The Managing Director of an unregistered company – Renaizance Oil Limited, Mr. David Aseye Tay, has been found guilty on 23 counts of defrauding under false pretenses totaling more than GHc27.9 million. The said amount of GHc27.9 million in 2018 was equivalent to $6 million when $1 was exchanged at GHc 4.67.
The judgement was passed following a two-year trial at Accra’s Criminal Division of the High Court, which was presided over by Justice Lydia Osei Marfo.
Regardless pleading innocent from the initial stage, Tay was found guilty on all counts, including deceiving by false pretense, issuing counterfeit cheques and money laundering.
The origination of Tay’s charges began from his false representation to a licensed Bulk Distribution Company (BDC), Misyl Energy Company Ltd., who are importers of finished petroleum products and owned by Dr. Nick Danso Adjei.
Mr. Tay Convicted For False Ownership
According to prosecutors that were present in court, Renaizance Oil was introduced to Misyl Energy in January 2018, and Tay then entered into negotiations with the complainant’s company’s General Manager to lift products in the names of three other Oil Marketing Copanies (OMCs): Goodness Energy Limited, Compass Oleum Limited, and G&G Oil Company Limited.
During the negotiations, the prosecution argued that Tay knew that two of the OMCs, Goodness Energy and Compass Oleum, did not belong to him. Nonetheless, he misrepresented to these OMCs that he had imported petroleum products and could supply them from oil farms belonging to certain BDCs.
The two OMCs made full payments to Tay, expecting the products to be delivered, but he failed to fulfill his obligations.
It was disclosed to the court that Tay purposefully ceased paying payments to Misyl Energy totaling GHc27,987,250.00, resorted to issue dishonored cheques to satisfy the amount owed.
Additionally, he used the money he got from defrauding Misyl Energy to buy G&G Oil, another OMC, and to buy various properties.
Misyl Energy’s Chairman, Dr. Nick Danso Adjei, ultimately became suspicious of the fraudulent operations and reported them to the police for inquiry. During the investigation, it was discovered that Tay had issued a post-dated cheque for GHc250,000.00, which had later been dishonored.
Tay’s sentencing has been postponed till May 29 by Justice Lydia Osei Marfo, after the court’s order for restitution with the complainant as part of his mitigation plea. The convict has been placed in prison until his sentencing.
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