RE: HIGH COURT ENFORCES UK JUDGMENT AGAINST CHEDDAR OVER US$14.9M DEBT- LEGAL PROCESS STILL ON GOING My attention has been drawn to a publication in the media (both traditional and social media) about a $14.9million debt allegedly obtained against me by Cola Holdings. I wish to set the record straight on the facts leading to this judgment: a. I have not contracted any loan from Cola Holdings Ltd and Cola Holdings Ltd has not paid any money to me. The transaction leading to the said judgment is based on a loan contracted by Kensington Residential Partners 1 Limited (KRP 1) from the International Finance Corporation (IFC). The shareholders of KRP 1 are myself and Mr. Azad Cola, who is the owner of Cola Holdings Limited. b. I was therefore surprised when I was informed that Cola Holdings Limited had commenced an action against me personally in the United Kingdom (U.K) to recover the loan which was contracted by KRP 1 from IFC. Whiles I was still in discussions with the representatives of KRP 1 to ascertain what has truly gone on, I was informed that a date has been set for judgment to be delivered in the U.K in respect of that suit. c. I found out later that the lawyers I hired to engage the lawyers of Cola Holdings in the U.K did not file any processes in defence to the action. d. I instructed my lawyers in Ghana to resist the enforcement of the judgment in Ghana on grounds that the judgment was obtained by fraud and its enforcement will be against public policy. e. After the High Court Judge refused to set aside the registration of the foreign judgment, I have instructed my lawyers in Ghana to file an appeal against that decision. f. I have also instructed my lawyers to file processes to ensure that the purported judgment from the UK is not enforced pending the exhaustion of all appeal processes. g. It is worthy to note that the same Cola Holdings is seeking to enforce the same debt against KRP 1 in Ghana. In other words, Cola Holdings is now seeking to execute the judgment for $14.9 million obtained against me from the Courts in U.K and at the same time has commenced another action to enforce this same debt against KRP 1 in Ghana. That is a clear case of unjust enrichment and an attempt to abuse the court process by seeking multiple recoveries of the same debt against different persons. h. It is also worthy of note that Cola Holdings did not disclose to the Courts in U.K that it had also commenced proceedings to enforce that same debt against KRP 1 in Ghana. This concealment of material facts from the courts in U.K is the fraudulent misrepresentation which misled the court in U.K to grant the judgment against me. i. j. I wish to assure the general public that I believe in the rule of law and the justice delivery system in Ghana. I am certain that after all the processes have been exhausted, truth will stand and no amounts of machinations by foreigners and their Ghanaian cohorts will derail my efforts to contributing my quota to the development of Ghana and Africa as a whole. TRUTH WILL STAND! Signed, Nana Kwame Bediako President of Kwarleyz Group
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