Stephen Duah Agyemang, Financial Manager of the collapsed Beige Bank has distanced himself from funds approved under his leadership.
According to him, he was not responsible for approval of funds but reviews checks and prepares vouchers for payment that had been approved by the Chief Executive Officer (CEO) of Beige Bank Group, Michael Nyinaku.
He told an Accra High Court, presided over by Justice Afia SerwaaAsare-Botwe yesterday, while being cross-examined by Thaddeus Sory, Counsel for Mr Nyinaku, that once the CEO gives approval, payment is then authorised by the Finance Department, which he headed.
Testifying as prosecution third witness (PW3), Mr Duah Agyemang explained that once the CEO approves payments, he is satisfied and does not raise any further queries.
He also added that without his signature, the account department would not effect payments.
The Witness indicated that the embattled former CEO of Beige was responsible for payment of everything, but all such payments must start from the preparation of vouchers from him.
When question about how the cost incurred as a result of the transition of Beige Savings and Loans to a Universal bank was put to the Witness, he answered that he had no idea.
The question was in reference to certain approvals of payments bearing the name and signature of the witness.
Mr Sory said the accused at all material times informed Mr Duah and others of the intended expansion of the Savings and Loans to reflect its current status as a universal bank.
According to him, the accused informed the witness and others through emails.
Hitherto, the witness, being led by the Principal State Attorney (PSA), Stella Ohene Appiah, said he reviewed all payments made by the defunct bank and did so with the authority emanating from the CEO.
He added that no payment was made without the CEO’s personal feedback and communication was normally through email correspondence.
The following is what transpired in court;
Counsel (Q).Please state your full name again to the court.
Stephen Duah Agyemang (A).Stephen Duah Agyemang
Q. Where do you live?
A. Achimota.
Q. Do you know the AP in this case?
A. Yes.
Q. On 8/12/22, you gave a Witness Statement?
A. Yes.
Q. Please, have a look at the statement and identify it to the court?
A. Yes.
Q. Can you identify your signature?
A. Yes.
Prosecution: My Lady, the witness wants to rely on his witness statement filed on 9/12/22.
CT: Do you have any objections?
Counsel: No objection.
B/C: Let the witness statement filed for PW3 on 9/12/22 be adopted as his witness statement.
Reading: My role was to review all payments. Authority to make payments emanates from the CEO who normally communicates via email. No payment was made without personal feedback.
Prosecution: He is supposed to identify. Respectfully my Lady, we asked for five minutes to sorts things out.
So give exhibit A to the Witness.
Q. You have stated you will identify the various payment vouchers signed off by you with their supporting documents. Look through Exhibit A and do the identification to the court?
A. I can identify the ones with my name.
Q. Please describe the document.
A. Pw1 and 12 is payment in favour of Kwame Mensah, dated on the 9/8/16 and it was signed by me…
Pw12 is a payment for property in favour of Kwame Mensah Bonsu. I have the contract document which is also attached to the payment.
I identify my signature in respect of kpgtsa property at Airport West. That one too, I have email supporting and approving to make payments…
Also, I identify another one as PW4, which also has my name signed 3/4/17 payment in respect of expansion project TBG …that one too I have supporting documents attached to the voucher
I have a lot.
Q. Now Mr DuahAgyemang, beyond the 3 exhibits listed to the court, please go through the entire exhibits and tell the court whether there are other vouchers bearing your signature?
A. Yes, there are other vouchers bearing my name and signature
Prosecution: That would be all
Q. Mr DuahAgyemang, take a look at paragraph 4 of witness statement and confirm to the court. In that paragraph one of your major roles is to review specific documents?
A. Yes.
Q. These documents include all payments, supporting documents, emails and approvals.
A. Yes
Q. Now paragraph 4 again, in your witness statement after you review all the documents you have mentioned in paragraph 4, you then authorised the payment into the banking system
A. It will go for approval before posting it into the account system.
Q. Now when it comes back to you from approval, you examine it before posting it
A. Yes.
Q. This means that if you are not satisfied with the process you will query it?
A. When it gets approval I am okay.
Q. Do you mean examine the document before authorising or you just post it.
A. No.
q. Now paragraph 5 of yourwitness statementwas thatyou told the court that payment result from the CEOs authority to make certain payments.
