR LAWERS AWARD SUCH A HUGE AMOUNT AND THEN WE TURN TO SAY MAHAMA IS A THIEF CAN UK COURT GRANT THIS TO A NON BRITISH NO WAY WE ARE FINISH

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Court orders NIB to pay $90 million to UK firm

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