Koala CEO Reacts To Lawyers’ Arrest Over $2m Fraud

I am an ordinary businessman who does not believe in media war or campaign. But it has become necessary for me to set the records straight for our highly respected customers and Ghanaians to appreciate the fact as it is.

Indeed, we are operating in a country where we have to relate, deal and depend on trustworthy officials to transact genuine business. That was why when Lawyer Larry Apaloo, who is a Ghanaian and Rotary, came into contact with me, I painstakingly agreed to allow him to facilitate the purchase of the property now in dispute.

On 9th August, 2011 we signed an agreement which included the following: That an ultimatum of three months be used to process the land documents, or in default, face a penalty of $200,000 in cedi equivalent.

We stressed that in case of any refund of money or cash, it should be paid in Ghana Cedis equivalent due to the rate of devaluation of the cedi. Based on these understandings, I paid a cedi equivalent of one million US Dollars ($1 million) into Lawyer Apaloo’s account.

In fact, the ultimatum given to Lawyer Apaloo to work on the processing of the properties’ documents elapsed and Mr. Apaloo appealed for extension of the ultimatum to another three months which was granted him. Surprisingly and unfortunately, when the second goodwill ultimatum of additional three months expired, Lawyer Apaloo stopped responding to all kinds of communication we used to reach him. Thereafter, eighteen good months, on 2 nd August, 2013 we had no choice but to report the case to the Police Headquarters for action.

Following the police action, Lawyer Apaloo and his Associate Lawyer, Charles Opoku Yeboah, pleaded for a meeting at the Koala office. Both parties agreed to a meeting in the offices of Koala and signed an undertaking to execute the processing of the documents. In the said undertaking, the two lawyers signed this paraphrased statement written by them on the 11 th September, 2013. It reads: ‘We hereby undertake to refund the sum of One Million US dollars being funds deposit towards the purchase of property situated at Osu RE which

was being purchased by Mohammed Wolley from Madam Mercy Amoafoa and Madam Selina Serwa’. It stated clearly that such payment shall be made within ten weeks of date hereof, failing which penalties and charges stated in the contract of sale shall become applicable.

The undertaking further stated that at least seventy five percent of the said funds shall be paid within sixty (60) days and the remainder within the time frame agreed on. The undertaking ended that ‘the refunds are being made due to the fact that the contract has been frustrated due to unanticipated developments

within the transaction’.
This is very clear and explicit and the action of the two noble Lawyers who duly wrote and signed this undertaking could not have done so without the knowledge of the consequences. If it is not intentional then what is it? And this is what I wish the public and cherished readers to judge.

Despite this, the two gentlemen, Lawyers Apaloo and Yeboah, failed to honour the undertaking. With this breach of faith, we prompted the National CID to rejuvenate the investigations.

This action forced Lawyer Apaloo to rush to produce a post- dated cheque for GH¢360,000 on 20 th November, 2013, which took several weeks before it was honoured; the US dollar equivalent of this cheque was $153,200. Indeed, the case continued at the police Headquarters till about 4th

of February, 2014 when Lawyer Yeboah also sent a post-dated cheque for GH¢712,000. Sadly enough, this cheque upon presentation, bounced under the pretext of refer to drawer. In fact, until this publication, Lawyer Yeboah’s post-dated cheque

has not been honoured. After all the patience and traits were exhausted the case was sent to court.

The two lawyers, Larry Apaloo and C. O. Yeboah, failed to show up in court forcing the trial Judge to issue a bench warrant for their arrest. The

order for the arrest prompted Lawyers Apaloo and Yeboah to seek refuge from the Attorney General’s Department, claiming they are innocent about the fraud.

Interestingly, Lawyer Apaloo came out with a publication to defend his action and to clear his reputation from a previous publication by your good newspaper. I therefore find it expedient to come out to put the truth before the good readers

to Judge the two Lawyers and their act in a proper perspective. It is also my wish and hope that Ghana’s Judicial System will continue to uphold the principle of truth, Justice and Fairness, no matter whose ox is gored.

Signed Mohammed Wolley, CEO Koala

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