Chief Executive Officer (CEO) of Global Motor Trading Company Limited (GMTCL), Nareswar Singh, has been acquitted by the Accra Circuit Court Nine.
He was accused of issuing two non-functional cheques to Toyota Ghana Company Limited (TGCL) as payment for five Toyota vehicles worth GHC1.82 million.
Singh made full payment of the amount in question, and as the complainant, Toyota Ghana Company Limited (TGCL), received the payment. However, despite several adjournments, TGCL failed to appear in court to provide evidence in the case.
Therefore, the prosecution withdrew the charges against Singh because it (prosecution) could not produce witnesses.
The Court presided over by Mr Bright Samuel Acquah struck out the case and Singh was discharged.
Assistant Superintendent of Police (ASP) now Deputy Superintendent of Police (DSP) Emmanuel Nyamekye earlier told the Court that Singh, in a sales agreement between his entity and TGCL to make payment for the vehicles through Letters of Credit (LCs), rather issued two separate cheques to TGCL in replacement of the LCs after they had matured.
The prosecution said when the cheques were dishonoured, the complainant brought the accused to court and Singh denied issuing the false cheques and defrauding by false pretense.
He was granted a GH¢2 million bail with three sureties, one to be justified. The sureties were to be public servants earning not less than GHC3,000.00.
The prosecution said the Managing Director (MD) of TGCL met the complainant and on April 18, 2019, GMTCL purchased five models of Toyota vehicles from TGCL valued GH¢1.819 million, which was to be paid through LCs.
It said the vehicles were supplied with reference to the sales agreement signed between TGCL and GMTCL and that upon maturity of the LCs, GMTCL refused to authorise its bank to pay TGCL, but issued the two separate cheques, one to be withdrawn on February 9, 2020, and the other on March 30, 2020, both in replacement of the LCs.
The Court heard that both cheques were dishonoured when they were presented at the bank, leading to a formal complaint and Singh was arrested.
The prosecution said that in his cautioned statement, Singh admitted the offence and said the banks had declined the LCs because they were presented late and that there was a discrepancy.
It said the two banks where the cheques were presented were invited to assist with investigations and a report retrieved showed that the banks did not have adequate funds at the time the cheques were issued.