Criminal charges are meant to tarnish Dr. Adu Gyamfi’s reputation and entrepreneurial spirit
Dr. Yaw Adu Gyamfi, Chief Executive Officer, Danadams Pharmaceuticals Industry (Ghana) says criminal charges being hurled at him are meant to tear apart his reputation and unrelenting entrepreneurial spirit. (settlement)
An Accra High Court, Criminal Division, will soon hear the case involving Dr. Yaw Adu-Gyamfi, Chief Executive Officer of Danadams Pharmaceuticals Industry (Ghana) Limited, allegedly facing five charges, including issuing forged documents, defrauding by false pretenses, and money laundering.
Dr. Adu-Gyamfi is alleged to have defrauded and made forgery in his dealings with the ECOWAS Bank for Investment and Development (EBID). He has pleaded not guilty to all charges.
The charges were a result of a 2013 loan facility EBID granted Dr. Adu-Gyamfi and his company, a charge he denied, describing his prosecution as a calculated attempt to frustrate and tarnish his reputation.
The former President of the Association of Ghana Industries has consented to give up some of his properties to pay off the bank’s loan.
On July 18, 2016, EBID as Plaintiff sued the Danadams Pharmaceuticals Industry (Ghana) Limited and Dr. Adu-Gyamfi, seeking against them, jointly and severally, inter alia, order for the payment of a principal sum of USD 6,443,525.00 with interest at the contractual rate of 9 percent per annum from May 31, 2016, and continuing to judgment or sooner payment.
The Defendants filed their defenses to the action on October 27, 2016, and December 12, 2016, respectively.
The parties then agreed to file terms of settlement and have the court adopt the terms which had been agreed on as consent judgment of the court because the defendants in this matter do not want the civil case to drag.
After back-and-forth communications between the Bank and Dr. Adu-Gyamfi and his Company, the parties finally agreed and executed the terms of the settlement.
The terms of the settlement, which was filed at the Registry of the High Court on June 22, 2020, were subsequently entered as consent judgment between the parties in Plaintiff’s favor against the 1st and 2nd defendants for the recovery of the sum of US$8,546,692.00.
It was a term of the consent judgment that the defendants make a down payment of $500,000.00 upon execution of the terms of the settlement.
The defendants therein paid a total of $600,000 to EBID in fulfillment of the first of the two installments and then made it known to EBID that the Defendants had encountered some challenges with the opening of the escrow account with the Royal Bank and as such pleaded with the EBID to defer the opening of the escrow account to March 1, 2021.
On the default of the payment on the part of the defendants on January 26, 2021, EBID filed a motion on notice praying the Court for leave to go into execution for the simple reason that the defendants had defaulted in paying the judgment debt and on May 18, 2021, the Court granted the EBID’s application for leave to go into execution.
Industry players, who pleaded anonymity, called on the Government to salvage the situation on behalf of Dr. Adu-Gyamfi.