The Supreme Court has dismissed Tsatsu Tsikata's application to quash the five-year sentence imposed on him by the Fast Track Court for causing financial loss to the State.
The court presided over by Justice Sophia Akufo, handed the verdict Thursday morning and according to the court, it will advance its reasons on Friday.
After the court's ruling, Tsatsu, clad in an African wear, waved at the teeming crowd that was present to witness the ruling, as he sat in a 207 Mercedez Benz bus, guarded by a couple of prison warders.
Supporters of the former GNPC boss, most of them with red arm bands, chanted war songs with some declaring: “They [the government] have just two months to go.”
Tony Lithur, a lawyer and member of the Free Tsatsu Movement, an advocacy group calling for the immediate release of Mr Tsikata, in a low demeanour said “Ghanaians must be afraid.”
Also present at the court were Mr John Mahama, running mate to NDC flag-bearer Prof John Mills and Mr Kojo Tsikata, brother of Tsatsu.
Mr Tsikata was found guilty on June 18, 2008 on three counts of wilfully causing financial loss of GH¢230,000 to the State and another count of misapplying public property and sentenced to five years imprisonment on each count; to run concurrently.
He was charged in 2002 with three counts of wilfully causing financial loss of GH¢230,000 to the state through a loan he guaranteed for Valley Farms, a private cocoa producing company, on behalf of the GNPC and another count of misapplying GH¢2,000 of public property.