Gyimah, who appeared before an Accra Circuit Court last Friday for wilfully causing financial loss of 60 million dollars to the state, was on Tuesday brought back to the court premises to execute his bail bond.

Gyimah has pleaded not guilty to the charge and he was admitted to bail in the sum of GH¢500,000 with four sureties, one to be justified.

The accused person was not been able to satisfy the bail condition on Friday as result of the controversy of the landed property needed to seal the bail.

Gyimah is alleged to have used NIB as a guarantor and issued 30 promissory notes valued at 60 million dollars on May, 2007 to Eland International (Ghana) Limited. The notes were to mature on January 29, this year.

This transaction was allegedly conducted without the consent of Bank’s Board of Directors.

The Court further ordered him to report once every week to the Police. He would re-appear on February 27.

Deputy Superintendent of Police (DSP) Paul K. Frimpong, the prosecutor, told the court that Gyimah was arrested on Thursday and investigations were ongoing.

According to DSP Frimpong if the accused was granted bail, he could interfere with investigations.

He said the Police needed more time to complete investigations.

When the court enquired from prosecution whether any money have been lost, the prosecutor replied in the negative, adding that the Ministry of Finance had been notified to redeem the notes.

“The state had not paid any money yet,” the prosecutor told the court.

The court, presided over Mr D.E.K. Daketsey, in granting the MD bail pointed out that it took into consideration the fact that no money had been paid.

According to the court, the Police had not stumbled on any money lost.

The prosecution has it that on May 7, 2007 Gyimah unilaterally entered into agreement with Eland International (Ghana) Limited in which he used NIB
as a guarantor and issued 30 promissory notes valued at 60 million dollars.

The promissory notes were to mature on January 29, this year.

The prosecution said during that period, Eland contacted Iroko Security Company Limited and discounted the 60 million promissory notes of 45 million dollars.

The prosecutor said after January 29, there was no sign of payment to Iroko hence a swift message was sent to Gyimah to confirm payment.

Immediately Gyimah received the message, he ordered International Banking Section of NIB to confirm payment and that was done.

Meanwhile, the prosecution said most of the major documents covering the transaction between NIB and Eland could not be traced in the Bank’s records which raised suspicion of a scam.

Gyimah, the prosecution said, admitted in a statement having guaranteed the money on behalf of the Bank but made a mistake by not contacting the Board of Directors.

GNA