Damning documents in the possession of DAYBREAK highlights how a smart female lawyer named Justina Tete Donkor, representing Eland International Ghana Ltd as a lawyer, also worked herself as a trustee and therefore friend and ally of the court and its judicial processes in receiving debt owed Eland but which was created by the National Investment Bank.
Eland is an importer of rice, among other commodities, DAYBREAK understood. It is also a friend to the NIB, having supported the bank through its crisis periods with liquidity as a major customer.
When NIB faced liquidity challenges in the early 2000s and was about to be sold off, it was Eland Thailand and its sister company in Ghana, Eland Ghana, that saved it.
The state banking firm needed US$2million to survive. Fortunately, the bank got more than what it had hoped for through a trading business it entered into with Eland Thailand and its Ghanaian partner, Eland Ghana.
Goods worth about US$13million was placed at its doorsteps to trade with after signing Collateral Management Agreement (CMA) with Eland International Thailand/Ghana.
All that the bank needed to do was to store the goods at its various warehouses look for buyers and sell to them and take its cut while the remaining amount is deposited into Eland Thailand’s accounts.
To ensure fairness and transparency, an escrow account was opened at NIB for such special purpose trading business.
This breakthrough deal was secured by the bank through the assistance of Mr Daniel Charles Gyimah, who had then been appointed at the Managing Director of NIB.
Mr Daniel Charles Gyimah until his appointment at MD for NIB was the MD for EXIM Guarantee Company, a company which was also doing business with Eland International Thailand/Ghana.
It all started when in the year 2000, Eland Thailand/Ghana entered into a rice supply agreement of about 14,400 tons at a CIF value of US$5million with Network Trading Company (NTC) on a credit of two years.
NTC was being managed by Prosper Adabla, Sam Adabla and Edward Boahene. The company had a Collateral Management Agreement (CMA) with EXIM Guarantee Company of which Mr. Daniel Charles Gyimah was the MD. Mr. Daniel Charles Gyimah and Mr. Prosper Adabla were very close friends.
They issued four (4) Promissory Notes (PNs) worth US$1,250,000 with each payable after each six (6) months.
This business transaction was counter guaranteed by GR World, a credit insurance guarantee company that covered the risk of default to EXIM Guarantee Company.
Unfortunately, Justina, instead of dutifully and conscientiously chasing the bank as debtor in honouring her deal with Eland, played it soft with certain elements at the NIB.
In the processes, monies that should otherwise have gone back to Eland in recovery ended up in private hands, according to a document sighted by DAYBREAK.
This was despite the fact that she was sole law firm for Eland and hence could influence and control legal matters, she was getting a retainership fee as well as 7% of the amounts recovered from the case and Eland was also paying all the filing, typing, out of pocket expenses, travel costs, etc, etc.
According to the document, her being close Daniel Gyimah, the then MD of NIB, afforded her the opportunity to abuse the trust her client reposed in her.
Additionally, Justina obtained a judgment debt against KATA International Ltd and attached their various moveable and immovable assets by court orders for a part of the debt due to KATA buying rice from NIB on credit and not paying for it, according to the document.
She cleverly then went on the blind side of the court while acting as the trustee of Eland under a Lawyer trust account as per the judicial rules in Ghana and released the assets to KATA while accepting smaller amounts through cheques from him without the consent of the court, thereby, committing contempt of the court orders.
Strangely, she has not provided any documents to date in spite of CID and Eland pressure to reveal the real transactions.
Similar is the case and modus operandi in the case of Eland Vs GNPA wherein GNPA surrendered a warehouse to her after a court victory of Eland for 32,500 bags of rice taken by GNPA from NIB but not paid for totaling approximately $539,000 in 2003 with a rate of interest of 43% per annum.
During the CID investigations in 2019, it became evident that some time from 2004 onwards, GNPA attachments of the moveable and immoveable assets were done by court orders.
Some moveable assets were sold by her and monies collected by her in her personal /law firm accounts but never informed the beneficiaries as required under the laws.
To add salt to injury, no court orders, files, execution amounts and the basis of computations, dates, and amounts collected, interest earned on the amounts from 2004 to 2019 and continuing have been provided in spite of repeated pressures and meetings with CID and officers of Eland.