Former President of Ghana Journalist Association (GJA), Gifty Afenyie Dadzie has been accused of suppressing information about business deal between First Africa Savings and Loans (FASL) and Beige Capital Asset Management (BCAM).

Mrs. Dadzie was accused by former Chief Executive Officer (CEO) of the Beige Group, Michael Nyinaku.

He said the ace journalist and her husband deliberately suppressed information about the two entities dealings, particularly Shares Purchase Agreement (SPA).

Mr. Nyinaku said there is evidence of correspondence between management of Beige Group and FASL, owned by Mrs. Dadzie and her husband.

Meanwhile, in the march up to his trial by the High court presided over by Justice Afia Serwaa Asare-Botwe, Mrs. Dadzie never made mention of some of the correspondence to the investigators.

He said Mrs. Dadzie on two occasions wrote to the Beige Group requesting further investment in FASL by the Group.

However, Investigator in the alleged GH¢320 million financial malfeasant trial, Detective Abednego Archer told the court under cross-examination by Thaddeus Sory that Mrs. Dadzie volunteered the information on her own evolution.

The Investigator said the forms were handed to Mrs, Gifty Afenyie Dadzie in her office and that she was under no pressure to be compelled to keep certain information to herself.

In fact, the investigator said the team had no need to doubt her because they trusted her.

Q. Gifty Afenyie Dadzie is confirmed as authorised of the seller?

A. Yes

Q. She witnessed the agreement?

A. There are 2 directors’ signatures there. The first represent First Africa Savings and Loans and signed by Gifty Afenyie Dadzie. So I guess she is the one.

Q. You look at the 1st page of Exhibit 20. It has a cover letter written by Accused person?

A. Yes

Q. The cover letter was received by Mrs Gifty Afenyie Dadzie?

A. Yes

Q. Go to the last but one sentence, [which] reads that the seller’ has obtained the requisite authorisation from the Bank of Ghana to sell the share to the buyer?

A. That is correct in the document.

Q. From the cut off date the seller was to cease running affairs of FASL. Look at the paragraph 3 onwards on page 9?

A. If I may read paragraph 4…At the cut off date the buyer resumed full responsibility of operations.

Q.I put it to you that the buyer requested that all of the seller representatives on the board should resign?

A. Yes.

Counsel: I want the statement of Gifty Afenyie Dadzie to the Commercial Crime Unit of 27/8/18, 25/9/18, and 18/12/18.

Q.Take a look at them it is the statements of Gifty Afenyie Dadzie. Do you recognise them as statements given to you,?

A. Yes.

Counsel. I want to tender the documents one by one.

Court: Any objection.

Prosecution: No objection

Court: Marked at the statements of Gifty Afenyie Dadzie of 27/8/18, 25/9/18, and 18/12/18 marked as Exhibits 21, 22, and 23.

Q. None of those statements directly mentioned the SPA (Shares Purchase Agreement)?

A. That is correct none mentioned SPA but it mentioned the expression for equity shares.

Q. I’m putting it to you that Gifty Afenyie Dadzie deliberately suppressed information about exhibit 20 because its disclosure would have clarified the existence of the 2nd SPA?

A. As part of our investigations we handled over statement forms to her in her office where she was not under any form of pressure. We asked her to clearly indicate everything about the FASL account which was under investigation and honestly I can’t tell if she deliberately decided to hide any form of information or whatsoever.

Q. I’m also putting it to you that Gifty Afenyie Dadzie always knew that there was a cut off date that the Beige Capital will take full control?

A. She never mentioned to me in occasions I have met her 

Q. I am also putting it to you that FASL had always had officials of the Beige Group working in the FASL?

A. That is correct

Q. I’m putting it to you that those Beige Group officials who worked with FASL have access to the letter heads and do not need to ask her?

A. I don’t know.A. Show him Exhibit 21. It is written by Gifty Afenyie Dadzie for the FASL to the Beige Group?

A. Yes.Q. In the 2nd part of the letter, Gifty Afenyie Dadzie is telling the Beige Group to further capitalise the FASL. Correct?

A. That is correct.

Q. And she is requesting that the Beige Group provide the additional capitalisation?

A. That is correct.

Q. Now she mentioned in the letter that the Beige Group should make the additional capitalisation while it waits for the BoG approval?

A. That is correct.Q. Now show him Exhibit 22. If you look at the 1st sentence of Exhibit 23, you will realise that it is the Beige answer to the Gifty Afenyie Dadzie’s letter. Is that correct?

A. That is correct.

Q. If you look at the 4th paragraph of Exhibit 22, the Beige Group clearly informs Gifty Afenyie Dadzie that once there was no clarity on Bank of Ghana capitalisation requirements they will also decline?

A. That is correct

Q. Show him Exhibit 24. If you look at it, Mrs Gifty Afenyie Dadzie writes another letter to the Beige Group requesting for same capitalisation after she received Exhibit 23. Is that correct?

A. The letter, which is Exhibit 24 was making reference to the initial letter that Mrs Dadzie earlier sent on 30/3/18. She did not capture the response from Beige.

Q. Show him Exhibit 25. From the 1st statement of Exhibit 25, it is Beige Group direct response to Mrs Gifty Afenyie Dadzie letter (Exhibit 24)?

A. That is correct.

Q. Now to that respect the …the Beige Group repeats that until there was clarity on the approval from the BoG, it was not going to make further investment in FASL?

A. Yes

Q. I’m putting it to you that the Beige Group took the decision not to make further investment in the FASL when it  realised that no approval was sought by the seller as represented by Gifty Afenyie Dadzie and other authorised sellers represented by Gifty Afenyie Dadzie…?

A. My lady linking Exhibits 23, 24, and 25 that is correct.

Q. I’m putting it you that linking Exhibits 23,24 & 25 Gifty Afenyie Dadzie was definitely not truthful to you when she represented herself and Mr Kwabena Bonsu as the management of the FASL with exclusion of the management of Beige Group?

A. We asked her to volunteer statement out of her own evolution, which she did. She she appear before us and whatever she said we assumed it as true.

Q. Look at paragraph 5 of your Witness Statement. You stated that a total amount of ¢320 million was transferred from the accounts of customers of Beige Bank to BCAM. Do you still stand by that statement?

A. Yes.

Q. From your investment did you find out the bank was formerly a savings and loans business?

A. That is so.

Q. And did your investigations revealed the conditions of operating a savings and loans business are different from that of a universal bank, which the bank transitioned into?

A. Our investigation was not centered on issues relating to the time of the entity was operating as savings and loans. It was solely at the time it was a bank.

Q. I’m putting it to you that conditions of operating a savings and loans business and that of a bank are different?A. That maybe correct because the licences are different.Q. I’m also putting to you that savings and loans business gives a fixed term deposit and a higher interest rate than that of the universal bank?A. That I can’t tell because I have not dealt with a savings and loans entity before.Q. I’m putting it to you that at the time the bank operates as a savings and loans business, it has fixed term deposit customers?A. That I can’t tell

Q. And I’m putting it to you that the said fixed term deposit when it was savings and loans business remained customers of the bank in the same term when the bank transitioned into a bank?

A. That I can’t tell we did not deal with matters relating to the entity when it was a savings and loans.

Q. On the last adjourned date you confirmed to the court that you have had some assignments that requires you to interact with a bank specifically eco Bank?

A. That is correct

Q. And you also have some training in financial analysis and reporting is that correct?

A. That is correct