Mr. Asare Quansah, Chief Executive of Gulf Coast Resources Limited on Tuesday denied that the $150,000.00 given to people of Banka by the company was for the chief’s stool administrative cost.

According to Mr. Quansah, at the time of issuing the cheque for $150,000.00 the community did not have a bank account and so he issued it in the name of Nana Osabarima Twiapomah III, the chief of Banka in the Ashanti Akim South District.

Mr. Quansah the star witness made this known when he concluded his cross examination in the case of Nana Osabarima Twiampomah III, Chief of Banka who is being held for allegedly misappropriating $150,000.00 belonging to his community.

The money misappropriated was a lease sum paid by Gulf Coast Resources Limited, a mining company, to the people of Banka after using their land for mining for the past 10 years.

Charged with stealing, 52-year old Nana Twiampomah pleaded not guilty before an Accra High Court.

The court, presided over by Mr. Justice Charles Quist, has admitted the chief to bail in the sum Ghc50,000 with one surety to be justified. The surety deposited a title deed equivalent to the principal sum of $150,000 to the Court’s registry.

Nana Twiampomah was also to sign a bond not to travel outside the country until the matter is disposed off.

Mr. Quansah, answering questions administered by defence counsel Mr. Richard Robinson Junior, the star witness maintained that the money and promissory note given by his company was to be used for the town’s benefit.

According to the first prosecution witness, if the money was for personal use, his company would have issued the cheque in the name of the accused person also known in private life as Kofi Frimpong.

The witness disagreed with counsel that that he (Quansah) was to take a commission of 50 per cent from the disputed $150,000.00.

Mr. Quansah explained that, as the Chief Executive Officer of Gulf Resources Limited, he was paid for his job and so needed no commission.

He denied that because he was not given his share, he felt peeved and decided to bring out the matter to the public domain.

The star witness denied that there was no correlation between the promissory note and the cheque for $150,000.00 issued by his company

Mr. Quansah debunked defence counsel assertion that the cheque to the people of Banka Community was in redemption of the promissory note, adding that the company would have insisted on opening an account for the town.

Witness explained that it was not his duty to do that adding that was why he asked the chief of Banka to come with his elders for the cheque.

Mr. Quansah said he was surprised to see the accused person come to the corporate office of the company.

The witness denied that the accused person had told him on the phone that he had incurred a lot of legal costs and that the chunk of the money had gone into that.

When asked how he appeared in court to testify, he said he received a call from the Attorney General’s office and he was interrogated about the transaction between the People of Banka and the accused person.

Presenting the facts, prosecutor said the complainant was one Nana Yeboah, who is acting on behalf of the people of Banka.

According to the prosecutor, in 2000, Gulf Coast Resources Limited (GCRL) acquired a mining lease for a period of 10 years from the Minerals Commission to operate a gold mining on Banka lands. The mining lease, however, expired in 2010.

When the lease expired, GCRL wrote a letter to the Minister of Land, Forestry and Natural Resources for the renewal of their mining lease on Banka lands. The community spearhead by the accused person, vehemently challenged the move.

Mr. Amponsah said in a letter dated June 10, 2010, the accused person and the people of Banka petitioned the Ministry of lands, Forestry and Natural Resources, protesting the renewal of the lease because GCRL had failed to fulfill its corporate social responsibility for the past 10 years.

Following this challenge, Mr. Amponsah said GCRL entered into negotiations with the accused and the people of Banka. During the said negotiation, the company promised to pay $150,000 to the community as monies for development.

The accused and people, therefore, in a letter dated on January 13, 2011, withdrew their petition and the mining lease was renewed for another 10 years beginning from 2011.

Mr. Amponsah said after the mining lease was renewed, GCRL paid the $150,000 and transferred their rights to another mining company known as Banka Gold Limited.

Prosecutor said GCRL paid the amount as per Stanbic Bank Cheque number 534403 on June 14, 2011 and the accused acknowledged receiving the money and issued a signed receipt on June 14, 2011.

Mr. Amponsah said accused failed to inform his people after receiving the money. Despite the several demands by the people over the payment, accused denied receiving the money and as such reported the matter to the Police.

In the accused person’s statement to the Police, he admitted receiving the money, saying the money was for his personal use and not for the community.

Accused person, prosecution explained that he used some of the money to defray his legal expenses when he engaged GCRL in a legal battle.

Hearing continues on May 20.