NIB boss struggling to have bail executed

Tuesday, February 17, 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, is still struggling to have his bail executed.
He was granted a GH¢500,000 bail with four sureties, one to be justified, on Friday, February 13, 2009 but he spent the weekend in the cells of the Bureau of National Investigations (BNI).
According to his 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.
A promissory note is a signed document containing a promise to pay a stated amount of money before a particular date.
Gyimah has pleaded not guilty to one count of wilfully causing financial loss to the state.
At 8.30 a.m. yesterday, Gyimah was accompanied by a host of lawyers and family members to the premises of the Cocoa Affairs Court in Accra, ostensibly to complete processes to enable him to enjoy some freedom while the trial goes on.
The accused person, who wore an off-brown linen shirt and a pair of khaki trousers, was accompanied by lawyers, family members and BNI operatives in plain clothes.
He was taken to the court’s registry to assist in executing the bail bond while the BNI made some checks on the sureties.
The lawyers told the Daily Graphic that the BNI refused to accept Gyimah’s property as justification, for which reason another relative intervened.
As of 3.30 p.m. when the Daily Graphic left the court premises, the accused person was spotted sitting on a bench facing the cells reserved for accused persons.
He sat quietly, while his lawyers, BNI operatives, family members and friends stood and observed the surroundings.
They were apparently waiting for word from BNI operatives who were making enquiries on the property which was said to be situated in Sunyani.
Gyimah was expected to spend the night in his residence if the BNI okayed the property which had been used as justification for the bail.
Information gathered later by the Daily Graphic indicated that as of 5.40 p.m. Gyimah, his team of lawyers and BNI operatives were still at the court premises awaiting word from officials who had gone to value the property in Sunyani.
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 February 27, 2009.