Chairman Wontumi seeks plea bargain in alleged GH¢30 million Exim Bank fraud case

• Ashanti Regional NPP Chairman Chairman Wontumi has initiated plea negotiations with the state over allegations that he caused a financial loss of more than GH¢30 million to Exim Bank.

• Prosecutors allege that Wontumi and a co-accused obtained GH¢14.3 million through false pretences, secured an additional GH¢4 million using a forged document, and laundered part of the funds.

• Investigators claim the proposed agricultural project was never carried out, with no land secured, machinery purchased or workers employed, despite the release of millions of cedis by the bank.

Court documents seeking plea discussions have been filed by his legal team, led by lawyer Andy Appiah-Kubi, and officially served on the Attorney-General’s office.

The application comes as Chairman Wontumi stands trial on multiple charges, including defrauding by false pretences, forgery, money laundering and causing financial loss to a public institution.

Chairman Wontumi and co-accused, Thomas Antwi-Boasiako, a director of Wontumi Farms Limited, are alleged to have used false pretences to obtain GH¢14.3 million from Exim Bank.

Prosecutors further claim that forged documentation was used to secure an additional GH¢4 million, with parts of the funds allegedly laundered, culminating in a total loss exceeding GH¢30 million to the state.

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Both accused persons have pleaded not guilty to all charges.

According to the prosecution, in January 2018, Chairman Wontumi, acting as Managing Director of Wontumi Farms Limited, applied for approximately GH¢19 million in funding from Exim Bank for an agricultural project.

The application was accompanied by a board resolution allegedly authorising the transaction, signed by Thomas Antwi-Boasiako as board chairman.

However, prosecutors argue that the resolution contained inconsistencies, including a reference to a meeting dated December 9, 2017, which predates the company’s official incorporation on December 14, 2017.

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The application further claimed that 100,000 acres of land had been secured for farming activities and projected that the first phase of the project would create around 38,000 jobs.

Exim Bank subsequently approved a facility of GH¢18.7 million, comprising a loan and grant package intended for equipment procurement, working capital and consultancy services.

By March 2018, GH¢14.3 million had reportedly been disbursed to Wontumi Farms Limited.

Investigators allege that in March 2018, Chairman Wontumi submitted a document presented as a receipt for agricultural machinery valued at GH¢4 million, prompting the release of additional funds.

However, the prosecution claims the document was originally a pro-forma invoice issued by KAS-SAMA Enterprise during an equipment enquiry, which was later altered by replacing the label “Pro-forma Invoice” with “Receipt”.

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The prosecution further maintains that investigations revealed no evidence that the proposed agricultural project was ever implemented.

It alleges that no machinery was purchased, no farming operations were carried out, and no employees were recruited for the venture.

Authorities also contend that the land reportedly acquired for the project was neither owned nor secured as claimed.

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Instead, investigators allege that significant sums withdrawn from Wontumi Farms Limited accounts were diverted for personal use and investments in unrelated business activities.