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Business News of Monday, 28 November 2016

Source: citifmonline.com

NDK pursues ‘diverted payments’ in court today

A commercial court will today [Monday] hear a contempt case filed against the Chief Director and Principal Accountant of the Ministry of Energy, for failing to furnish the court with details of accounts of payments made in contravention of payment guarantees/undertakings giving to NDK.

Per the Supreme Court ruling, the two, should have filed the said accounts that were diverted to Ahaman Enterprise.

NDK Financial Services is in court over the diversion of funds by the Ministry of Energy as payment for a credit facility the company granted Ahaman Enterprise between the period; 2005 to 2009.

Contrary to the agreement that all repayments will be made into a joint account operated by the company and NDK financial services, the Ministry has since breached the contract by not effecting payments into the joint account.

Today’s proceedings are expected to give the court an idea of how much has been diverted to Ahaman Enterprise.

Already, NDK has won an 88.5 million cedis judgement debt for 286,000 cedis initially diverted.

Meanwhile the BOG is expected to justify in court on Wednesday, why some government accounts should not be frozen to pay off debts owed NDK financial services after the company filed a garnishee case against the state.