Merchant Bank and Tropical Metallic in legal battle
Man jailed 15 years for defiling nine-year old girl
Couple before tribunal for theft
Merchant Bank and Tropical
Metallic in legal battle
Tema (Greater Accra) 09 May 2001
Merchant Bank Ghana Limited and its subsidiary, Merban
Investment Holdings Limited are jointly locked in legal battle against Tropical
Metallic Construction Company (TMCC) at a Tema High Court over various credit
facilities totalling more than 850 million cedis they advanced to the company.
The Bank is also claiming interest on the amount.
The amount represents 388.1 million cedis credit, an Industrial
Sector Adjustment Credit (ISAC) of 12.4 million cedis and a matured commercial
paper of 460 million cedis that TMCC took in 1994 to build storage tanks for
the Tema Oil Refinery (TOR).
The case has dragged on for the past five years with TMCC also
filing counter claims at the court accusing the plaintiffs of failing to
provide proper and adequate professional services as agreed and is, therefore, seeking
damages for breach of agreement and financial losses suffered.
TMCC is further seeking an order from the court for the
re-opening of the loan transactions between it and the plaintiffs in order to
ascertain whether interests charged are proper and equitable.
In their statement of claim the Bank said in July 1995, it
approved a 50 million cedis over draft, a revolving guarantee of 164 million
cedis and an ISAC loan of guarantee of 37.2 million cedis all to expire on May
9, 1996 to TMCC.
To secure the credit facilities, TMCC created a legal mortgage
over its factory premises in favour of the Bank by way of a debenture and as at
November 1996, the company was in debt to the Bank to the tune of 388.1 million
cedis.
It said in July 1994, the second plaintiff, Merban Investments
agreed to market TMCC's Commercial paper of 300 million cedis for six months to
enable the company re-construct the storage tanks, which were tilted.
However, on December 8, 1994, prior to the expiry of the
commercial
paper, Merban informed TMCC of the withdrawal of funds by TOR,
which purchased the Commercial paper and in its place secured in second
investor.
The plaintiffs said on January 6, 1995, TMCC wrote requesting
for a roll over of the Commercial paper for a further period of six months in
view of unforeseen shortfalls in its cash-flow projections and this request was
accepted by Merban to mature on June 24, 1995.
Then on June 23, the same year, TMCC again requested for a
further roll over of the commercial paper, which at its maturity date stood 360
million cedis for another six months.
Merban turned down this request and directed the defendant to
liquidate the outstanding amount by October 15, 1995. Despite several discussions and reminders to TMCC, the commercial
paper has not been retired and as at November 1996 the outstanding was 450
million cedis.
TMCC claimed in its defence that the case has arisen out of the
unwarranted punitive measures adopted by the plaintiffs and their failure to
handle the company's financial matters with due and proper attention.
TMCC explained that in April 1992, it entered into a contract
with TOR to build and install five oil storage tanks.
TOR engineers supervised the construction and TMCC weas paid
upon certificates issued by them.
Later, TOR's engineers alleged that the tanks were tilted and
recommended a complete strip-down of the tanks for re-building at another cost
of 300 million cedis.
Following discussions, it was agreed that Merchant Bank and TOR
would place adequate funds with Merban to enable Merban grant a loan of 300
million cedis to TMCC in the form of a commercial paper.
TMCC said it was also agreed that as it would not be able to
retire the commercial paper in six months.
It was further agreed that TOR's deposit would remain with
Merban to enable the commercial paper to be rolled over until TMCC retires it
or arrangements are finalised for converting it into a medium-term loan.
However, on the contrary, the plaintiffs changed their attitude
and rather became hostile to TMCC and allowed TOR to withdraw its deposit from
Merban contrary to the agreement concerning the commercial paper.
The court presided over by Mrs Felicity Amoah has adjourned the
case sine die.
GRi…/
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Man jailed 15 years for
defiling nine-year old girl
Tema (Greater Accra) 09 May 2001
Kofi Sasraku, a 52-year old watchman at Tema Fishing Harbour was
on Tuesday sentenced to 15 years' imprisonment by a Tema Circuit Tribunal for
defiling a nine- year old girl. He pleaded not guilty.
Prosecuting Police Inspector Alice Gyamfi told the tribunal
chaired by Mr Ringo Cass Azumah that the victim and her mother as well as the
accused person work and live at the Fishing Harbour.
She said at about 10:45 hours on Friday, April 14 the accused
called the victim and gave her 500 cedis to buy some toffee and later lured her
to behind one of the toilets at the lorry station at the harbour and sexually
abused her.
The Inspector Gyamfi said the mother of girl saw Sasraku when he
placed her on his lap but before she could raise the alarm he took to his
heels.
However, the following day Sasraku was spotted at the
"European market" of the harbour and he was arrested.
GRi…/
Couple before tribunal for
theft
Accra (Greater Accra) 09 May 2001
Mercy Debrah, a sales attendant and her husband Francis Narko on
Tuesday appeared before a Circuit Tribunal in Accra charged with stealing and
dishonestly receiving.
Mercy was charged with stealing while her husband was charged
with dishonestly receiving.
Police said Mercy stole items worth 35 million cedis and gave
them to her husband for sale.
Mercy and Narko pleaded not guilty. Narko was granted a
20-million cedi bail with one surety to be justified while Mercy was remanded
in prison custody.
They are scheduled to re-appear on May 18.
Police Inspector Joseph Kwame Anneh told the tribunal chaired by
Mrs Elizabeth Anderson Yebuah that the complainant, Selina Mampong, trader, who
lives at Sakaman, owns a shop at Okaishie.
Inspector Anneh said in December last year, Ms Mampong during
stocktaking with the attendants discovered the loss of items worth 35 million
cedis.
On January 22, when Ms Mampong went to the shop, she met a
porter with five cartons of Ideal Milk, which she was bringing to the shop.
When she queried the porter, she told her that Mercy had asked
her to send them to an unknown man who she did not meet. She therefore returned
them to the shop.
The prosecutor said the porter further informed Ms Mampong that
Mercy had on several occasions asked her to convey various items to the man.
Mercy broke down and confessed having stolen milk and other
items from the shop.
He said investigations revealed that the couple has a shop at
Achimota, which it had been stocking with goods stolen from Ms Mampong's shop.
Mercy normally collected the goods and hid them at the workshop
of Michael Kwame, a bag repairer, from where she transported them to their shop
at Achimota.
The prosecutor said Mercy led the police to their shop where
some of the stolen items were displayed and 2.7 million cedis was retrieved.
He said Narko confessed that most of the items were brought from
Ms Mampong's shop.
GRi…/