The Ashanti Regional Chairman of the New Patriotic Party, Bernard Antwi-Boasiako, popularly known as Chairman Wontumi, has pleaded not guilty to four counts of defrauding by false pretence, forgery, money laundering, and intentionally causing financial loss of over GH¢30 million to Ghana Export-Import Bank (Exim Bank).
Chairman Wontumi, who appeared before the court presided over by Justice Halimah El-Alawa Abdul-Baasit, has since been admitted to bail following a prayer for bail by his lawyer, Andy Appiah-Kubi.
The prosecution, led by Dr Srem-Sai, did not oppose the bail.
Chairman Wontumi was slapped with fresh charges at the High Court in Accra. According to the charge sheet filed by the Deputy Attorney-General, Dr Justice Srem-Sai, Wontumi himself and one Thomas Antwi-Boasiako, a Director of Wontumi Farms Limited, are alleged to have used pretences to obtain GH¢14,302,000.00 from the Ghana Export-Import Bank.
He has also been accused of uttering a forged document with the intent to defraud Exim Bank officials by allegedly using a forged receipt to obtain GH¢4,000,000.00 from the Bank.
Again, he has been accused of taking a portion of GH¢14,302,000 from Wontumi Farms Limited, money the prosecution alleges was acquired through fraud.
The prosecution further alleged that all three accused persons, in the course of the transaction with Ghana Exim Bank, intentionally caused the Bank to lose over GH¢30,000,000.00.
Thomas Antwi-Boasiako is currently on the run.
Prosecution’s facts
Per the facts of the case, in January 2018, Antwi-Boasiako approached the Ghana Export-Import Bank (Exim Bank), acting ostensibly as Managing Director of Wontumi Farms Limited, and applied for a grant of GH¢19m to finance a farming venture.
The application was accompanied by a “Board Resolution Letter” purportedly authorising the grant, signed by Thomas Antwi-Boasiako in his self-described capacity as Board Chairman.
The prosecution contends that the Board Resolution Letter was dated January 23, 2018, yet bore a resolution passed, on its face, on December 9, 2017—four clear days before Wontumi Farms Limited was incorporated and authorised to commence business on December 14, 2017.
The application further represented to the Bank that a parcel of 100,000 acres of land had been secured for the project, and that the initial 2,500 hectares alone would employ some 6,000 families, or about 38,000 individuals.
On January 16, 2018, the Bank approved a mixed loan and grant facility of GH¢18,734,260.00, to be deployed for agricultural plant and machinery, working capital, staff and labour, and consultancy fees.
Bernard Antwi-Boasiako signed the acceptance in Kumasi on January 23, 2018, with Thomas Antwi-Boasiako as witness.
By March 2018, the Bank had disbursed the aggregate sum of GH¢14,302,000.00 to Wontumi Farms Limited.
Receipt
Sometime in March 2018, Bernard Antwi-Boasiako presented to the Bank a document bearing the word “Receipt,” representing that Wontumi Farms had purchased GH¢4,000,000.00 worth of agricultural plant and machinery.
The Bank, relying on this document, advanced further funds to the company.
“Investigations have since established that the document was not a genuine purchase receipt. It was originally a pro-forma invoice issued by KAS-SAMA Enterprise to Bernard Antwi-Boasiako when he made price inquiries, having indicated he would return to make the purchase.
“KAS-SAMA Enterprise never heard from him again. The inscription ‘Pro-forma Invoice’ on the document had been altered and replaced with the word ‘Receipt’,” the prosecution stated.
Funds
According to the prosecution, investigations have established that none of the proposed farming activities was undertaken.
“No agricultural plant or machinery was bought. No person was employed to work on any farm.
“The accused persons did not own or secure the parcel of land they represented to the Bank as secured for the project,” the prosecution stated.
Instead, Chairman Wontumi is alleged to have withdrawn large sums from Wontumi Farms’ bank accounts and applied the monies to personal use, including investment in other business enterprises.
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