The Managing Director of Renaizance Oil Limited, an unlicensed Oil Marketing Company, David Aseye Tay, has been found guilty and convicted of 23 charges of defrauding by false pretense amounting to over GHc27.9 million.
Tay, was convicted after two years of full trial by the Criminal Division of High Court in Accra presided over by Justice Lydia Osei Marfo on all 23 charges despite earlier pleading not guilty.
The counts include one count of defrauding by false pretense, nine counts of issuance of false cheques and 13 counts of money laundering.
In court on Monday, May 15, his request for sections of the Plea Bargaining act, 1079 to be referred to the Supreme Court was refused after the prosecution had indicated it was not interested in negotiating with him under the Plea Bargaining law.
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EIB Network’s Legal Affairs Correspondent, Murtala Inusah, who was in court reports that, his sentencing has been deferred to May 29 as the court orders for a restitution with the complainant as part of his mitigation plea before his sentencing.
The convict who has been remanded into prison’s custody until May 29, is said to have made a false representation to a licensed Bulk Distribution Company, importers of finished petrol and diesel products in 2018 and defrauded it by over GHc27.9 million.
Brief facts
Per the brief facts of the case presented to the court, the Complainant Mr. Nick Danso Adjei, is the Charman of Misyl Energy Company Ltd ., a licensed Bulk Distribution Company (BDC) who are importers of finished petrol and diesel products.
Whilst, the accused now convict, David Aseye Tay, is the Managing Director of Renaizance Oil Limited, an unlicensed oil marketing Company (OMC).
According to the prosecution, in January 2018, Renaizance Oil was introduced to the Complainant and the accused person, then entered into negotiations with the General Manager of the Complainant’s Company to lift the products in the name of three (3) Oil Marketing Companies (OMCs).
The OMCs, according to the Prosecution, were Goodness Energy Limited, Compass Oleum Limited and G&G Oil Company Limited.
The Prosecution said, at the time the accused person entered into negotiations with the complainant company, he knew two (2) of the OMCs, Goodness Energy and Compass Oleum did not belong to him.
Misrepresentation
It said, at the same time, the Accused person misrepresented to these OMCs that he had imported petroleum products into the country which he had kept at oil farms belonging to some BDCs which he could supply them with.
“These OMCs paid him in full, yet he failed to supply them with those products.”
The Prosecution told the court that, in the case of Goodness Oil, he failed to supply them to the tune of one million eight hundred and ninety thousand, five hundred and twelve Ghana Cedis (GH(1,890,512.20).
“The accused person was expected to make payments to Misyl Energy, the Complainant Company, before the products were lifted or immediately after the products were lifted.
“However, the accused person deliberately stopped making payments through dubious means to the tune of twenty seven million nine hundred and eighty seven thousand, two hundred and fifty Ghana cedis (GHc27,987,250.00) and then issued cheques to cover this amount.
But, these cheques were dishonoured,” the Prosecution told the court.
It said, the accused issued these cheques knowing very well the cheques will not be honoured.
“The accused person then used proceeds from defrauding the Complainant’s company to purchase third OMC mentioned, that is G&G oil.
“The accused person also purchased other properties using proceeds from defrauding Misyl Energy.
But with time, the Complainant’s Company became suspicious that the accused had defrauded them,” the Prosecution narrated.
It said, the Chairman of Misyl Energy therefore reported the matter to the police for investigation.
“In the course of investigations, the accused person issued a post-dated cheque to the tune of two hundred and fifty thousand Ghana cedis (GH(250,000.00) which was presented later and dishonoured.” Kasapafmonline.com