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Jun 19, 2018 | Social News

Disgruntled Businessman Who Wants To Escape His Obligations

Disgruntled Businessman Who Wants To Escape His Obligations

Mr James Aborgah, Chief Executive Officer of Liquidity Investment Limited has denied a charge of fraud brought against him by a businessman in relation to 360,650 dollar Letters of Credit case that was before an Accra Circuit Court.

In a rejoinder, Mr Aborgah noted the criminal prosecution launched by one Mr Agyare Somuah Samuel, a businessman against him was a matter 'of a disgruntled businessman, who having failed to meet all terms and conditions of a business transaction and wants to walk away from his obligations.'

The rejoinder signed by Mr Aurelius Awuku, Counsel for Mr Aborgah, indicated that the facts in the matter did not also meet the ingredients of a crime and 'no wonder when it was time to prove the allegation, the complainant and supposed witnesses evaporated into thin air.

Mr Awuku recounted that his client and partners held discussions with Mr Agyare and his partners and that eventually culminated into a number of agreements.

'The agreement were between Liquidity Investments Limited and Agro Green Ghana Limited but Agro Green Ghana Limited subsequently ceded its beneficial rights to Samuel A. Somuah Enterprise.'

According to Mr Awuku, as term of agreements and practice of every transaction involving letters of Credit, the person requesting for the letters of credit 'will pay issuing fees which is a percentage of the value of letters in addition to meeting some other conditions.'

'It is instructive to state that the parties agreed that issuing fee of the GH 380,000 collars shall be paid and made it obligatory that the issue of pre-shipment Inspection Certificate by the providers of the letters of credit shall be a condition for drawing under the issued Letters of Credit.

Mr Awuku said an agreement between Liquidity Investment Limited and Agro Green Limited were initialled and both were represented by Mr Aborgah and Mr Agyare respectively.

After the initial agreements, Mr Awuku stated further that Mr Agyare was to be the importer of 12,500 metric tonnes of Sugar per the pro-forma invoice dated on September 2016 and the supplier of the sugar was JWTW General Trading FZE of the United Arab Emirates.

According to Mr Awuku, Liquidity Investment made contacts with its business partners and draft letters were prepared for Mr Agyare's consideration, his suppliers and the bank of the supplier.

'Mr Agyare also reviewed the draft letters of credit and gave approval for the issue of the letters of credit.'' Which was done.

Mr Awuku said Agyare and his supplier called for the amendment of letters of Credit on two occasions and same were effected.

'Mr Agyare admitted to pay for the amendment also debt he owed on the amendment of the letters of credit but he failed to deliver the collateral security within the life tenor of the letters for the issuing bank to issue the Pre-shipment Inspection Certificate.

After the letters of credit had expired, Mr Agyare went to Mr Aborgah for a refund of the issuing fees already paid on the basis that he no longer wanted the letters of credit.'

Mr Awuku said Mr Agyare was informed that the fees could not be refunded since the letters of credit had already been issued to him upon which he had earlier made request for two amendments which were all effected. Mr Agyare therefore reported the matter to the Police that he had paid fees for letters of Credit to be issued but those letters of Credit had not been issued and inspite of the Police having all the documentation at their disposal went ahead to charge Mr Aborgah for fraud of which the court later discharged Aborgah for want of prosecution.

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