Accra May 11, GNA – An Accra Circuit Court has discharged a Financial Analyst who was accused of taking 360,650 dollars to secure letters of credit with the face value of 3,937,500 dollars.
James Aborgah who is also the Chief Executive officer of Liquidity Limited, was freed by the court presided over by Mr Abaogye Tandoh for want of prosecution.
The court held that witnesses in the matter were unavailable and “prosecution has no intention to proceed with this case, in spite of the opportunity for the prosecution to proceed expeditiously.”
“The case is accordingly struck out for want of prosecution. The accused is hereby discharged”, the court directed.
Aborgah who was charged with defrauding by false pretences pleaded not guilty.
The court earlier on admitted Aborgah to bail in the sum of 1.2 million cedis with three sureties.
The case as narrated by prosecution was that the complainant Mr Agyare Samuel Somuah is a businessman residing in Accra.
Prosecution said within the month of August last year, the complainant had a business deal to import 2.5 metric tons of refined sugar from Brazil to Ghana but lacked the financial backing to do the import.
The complainant was then directed to one Rexford Amankwah who contacted the accused to assist them get letters of credit together with collateral to the tune of 3,937,500 dollar at his office at Adabraka.
The prosecution said on August 11, 2016, prosecution said complainant in the company of his business partner Kweku Adjei and Rexford Amankwah met in the accused in his office.
The accused assured them that he could assist the complainant to obtain the letters of credit with the face value of 3,937,500 dollars as collateral to enable him import the sugar within two weeks after the complainant has paid a facility processing fee of 360,650 dollars.
To facilitate the payment, Aborgah gave the complainant his Unibank account with the Makola branch to effect the payment.
The prosecution said the complainant became convinced and paid the fee into Aborgah’s account.
However, prosecution said Aborgah after receiving the money failed to provide the letters of credit as promised and began giving excuses.
According to the prosecution Aborgah also failed to refund the facility processing fee of 360,650 dollars paid in his account to the complainant.
On May 3, last year, a report was made to the Police and Aborgah was charged after investigations.