The Accra Fast Track High Court has cancelled the bench warrant it issued for the arrest of a former Managing Director of the National Investment Bank (NIB), Daniel Charles Gyimah, for failing to appear before the court on two occasions.
Gyimah absented himself from the court�s last sitting in Accra on June 21, 2013, the second time he had done so, for which reason the court issued a bench warrant for his arrest.
The case was called yesterday, Thursday, June 27, 2013, but adjourned to July 2, 2013. Gyimah and his counsel, Col. A.S. Johnson, were in the court, presided over by Mr Justice Charles Quist.
Gyimah and the Managing Director of Eland International, Arvind Kumar Bhatnagar, have been charged with conspiracy, attempting to defraud the 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.
He is alleged to have used the bank as a guarantor without the consent of the board of directors and issued 30 promisory notes valued at $60 million 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 its International Banking Department have given evidence in the case.
The facts of the case
On February 13, 2009, Gyimah first appeared 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, a private company, by signing 30 promisory notes, all valued at US$60 million.
A promisory 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 promisory 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 Department of the NIB to confirm payment, which was done.
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