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21.01.2005 Business & Finance

AGI Boss Banned For 4 Years

By JoyOnline
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The President of the Association of Ghana Industries, Prince Kofi Kludjeson, was Friday banned by an Accra High Court, presided over by His Lordship Justice Baffoe-Bonnie, from being a director of any company for a period of 4 years.

This followed a finding of the court in a case brought against him by Kasapa Telecom Limited (formerly known as Celltel), that he was involved in the theft of nearly $500,000 from the company.

The history of the case is that in 1999, Kasapa entered into a contract with a company called Inter Ideal Limited for the supply of generators.

Kasapa then ordered the transfer of over $500,000 into the bank account number that Inter Ideal had supplied.

It turned out that Inter Ideal was not even incorporated, and Kludjeson schemed to have the monies ultimately transferred into California bank accounts belonging to Kludjeson International Limited and Kludjeson International Corporation.

In the view of the court Kludjeson became a “shadow director” of Inter Ideal, and together with the other directors of Inter Ideal were trustees of the Plaintiff's funds.

The judge called a “hatchet man”, who, through his position as a director of Kasapa, got to know of the company's needs, and then plotted to get his hands on the company's money.

Kludjeson's problems were compounded when he issued a dishonored cheque to pay for the only 2 generators that he arranged with another company to supply to Kasapa.

When the police arrested him for issuing the dud cheque, he admitted issuing the cheque and settled the matter by paying the company for the supply.

The judge in making the disqualification order against Kludjeson, described him as being “very greedy and at worst fraudulent”.

In making the 4-year disqualification order the court noted that Kludjeson was a well-respected member of the business community, blatantly breached his fiduciary duties to the company and that such behaviour should be met with legal sanctions.

According to legal sources, this means that for a period of 4 years Kludjeson cannot serve as a director or manager of any company in Ghana, and, probably, his presidency of the AGI.

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