I was satisfied with All Times Capital GH¢20m arrangements -Witness

…Continuation of the cross examination
Q: On the 14th day of August, 2015, a commercial paper to the tune of GH¢20,000,000 was signed between Pronto Construction Limited as the Issuer, and First Capital Plus Bank as the Investor, with All Time Capital Limited as the Arranger. Is that correct?
A. My Lord, that is correct.
Q. Again, on the 13th day of October, 2015, a commercial paper to the tune of GH¢100,000,000 was signed between MC Management Services Limited as the Issuer and First Capital Plus Bank as the Investor, with All Time Capital Limited as the Arranger, That is also correct?
A. That is correct.
Q. Mr. Akotia, in line with All Time Capital’s mandate as investment advisors to the two companies, and in arranging for these investments, you were satisfied that all conditions precedent were fulfilled by both parties before these agreements were signed?
A: That is correct.
Q: And that these investments were made in the regular course of business of All Time Capital?
A: That is also correct.
Q: Mr. Horace Tetteh signed in his capacity as the Chief Corporate Officer of Capital Bank?
A: My Lord, Mr. Horace Tetteh did sign the document for First Capital Plus Bank. And, as an executive, he is allowed to do so, as far as our mandate and the regulations from our regulator are concerned.
Q: Mr. Emmanuel Kontoh also signed in his capacity as the Head of Treasury, Capital Bank?
A: Mr. Emmanuel Arthur signed as a witness to Mr. Horace Tetteh.
Q: Before Capital Bank entered into these agreements, you are aware that Capital Bank had the approval of its Board before these agreements were entered?
A: My Lord, I did not have the details of the arrangements between the bank and its Board, and so I am unable to comment on that.
Q: I am putting it to you that before Capital Bank entered into these agreements it had the approval of its Board?
A: Again, as I said, I did not have the fine details between the bank’s Board and the bank, and so if that is the case, very well my Lord.
Counsel for 1st Accused: My Lord, that will be all for this witness.
CROSS-EXAMINATION OF PW11 BY COUNSEL FOR 2nd ACCUSED
Q. Mr. Seyram Akotia, would you be in a position to tell this court how much monies were received by Nordea Capital upon the instruction of MC Management Services?
A. For Nordea Capital, these monies were received when I wasn’t an employee and so the information I had when I joined was that it was GH¢60 million, that is as far as I can remember.
Q. Could it, Mr. Akotia, have been GH¢82,797,276.19, since you claim you were not too sure of what exactly was placed in there?
A. These transactions at Nordea Capital happened two years before joined, and so I only have the benefit of the information given me, and the information was that an amount of GH¢60 million was transferred on behalf of MC Management Services Limited.
Q. Now, whatever this amount is, Mr. Akotia, could you please tell this honourable court how much of it went out, and, if any, how much of it remained with Nordea?
A. My Lord, as far as I can remember, the entire amount went out.
Q: Would you be aware of a complaint by Sovereign Bank making demands on Nordea Capital for a refund of part of these monies that remained in the possession of Nordea Capital to the Securities and Exchange Commission?
A: I am aware of such complaints from Sovereign Bank.
Q: And would you also be in a position to indicate to this court as to whether or not those demands by Sovereign Bank on Nordea Capital have been met by Nordea Capital as you sit in this court this morning?
A: As I sit in this court this morning, I do not have the facts to say whether or not the demands have been met yet.
Q: Would you be able to also recollect, in making reference to the monies that MC Management Services invested in Nordea Capital, as to the type of investment it was, whether discretionary or non-discretionary?
A: I was informed that the investments by MC Management Services were to be done at the discretion of MC Management Services.
Counsel for 2nd Accused: My Lord, I have no further questions for this witness.
Cross-examination by counsel for A3:
Q: Mr. Akotia, do you know Ama Adomah?
A: Yes. I once worked with a lady by that name at All Time Capital.
Q: What was her position?
A: She was the Front Desk Executive.
Q: She receives letters on behalf of All Time Capital, before same is transmitted to the officer in charge of the said letters?
A: That is correct.
Q: Have a look at these letters and tell the court if same were received.
A: My Lord, I have not received such documents; I see here that they were addressed to the Chief Executive Officer, so, I am unable to tell whether they were delivered to him.
Q: But, I have not received such documents; is there a ‘received’ stamp of All ‘Time Capital on the documents?
A: Yes, there is a ‘received’ stamp on both documents.
Q: You would agree with me that when Ama Adomah, who is your Front Desk Officer, receives letters, she stamps same. Is that not so?
A: That is correct.
Q: Is that the same ‘received’ stamp on the said letter?
A: My Lord, I don’t recollect exactly how the ‘received’ stamp looks like.
Q: But, I see it is All Time Capital. For how many years have you worked with All Time Capital?
A: I worked with All Time Capital for four years. Ama Adomah has, on several occasions, received letters for you personally and same were delivered to you?
A: That is correct.
Q: Those letters were stamped?
A: That is correct. Do you know how the stamp looks like?
A: My Lord, naturally, my emphasis is not on the finest details of the stamp. However, the Front Desk Executive of All Time Capital brings me a letter or some information with the stamp of All Time Capital. Again, naturally, my main focus is the contents of such documents and not the finest details of the stamp.
Q: Mr. Akotia, can you tell the court when funds from Capital Bank were first released to All Time Capital, with respect to this case?
A: I cannot tell when exactly the funds came in since that sat with the Finance Department, my
Lord.
Q: Can you tell the court, your position in All Time Capital again?
A: My position in All Time Capital was Vice President, Investment and that meant per the structure at the time, the Head of Investment.
Q: Capital Bank’s first fund release regarding this transaction was made on the 2th day of
October, 2015 in the sum of GH¢60 million; you would agree with me?
A: Again, I am unable to speak to dates, because, as said, the accounts and the movement of monies in the accounts sat with our Head of Finance, and not Investment. They were two very different roles, my Lord.
Q: Mr. Akotia, I suggest to you that on the 2nd day of October, 2015, Capital Bank made a placement with All Time Capital in the sum of GH¢60,000,000 with you?
A: My Lord, Capital Bank has never made a placement of such amount, at least within the period I worked with All Time Capital.
Q: For how many years have you worked with Mr. Iliasu?
A: I worked with Mr. Iliasu for four years.
Q: On 19th October, 2015, another placement in the sum of GH¢40 million was made to All Time Capital for 91 days tenure?
A: My Lord, on that date, I was working with All Time Capital, and no such placement to that amount was done with All Time Capital from Capital Bank.
Q: Mr. Akotia, on 12th October, 2015, Ama Adomah received a placement letter on behalf of All Time Capital, and you, as the Head of Investment, were attentioned in that said letter dated the 2th day of October, 2015?
A: My Lord, I did not receive any such letter or document from Ama Adomah.
Q: Look at the commercial paper dated the 13th day of October 2015, attached to Exhibit ‘VVV1’. Have you seen it?
A: Yes, I have seen it.
Q: Is that the alleged commercial paper on which you based the transfer of GH¢100 million to MC Management?
A: My Lord, that is correct, except that there is a very critical page missing from what I have, which is the terms of the commercial paper?
Q: Mr. Akotia, I put it to you that you did not see the third accused person, Fitzgerald Odonkor, sign the said document?
A: My Lord, that is not correct.
Counsel for 3rd Accused: My Lord, that will be all for the witness.
Counsel for 4th Accused: My Lord, I have no questions for this witness.
Case adjourned to January 21, 2021.

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