Kotoko to recover various monies from former CEO


The Kumasi Asante Kotoko Sporting Club Limited said it was entitled to recover at least 143,581 Ghana cedis, 114,521 dollars and 100,000 Euros from its former Chief Executive Officer (CEO), Dr K.K. Sarpong.

The recovery of claims were made in a statement of defence filed by the Porcupine Warriors who have been dragged to the Kumasi High Court, Commercial Division, by the former CEO.

The astute Chartered Accountant and Businessman, Dr Sarpong, in a suit dated March 31, is claiming an amount of GH¢536,247, being outstanding loan he gave to the club as at July 31, 2013 and interest thereon at the agreed rate of 15 per cent from January 1, 2011 to date.

An amount of 20,000 Ghana cedis he loaned to the club for the purchase of the Brazilian player, Da Silver Lima Hermes, and interest thereon from August 1, 2013 until date of final payment and a cost, including his legal fees, is among claims being demanded by Dr Sarpong.

He was appointed Executive Chairman of Asante Kotoko in May 2010 until his resignation on July 22, 2013.

The club is a limited liability company registered and existing under the laws of the Republic of Ghana with the objective of managing its football club known as Asante Kotoko Sporting Club.

In its statement of defence, the Kotoko Sporting Club is seeking a declaration from the court that the plaintiff breached variously, his fiduciary duties, responsibilities and obligations of due care, reasonable diligence, good faith, good conscience, trust and candour towards affairs of the defendant during his term as Executive Chairman, leading to huge financial losses to the defendant.

A declaration that the purported board meetings and resolutions granting leave to the plaintiff and others to “lend” and “receive” their personal monies to the defendant as loans at interest rates fixed by they themselves without recourse to the shareholder(s) and a lawfully constituted board of the defendant, are illegal, and void ab initio.

A declaration that the resulting and/or purported loans premised on the said resolutions if at all, were equally made in breach of law and fundamental principles of cooperate governance and some are void ab initio, and thus unenforceable against the defendant.

An order directing the plaintiff to account financially to the defendant for the period of his stewardship, and recovery of the various sums of money lost to the defendant by reason of the plaintiff’s said breaches and/or defaults.

General and/or special damages for breaches of fiduciary duty, cost, including defendant’s legal fees expended on this suit and any other relief(s) deemed appropriate by the court in favour of the defendant against the plaintiff.


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