Sunday, June 30, 2013

Bench warrant for arrest of former NIB Boss

 Published on on June 19, 2013 
THE Accra Fast Track High Court on June 19, 2013 issued a bench warrant for the arrest of the former Managing Director of the National Investment Bank (NIB), Daniel Charles Gyimah for failing to appear before the court on two consecutive occasions.
Gyimah was absent when a criminal case against him was called at the court’s sitting in Accra today. This is the second time that he has been absent in court.
Realising the accused person and his lawyer were nowhere to be found when the case was called, a Chief State Attorney, Mr Anthony Rexford Wiredu, prayed the court to issue the bench warrant for his arrest.
The court, presided over by Mr Justice Charles Quist, accordingly issued the warrant for the arrest of Gyimah and adjourned the case to June 27, 2013.
Gyimah and the Managing Director of Eland International, Arvind Kumar Bhatnagar, have been charged with conspiracy, attempting to defraud NIB and forgery. Arvind is currently being tried in absentia.
Gyimah who is on a GH¢500,000 bail bond has pleaded not guilty to the charges.
He has been standing trial at the Fast Track High Court since December 21, 2011.

Gyimah was alleged to have used the bank as a guarantor without the Board of Directors’ consent and issued 30 promissory notes valued at $60 million dollars in May, 2007 to a private business, Eland International (Ghana) Limited.
The bank had brought another witness to testify in the case but the court had to adjourn proceedings because Gyimah was absent.
Accused persons and their lawyers are usually required under the rules of court to be present when witnesses are called to testify.
So far a former Deputy Managing Director of the NIB and a former Head of the International Banking Department of NIB have given evidence in the case.
The Facts of the Case
On February 13, 2009, Gyimah was first arraigned before the Accra Circuit Court charged with wilfully causing financial loss of $60 million to the state but the charges were substituted later at the Fast Track High Court.
He allegedly committed the offence in May, 2007 when he unilaterally used the bank as a guarantor for Eland International (Ghana) Limited, a private company, by signing 30 promissory notes, all valued at US$60 million.
A promissory note is a signed document containing a promise to pay a stated amount of money before a particular date.
According to the prosecution, after the accused person had signed the promissory notes, Eland, for its part, contracted US$45 million from Iroko Security Company Limited.
Iroko Security was expected to deduct the US$45 million from the US$60 million on January 1, 2009 but that did not materialise because Eland’s accounts had not been credited with the US$60 million.
The company, therefore, enquired from the NIB to confirm whether or not Eland’s accounts had been credited.
According to the prosecution,  Gyimah allegedly ordered the International Banking Section of the NIB to confirm payment, which was done.

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