The 2024 presidential candidate of the New Force, Nana Kwame Bediako, has responded to reports about a US$14.9 million judgment debt allegedly being enforced in Ghana following a United Kingdom court decision, stating that the matter is still before the courts and has not reached a final legal conclusion.
In a statement issued on January 23, the businessman and President of the Kwarleyz Group said media reports have misrepresented the circumstances surrounding the judgment obtained by Cola Holdings Limited.
Mr Bediako stressed that he never contracted a personal loan from Cola Holdings and that no funds were transferred to him in his individual capacity.
“I have not contracted any loan from Cola Holdings Ltd, and Cola Holdings Ltd has not paid any money to me,” he stated.
He explained that the transaction at the centre of the dispute relates to a facility secured by Kensington Residential Partners 1 Limited (KRP 1) from the International Finance Corporation (IFC).
According to him, KRP 1 is jointly owned by himself and Azad Cola, the owner of Cola Holdings, which makes the legal action against him personally in the UK puzzling.
Mr Bediako disclosed that he later discovered his lawyers in the UK failed to file the necessary court processes on his behalf, which resulted in judgment being entered without his defence being considered.
After the UK ruling was registered in Ghana, he said he instructed his local legal team to challenge its enforcement, arguing that the judgment was improperly obtained and should not be executed in the country.
“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 stated.
Although the High Court declined to overturn the registration of the foreign judgment, Mr Bediako said further legal steps have been taken, including the filing of an appeal and applications aimed at stopping enforcement until all court processes are concluded.
He also accused Cola Holdings of misusing the legal system, claiming the company failed to inform the UK court that it had already started separate proceedings in Ghana against KRP 1 over the same matter.
According to him, that omission amounted to a material misrepresentation which influenced the UK court to grant judgment against him personally.
Mr Bediako said he remains confident in Ghana’s justice system and reaffirmed his respect for due process.
“I am certain that after all the processes have been exhausted, the truth will stand, and no amount of machinations will derail my commitment to contributing my quota to the development of Ghana and Africa,” he added.
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