A. Yes.
Q. In terms of authority to pay there are various authorities.
A. I don’t get you.
Q. Does the CEO approve every little thing at the bank?
A. Yes.
Q. And all such payments must start from the preparation of vouchers.
A. Yes.
Q. It means you are always satisfied.
A. Once there is an approval in it.
Q. Now your payment vouchers reflect the payee and the authority received to pay.
A. Yes.
Q. You started working when the bank was still saving and loan?
A. Yes
Q. When the bank got approval to a Universal Bank, the bank has to undertake a number of projects?
A. I have no idea
Q. When it was upgraded to Universal Bank, was it still called Beige Capital Savings and Loans?
A. No
Q. This means all signboards, stationery and materials bearing Beige Capital Savings and Loans ought to be changed to Universal Bank?
A. Yes
Q. So you are aware that the bank has to do a number of things bearing the name?
A. Yes
Q. The bank also has to acquire new furniture?
A. Yes
Q. Now you just identify some approvals you gave for payments by way of what is contained in exhibit A as PW12,13&10. In the course of the process some other documents were tendered in evidence which also record approvals of advances extended to the Director’s account. Do you recall?
A. No.
Q. Approval advanced to the director’s account.
A. Please explain.
Q. Payments.
A. I said once there was an approval
Q. If you take a look at Exhibit PW4 at the bottom, on the 3rd page, there are email correspondences from Mike, dated Monday… You would agree with me that the Mike here refers to the Accused?
A: Yes.
Q. The topic here is project?
A. Yes.
Q. You were copied with others?
A. Yes.
Q. The bank has commenced the final stage of its expansion project for Beige Capital Savings and Loans/Beige Bank…?
A. Yes.
Q. He made it clear in the email that some expenses had to be incurred in respect of the project?
A. Yes
Q. I’m putting it to you that for the purposes of the transition from Saving and Loans to a Universal bank, you have always been aware that several expenses had to be incurred.
A. As I indicated earlier, there was a transition.
Q. As you can now confirm from the email the transition involves lots of projects.
A. Yes, as I indicated.
Q. I’m putting it to you that the approval you identified this morning for payment for various third parties…
A. Because there was approval on it.
Q. So take a look at the approvals you signed related to the project.
A. Per the prepared document yes.
Q. You were an employee of the company from when it was Savings and Loan, did the infrastructure remain the same?
A. No.
Q. Take a look at Exhibit Y. That is also a payment voucher.
A. Yes.
Q. Attached to Exhibit Y is an email. Can you see the email?
A. Yes.
Q. Now, earlier on, I asked you whether you have authorised any payment to any of the directors of the bank and you said you are not aware?
A. I said when the payment is approved.
Q. Are you aware if the approvals you gave …
A. I did not give any approvals.
Q. The emails, you said you were copied?
A. Yes.
Q. The last email was sent from SeytamAgbeve. The one sent at 10.06am.
A. Yes.
Q. And it was directed to you.
A. Yes.
Q. From your testimony in this one, you received direction to prepare the payments vouchers?
A. Yes. This voucher was not prepared by me.
Q. Was it prepared by anybody in your department?
A. As indicated by the signature there, which shows that it was not prepared by me.
Q. If you look at it, it is marked AA. There’s an acknowledgement attached to Exhibit AA.
A. Yes.
Q. It is an acknowledgement of the sum of US$200,000
A. Yes.
Q. Flip the next page, you will find exhibit AA1 and it is made up of two emails. The first one is from you, the AP.
A. Yes.
Q. What you said was that this is a directive from the chief finance officer of the bank and you were, therefore, requesting the AP’s approval for the release of the money.
A. Yes, but it was based on the request of my boss. That was why I witnessed it for evacuation to be done.
Q. So in exhibit AA1 all that AP does was to approve that directive?
A. Yes.
Q. As financial Manager the work of the tellers of the bank is under your supervision?
A. No.
Q. But you are aware of what the tellers do at the bank.
A. Yes.
