The 2024 presidential candidate of the New Force, Nana Kwame Bediako, has addressed reports of a US$14.9 million judgment debt being enforced in Ghana from a UK court ruling, asserting that the matter remains before the courts and that legal proceedings are still active.
In a statement released on January 23, the business tycoon and president of the Kwarleyz Group claimed that media reports have distorted the facts regarding the judgment secured by Cola Holdings Limited.
Mr Bediako insisted that he did not personally borrow any funds from Cola Holdings Limited, nor did the company disburse any money to him directly.
“I have not contracted any loan from Cola Holdings Ltd, and Cola Holdings Ltd has not paid any money to me,” he clarified, noting that the dispute stems from a loan taken by Kensington Residential Partners 1 Limited (KRP 1) from the International Finance Corporation (IFC).
He explained that KRP 1 is co-owned by himself and Azad Cola, the proprietor of Cola Holdings Limited, and expressed surprise at being personally sued in the UK for a debt he maintains was incurred by the company, not him individually.
Mr Bediako revealed that he later learned his UK lawyers had neglected to submit defensive filings on his behalf, resulting in the default judgment against him.
Upon the judgment’s registration in Ghana, he stated that he directed his legal team to oppose its enforcement, arguing it was procured through fraud and that its implementation 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.
Although a High Court rejected the bid to nullify the registration of the foreign judgment, Mr Bediako indicated that he has instructed his lawyers to appeal the decision and to seek measures preventing enforcement until all appeals are resolved.
He accused Cola Holdings of misusing the judicial process by not informing the UK court of ongoing parallel proceedings in Ghana against KRP 1 concerning the same debt.
Mr Bediako contended that this omission constituted fraudulent misrepresentation, which deceived the UK court into issuing the personal judgment against him.