Ikam CEO makes arrangement to settle debts

Accra, Sept. 20, GNA - The Chief Executive of Ikam, a private security printing firm, Mr Stephen Kwadwo Amoah-Marfo on Tuesday convinced an Accra Commercial Division of the High Court that he was making efforts to settle his indebtedness to Mr Duku Woode, a businessman.

The Court, therefore, ordered him to deposit a photocopy of a title deed on one of his properties at Adenta as security on 1.945 billion cedis debt he has agreed to pay by the end of September 2007. Mr Amoah-Marfo had paid one billion cedis as part of 2.945 billion cedis that another court presided over by Mrs Justice Margaret Insaidoo had granted as payment by instalment of 11.783 billion cedis debt Mr Amoah-Marfo owed Mr Woode.

Mrs Insaidoo had asked Mr Amoah-Marfo to pay the debt in four instalments of 2.945 billion cedis on August 31; September 30; October 31 and on or before November 30, 2007.

When the court asked Mr Amoah-Marfo on Tuesday why he had defaulted in paying the debt, he said his business was saddled with some problems, which he was sorting out and that he could pay 1.945 billion cedis by the end of September 2007.

The Commercial Court presided over by Mrs Justice Gertrude Torkenu, therefore, demanded a security on the 1.945 billion cedis and Mr Amaoh-Marfo readily suggested his property situated at Adenta in Accra. The court, therefore, ordered Mr Amoah-Marfo, who was represented by Mrs Ntrakwah Mensah, to deposit the title deeds on the property at the court registry to enable it to consider the application Mr Woode had made for an order of variation of a default judgment.

It adjourned the matter to September 20.

Mr Kofi Fodah represented Mr Woode.

Mr Amoah-Marfo had taken a loan of 10 billion cedis from Mr Woode, which was to be paid back in three months at 10 per cent interest and he issued two post-dated cheques for 11 billion cedis covering the amount. Mr Amoah-Marfo, according to the Police, did not have that much money in his account and therefore wrote to the bank not to honour the cheques but he failed to inform Mr Duku Woode.

The Police said the action of Amoah-Marfo was criminal under the Criminal Code, which states that "any person who without reasonable excuse, proof of which shall be on him, issues any cheques drawn on any bank with which he has no account shall be guilty of an offence".