NIB boss in court to execute bail bond

Daniel Charles Gyimah, Managing Director of the National Investment Bank (NIB), who appeared before an Accra Circuit Court last Friday for wilfully causing financial loss of 60 million dollars to the state, was on Monday brought back to the court premises to execute his bail bond.

Reliable sources told GNA at 1730 hours that the administrative part of the bail had been completed and they were waiting for the Bureau of National Investigations (BNI) to value the property.

Gyimah has pleaded not guilty to the charge and he was admitted to bail in the sum of GH¢500,000 with four sureties, one to be justified.

GNA was told by reliable sources that Gyimah had not been able to satisfy the bail condition on Friday as result of the controversy of the landed property needed to seal the bail.

Information gathered indicated that two of his lawyers, Mr Bright Okyere Agyekum and Mr Osei Wusu, were in court early in the morning to ensure that the bail conditions were executed.

But as at 1130 hours, when GNA saw Gyimah at the court premises, he was in the company of Bureau of National Investigations (BNI) officers.

He was seated on a bench in front of the cells with some of his relations and sympathisers shuttling from the court room, cells and the office of the Court's Registrar to get the bail executed.

At about 1235 hours Dr. Kofi Konadu Apraku, former Minister of State, joined the relatives of Gyimah.

“We are waiting for the Court Registrar,” a relative said.

Security personnel were seen scrutinising documents produced in respect of the justification sought by the court.

After 1730 hours, the source said they had completed administrative part of the bail and were waiting for the BNI to value the property.

Gyimah is alleged to have used NIB as a guarantor and issued 30 promissory notes valued at 60 million dollars on May, 2007 to Eland International (Ghana) Limited. The notes were to mature on January 29, this year.

This transaction was allegedly conducted without the consent of Bank's Board of Directors.

The Court further ordered him to report once every week to the Police. He is reappearing on February 27.

Arguing for bail, Mr. Ken Brookman-Amissah, who led a team of seven defence lawyers, pointed out that the prosecution's assertion to remand the accused pending further investigations amounted to the breach of his rights.

He said the accused, who was also a “family man”, was ready to help with investigations adding that, he was not going to interfere with police investigations.

Mr. Brookman-Amissah said from the facts of the prosecution, no loss had been made against the state because no money had been paid.

According him the promissory notes were to mature on January 29, this year, noting that it was only two weeks after the date.

Mr. Brookman-Amissah said Gyimah had surrendered his passport and he was not going to interfere with investigations and prayed the court to grant him bail.

Captain Nkrabeah Effah-Dartey, another defence counsel, said the accused should be admitted to self-recognizance bail because he was a not riff-raff who was going to run away.

Deputy Superintendent of Police (DSP) Paul K. Frimpong, the prosecutor, told the court that Gyimah was arrested on Thursday and investigations were ongoing.

According to DSP Frimpong if the accused was granted bail, he could interfere with investigations.

He said the Police needed more time to complete investigations.

When the court enquired from prosecution whether any money have been lost, the prosecutor replied in the negative, adding that the Ministry of Finance had been notified to redeem the notes.

“The state had not paid any money yet,” the prosecutor told the court.

The court, presided over Mr D.E.K. Daketsey in granting the MD bail pointed out that it took into consideration that fact that no money had been paid.

According to the court, the Police had not stumbled on any money lost.

The prosecution has it that on May 7, 2007 Gyimah unilaterally entered into agreement with Eland International (Ghana) Limited in which he used NIB

as a guarantor and issued 30 promissory notes valued at 60 million dollars.

The promissory notes were to mature on January 29, this year.

The prosecution said during that period, Eland contacted Iroko Security Company Limited and discounted the 60 million promissory notes of 45 million dollars.

The prosecutor said after January 29, there was no sign of payment to Iroko hence a swift message was sent to Gyimah to confirm payment.

Immediately Gyimah received the message, he ordered International Banking Section of NIB to confirm payment and that was done.

Meanwhile, the prosecution said most of the major documents covering the transaction between NIB and Eland could not be traced in the Bank's records which raised suspicion of a scam.

Gyimah, the prosecution said, admitted in a statement having guaranteed the money on behalf of the Bank but made a mistake by not contacting the Board of Directors.