New Force presidential candidate Nana Kwame Bediako has addressed a US$14.9 million judgment debt from a United Kingdom court now being enforced in Ghana, stating the case remains under litigation with legal procedures underway.
In a January 23 statement, the Kwarleyz Group president said media coverage had distorted the facts about the judgment secured by Cola Holdings Limited.
Mr Bediako denied personally borrowing money from Cola Holdings Limited or receiving any payments from the firm.
“I have not contracted any loan from Cola Holdings Ltd, and Cola Holdings Ltd has not paid any money to me,” he stated.
He explained the disputed transaction involves a loan taken by Kensington Residential Partners 1 Limited (KRP 1) from the International Finance Corporation (IFC). Mr Bediako and Azad Cola, Cola Holdings Limited’s owner, jointly own KRP 1.
The businessman said he was caught off guard when Cola Holdings sued him personally in the UK to collect a debt he maintains was incurred by the company, not himself.
Mr Bediako revealed he subsequently learned his UK legal representatives failed to submit defence documents, resulting in the judgment against him.
After the UK judgment was registered in Ghana, he said he directed his attorneys to contest its enforcement, claiming it was fraudulently secured and enforcing it would violate public policy.
“I instructed my lawyers in Ghana to resist the enforcement of the judgment on grounds that the judgment was obtained by fraud and that its enforcement will be against public policy,” he said.
While the High Court rejected an application to cancel the foreign judgment’s registration, Mr Bediako said he has ordered his lawyers to file an appeal and prevent enforcement until all appeals are resolved.
He accused Cola Holdings of misusing court procedures, claiming the company withheld from the UK court that it had already initiated separate legal action in Ghana against KRP 1 concerning the same debt.
He argued this alleged omission of crucial information constituted fraudulent misrepresentation and deceived the UK court into ruling against him personally.
Mr Bediako expressed trust in Ghana’s judicial system and reaffirmed his commitment to legal processes.
“I am certain that after all the processes have been exhausted, the truth will stand, and no amount of machinations will derail my commitment to contributing my quota to the development of Ghana and Africa,” he added.