Pertinent details have come to light regarding a legal dispute involving the children of the former national Chairman of the ruling New Patriotic Party (NPP) and a business partner over the misappropriation of funds generated from the Labadi Beach Hotel beachfront.
This revelation unfolded following a lawsuit filed by Loic Devos, alleging that the sons of the ex-NPP Chairman diverted an amount exceeding Ghc6.6 million from Gold Coast Expo Limited, a company established in 2019, which organized the Polo Beach Club event at Labadi Beach Hotel from 2019 to 2021.
The lawsuit targets Kwaw Wosemao Blay, the son of former NPP Chairman Freddie Blay, along with his brother Kwame Edenkema Blay.
It is claimed that the Blay siblings diverted the substantial sum of Ghc6,640,364.74 from the business partnership with Devos.
Per the latest revelation, Loic Devos, who is supposed to be a partner in Gold Coast Expo Limited, is asking the court to compel his partners in the business to account for over Ghc6.6million that yielded from their organization of entertainment extravaganza dubbed polo BEACH Club since 2019.
It has also become clear that Mr. Devos is not only suing Kwaw Wosemao Blay, the son of immediate past NPP national Chairman, Freddie Blay, but Kwaw’s brother, Kwame Edenkema Blay.
The Blay brothers are said to have diverted a whopping Ghc6,640,364.74 from the business which was incorporated in 2019 and ran the Polo Beach Club extravaganza until 2021 using the front of Labadi Beach Hotel, a state-owned hotel as venue.
It would be recalled that in an earlier expose, SOA Oversights had revealed the court battle which was quietly going on between Freddie Blay’s sons and their disgruntled business partner, Loic Devos.
That revelation was poignant because it came on the heels of revelation that the Social Sec urity and National Insurance Trust (SSNIT) was selling shares in six hotels, including Labadi Beach Hotel, that it holds in trust for its pension contributors to Agric Minister, Bryan Acheampong.
The revelation that even before the sale of the hotels to the Minister, children of the NPP’s national Chairman were already owning the beachfront of the hotel, hit it home for Ghanaians that the Akufo-Addo government has long been selling SSNIT’s assets to cronies.
The Ghc6,640,364.74 that Mr. Devos is demandi ng from the Blay brothers is said to have been diverted to themselves and their cronies through various means.
SOA Oversights explains the breakdown as follows: Gross revenue for 2019 event — GHS4,337,113.59; Corporate sponsorship from Pernod Ricard West Africa for 2020 event — GHS457,833.87 (€65,000); Payment made to an individual by name “Small God” — US$50,000.00; Amount withdrawn for one Mr. Affutu — GHS25,000.00; Payment made to second defendant (a company owned by Kwaw Blay) for alleged social media platform management services during the 2020 event — GHS75,000.00 Amount which was allegedly fraudulently paid by first respondent (Mr. Kwaw Worsemao Blay) to himself — GHS300,000.00; Credit balance on the Company’s momo account number +233 591459312 as at February 2021 — GHC 244,124.32; Monies paid from the Company’s Stanbic Bank account number 9040008095722 on 23rd January, 2023 to one Aminu Adam Zanz — GHC 357,595.00;
An amount paid from the Company’s Stanbic Bank account number 9040008095722 on 23rd January, 2023 to first Respondent (Kwaw Worsemao Blay) — GHS100,000.00. “Loic is demanding that the above monies spent by Kwaw without his consent as director of Gold Coast Expo Ltd be refunded to him with interest,” Mr. Ablakwa wrote in a social media commentary.
The public-spirited MP also noted that none of the monies that the Blay brothers are said to have diverted to themselves and their cronies went to the Labadi Beach Hotel even though the hotel’s beachfront is what they are using for their business. –
The complexity of the case is exacerbated by the fact that Labadi Beach Hotel, a state-owned establishment, served as the venue for the aforementioned events.
Recent revelations shed light on the intricate financial transactions linked to the case, including the distribution of funds for various purposes such as corporate sponsorships and personal remittances.
Notably, the lawsuit brings to fore the broader issue of alleged impropriety within the realm of business dealings involving influential figures and state-owned assets.
As the legal battle intensifies, the public awaits further developments in this high-profile case, which underscores the importance of transparency and accountability within both private and public enterprises.
Source: whatsupnewsghana.com