CHIEF EXCUTIVE OFFICER JAILED 8 YRS

AN Accra circuit court has sentenced Kwaku Owusu Bempah, 51, and the Chief Executive Officer of Temecular Investments Ltd to eight years’ imprisonment for stealing $100,982 belonging to the Adabraka branch of Merchant Bank.
The convict pleaded not guilty to the charge but after the hearing the court found him guilty, and accordingly convicted and sentenced him.
Two others, Kwaku Gyamfi and Abena Gyimah, who were at large during the trial were, however, discharged because according to the court, they were exonerated by the convict who admitted in his evidence that he signed all the cheques to steal the money.
The facts of the case were that on March 1, 2006, the three persons presented documents to the Adabraka branch of the bank as business partners who wanted to open foreign accounts.
Consequently, the opened the accounts with a $100,982 cheque from the Citibank in New York in the name of Temecular Investments Ltd with Bempah as the sole signatory.
According to the prosecution, on March 29, 2006, Bempah began to withdraw money from the accounts and by July 31, 2006, he had exhausted money in the accounts.
However, on December 26, m2006, the bank received a fax message from Citibank in New York that the cheque, which was presented by Bempah was stolen.
It was found out that Bempah and his accomplices altered it to bear their company’s name.
Following that Merchant Bank was being compelled to pay the money to Citibank as Citibank had credited the Merchant Bank accounts.
When the case was reported to the police Bempah admitted the offence in his caution statement and stated that the cheque was brought by his two accomplices.
The cheque was originally issued in the name of Northrop Grumman Company but Bempah and his accomplices managed to lay hands on it and altered the same to read their company’s name.