Daniel Charles Gyimah, Managing Director of the National Investment Bank (NIB), who appeared before an Accra Circuit Court last Friday for willfully causing financial loss of $60 million to the state, was brought back to the court premises to execute his bail bond yesterday.
Reliable sources told GNA at 1730 hours that the administrative part of the bail had been completed and they were waiting for the Bureau of National Investigations (BNI) to value the property.
Gyimah has pleaded not guilty to the charge and he was admitted to bail in the sum of GHÃ‚Â¢500,000 with four sureties, one to be justified.
GNA was told by reliable sources that Gyimah had not been able to satisfy the bail condition on Friday as result of the controversy of the landed property needed to seal the bail.
Information gathered indicated that two of his lawyers, Bright Okyere Agyekum and Osei Wusu, were in court early in the morning to ensure that the bail conditions were executed.
But as at 1130 hours when GNA saw Gyimah at the court premises, he was in the company of BNI officers.
He was seated on a bench in front of the cells with some of his relations and sympathisers shuttling from the court room, cells and the office of the CourtÃ¢â‚¬â„¢s Registrar to get the bail executed.
At about 1235 hours, Dr. Kofi Konadu Apraku, former Minister of State, joined the relatives of Gyimah.
Ã¢â‚¬Å“We are waiting for the Court Registrar,Ã¢â‚¬Â a relative said. Ã‚Â
Ã‚Â Security personnel were seen scrutinising documents produced in respect of the justification sought by the court.
After 1730 hours, the source said they had completed the administrative part of the bail and were waiting for the BNI to value the property.
Gyimah is alleged to have used NIB as a guarantor and issued 30 promissory notes valued at $60 million in May 2007 to Eland International (Ghana) Limited. The notes were to mature on January 29 this year.
This transaction was allegedly conducted without the consent of bankÃ¢â‚¬â„¢s Board of Directors.
The Court further ordered him to report once every week to the Police. He is reappearing on February 27.
Arguing for bail, Ken Brookman-Amissah, who led a team of seven defence lawyers, pointed out that the prosecutionÃ¢â‚¬â„¢s assertion to remand the accused pending further investigations amounted to the breach of his rights.
He said the accused, who was also a Ã¢â‚¬Å“family manÃ¢â‚¬Â, was ready to help with investigations, adding that he was not going to interfere with police investigations.
Mr. Brookman-Amissah said from the facts of the prosecution, no loss had been made against the state because no money had been paid.
According him, the promissory notes were to mature on January 29 this year, noting that it was only two weeks after the date.
Mr. Brookman-Amissah said Gyimah had surrendered his passport and he was not going to interfere with investigations, and prayed the court to grant him bail.
Captain Nkrabeah Effah-Dartey, another defence counsel, said the accused should be admitted to self-recognizance bail because he was not a riff-raff who was going to run away.
Deputy Superintendent of Police (DSP) Paul K. Frimpong, the prosecutor, told the court that Gyimah was arrested on Thursday and investigations were ongoing.
According to DSP Frimpong, if the accused was granted bail, he could interfere with investigations.
He said the Police needed more time to complete investigations.
When the court enquired from prosecution whether any money have been lost, the prosecutor replied in the negative, adding that the Ministry of Finance had been notified to redeem the notes.
Ã¢â‚¬Å“The state had not paid any money yet,Ã¢â‚¬Â the prosecutor told the court.
The court presided over Mr D.E.K. Daketsey, in granting the MD bail, pointed out that it took into consideration that fact that no money had been paid.
According to the court, the Police had not stumbled on any money lost.
The prosecution has it that on May 7, 2007 Gyimah unilaterally entered into agreement with Eland International (Ghana) Limited in which he used NIB as a guarantor and issued 30 promissory notes valued at $60 million.
The prosecution said during that period, Eland contacted Iroko Security Company Limited and discounted the $60 million promissory notes of $45 million.
The prosecutor said after January 29, there was no sign of payment to Iroko hence a swift message was sent to Gyimah to confirm payment.
Immediately Gyimah received the message, he ordered International Banking Section of NIB to confirm payment and that was done.