NIB boss granted bail at last

Thursday, February 19, 2009 (Page 3 Lead)

THE Managing Director of the National Investment Bank (NIB), Daniel Charles Gyimah, who is standing trial at an Accra circuit court for wilfully causing financial loss of US$60 million to the state, was yesterday released from the cells of the Bureau of National Investigations (BNI).
Gyimah was granted a GH¢500,000 bail on Friday, February 13, 2009 but had to spend five nights in the BNI cells because the valuation of the property which was used as justification had not been completed.
According to Mr Bright Okyere-Agyekum, one of the lawyers for the accused person, Gyimah was released around 2.00 p.m. after officials had valued the property which is situated in Sunyani and expressed their satisfaction.
Lawyers of the accused person had, through the media, expressed their disappointment at the reluctance of the BNI to release their client, who they claimed had provided the needed documents to guarantee his release from custody.
According to the lawyers, the accused person’s sureties were ready on Friday, but for reasons only known to the BNI, the bail bond was not executed.
Gyimah 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.
He had pleaded not guilty to one count of wilfully causing financial loss to the state.
The facts of the case are that Eland, for its part, contracted US$45 million from Iroko Security Company Limited, after the accused person had signed the promissory notes.
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.
It further stated that most of the major documents covering the transaction between the NIB and Eland could not be traced.
According to the prosecution, the accused person admitted in his statement that he had embarked on the transaction without contacting the board of directors of the bank.
Gyimah is expected to reappear on Friday, February 27, 2009.