[ 2016-11-23 ]

Supreme Court Freezes Gov't Accounts Over Judgement Debt
Government is battling a Supreme Court order
freezing its critical accounts over a debt owed
non-bank financial institution, NDK Financial
Services.

Government is appealing a judgment debt granted
NDK after the state failed to honour the terms of
an agreement with the company.

Explaining the trajectory of events, Joy Business
editor George Wiafe said government entered into a
contract with a private businessman to roll out a
rural electrification project between 2005 and
2006.

The businessman had obtained funding for the
project from NDK and government was to pay the
contract sum into a joint account held by the
financial institution and the private
businessman.

Government failed to do this paying the money into
another account, forcing the hand of NDK to seek
justice in court.

George Wiafe says at every state right up to the
Supreme Court, the non-bank financial institution
has obtained a favourable judgment.

It has obtained a Court judgment freezing accounts
such as the Consolidated and Treasure Accounts.

The development is said to be hampering
government's running of its business. A senior
government official said the freeze is affecting
his ability to fuel his official vehicle to
conduct government business.

Government is appealing these decisions, hoping
that a favourable verdict would allow it to access
public funds to run the state.

Source - Peacefmonline

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