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19.04.2007 General News

Tsatsu’s fate on May 30


A Fast Track High Court in Accra has fixed Wednesday May 30 for judgement in the case in which Tsatsu Tsikata, former Chief Executive of Ghana National Petroleum Corporation (GNPC), is charged with willfully causing financial loss of ¢2.3 billion to the state.

Mr Tsikata is charged on four counts of causing financial loss and intentionally misapplying funds totaling ¢2.345 billion of state property.

The offence, according to the prosecution, is contrary to Section 1(2) of the Public Property Protection Decree 1977 (SMCD140).

Mr Tsatsu has pleaded not guilty to the charges and the trial judge, Mrs Justice Henrietta Abban, Appeal Court Judge sitting on the case as a High Court Judge, has granted him a ¢700 million self-recognisance bail.

Prof. Emmanuel Victor O. Dankwa and Major Rowland S. Agbenato (rtd) appearing for Tsatsu have gone to the Supreme Court to appeal against the Court of Appeal's ruling.

The Court of Appeal in dismissing Tsatsu's appeal stated that the motion to join the International Finance Corporation (IFC) to the appeal challenging the lower court's decision not to call the IFC to testify was not grounded on any rule.

It further stated that the rule under which the application was brought was deleted in 1998.

The prosecution led by Mrs Gertrude Aikins, Director of Public Prosecutions, had told the court that Tsatsu had caused financial loss to the state through a loan he, on behalf of the GNPC, guaranteed for Valley Farms.

Valley Farms contracted the loan from Caisse Française de Devéloppément in 1991, but defaulted in the payment, compelling the GNPC, which acted as the guarantor, to pay it in 1996.

Source: GNA