Businessman and leader of The New Force movement, Nana Kwame Bediako, popularly known as Cheddar, has publicly denounced a UK High Court judgment ordering him to pay $14.9 million to Cola Holdings Limited, calling it a fraudulent attempt at “unjust enrichment” and vowing to fight it through all legal avenues.
Bediako, in a detailed statement, clarified that the debt originated from a loan contracted by Kensington Residential Partners 1 Limited (KRP 1) from the International Finance Corporation (IFC).
He explained that while he and Mr. Azad Cola, owner of Cola Holdings, are shareholders of KRP 1, he never personally borrowed any money from Cola Holdings. He expressed shock that Cola Holdings pursued him personally in UK courts for a corporate debt.
The businessman revealed a series of legal missteps and alleged malfeasance. He claimed his UK lawyers failed to file a defence, leading to a default judgment. When Cola Holdings moved to enforce this judgment in Ghana, Bediako’s Ghanaian lawyers argued it was obtained by fraud and against public policy.
Although the initial application to set aside the enforcement was refused, Bediako has now instructed his lawyers to appeal that decision and file processes to prevent any enforcement pending the appeal.
A central pillar of Bediako’s allegation is that Cola Holdings is seeking “multiple recoveries” for the same debt. He points out that Cola Holdings is simultaneously trying to enforce the UK judgment against him personally while also pursuing separate legal action against the company, KRP 1, in Ghanaian courts.
“That is a clear case of unjust enrichment and an attempt to abuse the court process,” Bediako stated.
He further accused Cola Holdings of fraudulent misrepresentation, alleging the company concealed from the UK court that it had already commenced proceedings against KRP 1 in Ghana.
“This concealment of material facts from the courts in U.K is the fraudulent misrepresentation which misled the court,” his statement read.
Bediako concluded by expressing faith in Ghana’s justice system, asserting that the truth would prevail. “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,” he declared, ending his statement with the emphatic phrase: “TRUTH WILL STAND!”
Attempts to reach representatives of Cola Holdings Limited for comment were unsuccessful at the time of publication. The legal battle, spanning multiple jurisdictions, continues to unfold.
