Tilapia Venture Boss Still In Custody

Chief Godfred Adona-Medicine,the Chief Executive Officer of the U.S Group of Companies, who was charged for defrauding about 90 people could not satisfy the bail condition, and is still in police custody in Kumasi.

He was arraigned before the Kumasi High Court presided over by Justice Jacob Boon, last Friday, on charges of fraud and was granted a GH¢50,000 bail with two sureties to be justified.

A source close to the Ashanti Regional Police Command told The Ghanaian Times yesterday, revealed that the accused was yet to satisfy the bail terms and so was still in police custody.

Adona-Medicine was arrested by the Ashanti Regional Police Command under a bench warrant in Accra on Thursday, following an ex-parte motion filed by Mr. Hans Kwadwo Kodua, counsel for the 90 clients, said to have been defrauded by him.

Briefing the court, Mr. Kodua said in January 2012, about GH¢750,000 was invested by the group in the US Group of Companies Tilapia Development Investment/Business and were entitled to returns.

He said it was agreed by the parties that the accused would pay his clients interest on their investments after sale of the tilapia.

“Unfortunately, the accused has not made any effort to make good his promise and when the dates for redeeming the clients, investments were due, neither their interest nor their principal had been paid to them, to date”, he said.

He said after several attempts to cash their monies at the bank, the clients went to the accused, but were told to wait until October 2013, leaving them in limbo.

“In spite of the persistent demands, to pay the clients, the defendant failed to honour his obligation under the terms of engagement”, he lamented.

Mr. Kodua said since 2012, the accused had been sought for and many people thought he had travelled out of the country, hence the clients’ filing of an ex-parte motion to cause his arrest.

From Kingsley E. Hope, Kumasi

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